Here are 1-3 brief analogies to describe HIVE Digital Technologies:

• Like Barrick Gold (a gold mining company), but for Bitcoin.
• Like ExxonMobil (an oil and gas producer), but for digital currency production.

HIVE Digital Technologies (HIVE) primarily has one major "product" derived from its operations:

• Mined Bitcoin: The digital cryptocurrency generated through their global, energy-efficient data centers, which they primarily hold or sell.

HIVE Digital Technologies (HIVE) operates as a cryptocurrency mining company. Its primary business involves producing digital assets, predominantly Bitcoin, through mining operations and subsequently selling these assets on global markets or holding them.

Due to this business model, HIVE does not have traditional "major customers" in the sense of direct consumers or long-term contracts for its specific output, as its product (mined cryptocurrency) is a fungible commodity sold into a liquid global market.

However, to comply with the structure of your request, HIVE's sales and liquidation activities are primarily conducted through other companies that act as intermediaries or market makers within the cryptocurrency ecosystem. These entities facilitate the process by which HIVE converts its mined assets into fiat currency or other cryptocurrencies. Therefore, HIVE effectively sells its digital assets primarily to:

• Cryptocurrency Exchanges: These are platforms where HIVE can sell its mined cryptocurrencies to a broad market of buyers (both institutional and individual). Examples of such companies include:
  • Coinbase Global, Inc. (NASDAQ: COIN)
  • Binance (private company)
  • Kraken (private company)
• Over-the-Counter (OTC) Trading Desks: Used for larger block trades, OTC desks facilitate direct transactions between HIVE and institutional buyers, bypassing public exchanges. Examples of such companies include:
  • Galaxy Digital Holdings Ltd. (TSX: GLXY)
  • Genesis Trading (private company, part of Digital Currency Group)

It is important to note that HIVE, like other mining companies, typically utilizes a variety of these platforms and desks to optimize liquidity, pricing, and execution, and does not generally disclose specific "major customer" relationships for its commodity sales due to the nature of the market and competitive reasons.

• Bitmain Technologies Ltd.
• Shenzhen Bit Micro Electronics Technology Co., Ltd. (MicroBT)

Aydin Kilic, President & Chief Executive Officer

Mr. Kilic has over 20 years of experience as an entrepreneur and electronic engineer with expertise in cryptocurrency, capital markets, real estate development, and scientific research. He founded Fortress Blockchain Corp. in 2017 and led it as CEO to go public as a Tier 1 Technology Issuer on the TSX-V, raising $30M. Additionally, he co-founded a commercial real estate team in 2009, securing over $100M in project financing and bringing over $100M of project value to market in British Columbia. He joined HIVE on August 17, 2021, as President & Chief Operating Officer and was promoted to President & Chief Executive Officer in January 2023.

Darcy Daubaras, Chief Financial Officer

Darcy Daubaras serves as the Chief Financial Officer of HIVE Digital Technologies. Additional detailed background information regarding his past involvement with other companies, sales of companies, or management of private equity-backed companies was not readily available in the provided search results.

Frank Holmes, Executive Chairman

Frank Holmes is the founder of HIVE Digital Technologies Ltd., established in 2017, and holds the title of Executive Chairman. He is also the CEO and Chief Investment Officer at U.S. Global Investors, Inc., a position he has held since 1989 after purchasing a controlling interest in the company. Mr. Holmes is recognized as a global investor, a sought-after keynote speaker at international investment conferences, and a regular guest in business media. He has served on the boards of various companies, including Endeavour Financial Corp and Goldspot Discoveries, Inc. He was named Mining Fund Manager of the Year by The Mining Journal in 2006.

Craig Tavares, President & COO, Buzz HPC

Craig Tavares brings over 20 years of experience in digital infrastructure and energy to his role as President of Buzz AI, where he leads the GPU Cloud and HPC data center business. He is recognized as an innovator across the telecom, data center, cloud, and power generation industries, with a proven track record of driving growth and success in high-performance technologies. His career began with the development of a metro fiber network and Internet service provider, Toronto Hydro Telecom.

Gabriel Lamas, Paraguay Country President

Mr. Gabriel Lamas is an electrical engineer with 20 years of experience. He previously worked with Bitfarms as Director of Infrastructure and Operations for LATAM and served as Global Director of Engineering and Design. Prior to that, his major contribution included developing the Basic Engineering for the ITAIPU Retrofit Tender, which led to the main contractor being awarded the project. He has also served Paraguay's National Utility (ANDE), coordinating dam reservoir operations, monitoring and operating the transmission grid, and forecasting energy demand.

