HIVE Digital Technologies (HIVE)
Market Price (3/30/2026): $1.82 | Market Cap: $435.0 MilSector: Financials | Industry: Diversified Capital Markets
HIVE Digital Technologies (HIVE)
Market Price (3/30/2026): $1.82Market Cap: $435.0 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 113% | Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -102% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -61 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -24% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -47% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -64% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Renewable Energy Adoption for Digital Infrastructure. | Key risksHIVE key risks include [1] substantial shareholder dilution from its perpetual need for equity financing and [2] an unproven pivot into AI that is challenged by a lack of scale, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 113% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -64% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Renewable Energy Adoption for Digital Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -102% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -61 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -24% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -47% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% |
| Key risksHIVE key risks include [1] substantial shareholder dilution from its perpetual need for equity financing and [2] an unproven pivot into AI that is challenged by a lack of scale, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant Correction in Bitcoin Price. HIVE Digital Technologies, a digital currency mining company, was heavily impacted by a substantial decline in Bitcoin's value during the period. Bitcoin experienced a significant drawdown of approximately 31% from an all-time high of around $124,500 in early October 2025 to about $86,000 by late December 2025. This trend continued into early 2026, with Bitcoin correcting roughly 50% from its October 2025 peak and stabilizing near $65,000 by February 2026. This broad macroeconomic factor directly diminished the value of HIVE's mined Bitcoin and its revenue streams.
2. Deterioration of Bitcoin Mining Profitability. The challenging cryptocurrency market led to a severe profitability squeeze for Bitcoin miners. The "hash price," which represents miner revenue per unit of hashpower, saw a steady decline throughout Q4 2025, falling from approximately $35-37 per Petahash per second per day (PH/s/day) in November to a new five-year low of about $28-30/PH/s/day by early March 2026. This was compounded by an increase in the weighted average cash cost for publicly listed miners to produce one Bitcoin, which rose to roughly $79,995 in Q4 2025. The combination of falling hash price and rising production costs exerted significant pressure on HIVE's mining margins.
Show more
Stock Movement Drivers
Fundamental Drivers
The -45.8% change in HIVE stock from 11/30/2025 to 3/29/2026 was primarily driven