• Increased regulatory scrutiny and potential intervention regarding the environmental impact and energy consumption of Proof-of-Work (PoW) cryptocurrency mining. Governments and environmental groups globally are intensifying focus on the energy footprint of industries, potentially leading to higher compliance costs, operational restrictions, or even outright bans in certain jurisdictions, despite HIVE's focus on renewable energy.
• The successful transition of major cryptocurrencies like Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanisms. This creates a precedent and an emerging narrative that PoW may be considered less sustainable or technologically inferior in the long term, potentially increasing pressure on other PoW chains, including Bitcoin, to consider alternatives, or at least shifting investor sentiment and capital away from PoW-centric businesses.

Cryptocurrency Mining Market

High-Performance Computing (HPC) / AI Infrastructure Market

HIVE Digital Technologies (NASDAQ: HIVE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of Bitcoin Mining Capacity: HIVE has ambitious plans to significantly increase its Bitcoin mining hash rate. The company projects growth from 15 EH/s to 25 EH/s by November 2025, representing a 67% increase. This expansion includes a targeted 10 EH/s growth from a 100MW expansion in Paraguay. Such an increase in mining capacity is anticipated to lead to higher Bitcoin production and, consequently, greater revenue, especially considering the potential for regulatory tailwinds and a supportive environment for Bitcoin mining.
2. Growth in AI and High-Performance Computing (HPC) Business: HIVE's BUZZ HPC subsidiary is a significant driver of future revenue. The company aims to scale its AI and HPC business from an annual run rate of $20 million to $100 million. This growth is supported by the deployment of over 25,000 next-generation GPUs, with an estimated potential to generate $1.3 billion to $1.5 billion in revenue once fully operational. HIVE is expanding its data center footprint with acquisitions in Toronto and Sweden, which are expected to go live next year, to support these high-density GPU clusters. The company's focus is on providing a full suite of infrastructure services for AI, leveraging its existing data centers and renewable energy sources.
3. Strategic Acquisitions and Data Center Upgrades: HIVE's acquisition of a major data center in Toronto and ongoing expansion in Paraguay contribute to its growth strategy. The company is also planning Tier III+ retrofits in Sweden, enhancing its infrastructure to support AI cloud expansion. These strategic moves are designed to increase operational capacity and efficiency for both Bitcoin mining and AI/HPC services.
4. Optimization of Operational Efficiency: HIVE is focused on improving its global efficiency in Bitcoin mining, aiming to reach 17.6 joules per terahash globally when its Paraguay expansion is complete in the summer of 2025. By upgrading its fleet of mining machines, HIVE expects to enhance its operational advantages and profitability. Maintaining low general and administrative costs also contributes to improved profitability.
5. Leveraging Bitcoin Price Appreciation: While subject to volatility, the price of Bitcoin remains a significant factor influencing HIVE's revenue from its mining operations. The company's Q1 F2026 results showed that a revaluation of digital assets contributed to a positive net income. Although not directly controlled by HIVE, a favorable Bitcoin market can substantially boost the revenue generated from its mining activities and the value of its significant Bitcoin holdings.

Share Issuance

• HIVE Digital Technologies sold 30,174,046 common shares under an at-the-market (ATM) offering between October 2024 and May 2025, raising gross proceeds of C$100.2 million (approximately $73.1 million USD).
• In May 2025, HIVE announced an amended ATM equity distribution agreement allowing for the sale of up to an additional US$119.2 million of common shares, following a previous agreement in October 2023 under which US$180.7 million was raised.
• In 2022, the company issued 1,306,474 common shares under an ATM equity program for gross proceeds of $3,941,736.

Outbound Investments

• In January 2025, HIVE announced the acquisition of a 200 MW hydro-powered Bitcoin mining facility in Paraguay from Bitfarms Ltd., which is expected to increase HIVE's global Bitcoin mining hashrate to an anticipated 25 EH/s by September 2025.
• HIVE acquired a 7.2 MW Toronto data center in September 2025 for CAD$17.25 million, consisting of CAD$12 million in cash and 1 million common shares valued at CAD$5.25 million, to fuel its High Performance Computing (HPC) and AI expansion.
• The company made a strategic investment of CAD$450,000 in Network Entertainment, Inc., an NFT business, in October 2021.

Capital Expenditures

• HIVE's cash flow for capital expenditures for the trailing twelve months ended in June 2025 was -$208.33 million.
• The company secured a 32.5-acre parcel of land in Grand Falls, New Brunswick, for CAD$2.3 million (approximately $1.7 million USD) in November 2025, to build a Tier III+ AI and HPC data center campus.
• HIVE is targeting 35 EH/s in 2026 and expanding its total renewable infrastructure to 400 MW in Paraguay, which includes developing an additional 100 MW hydroelectric-powered data center campus at its Yguazú site.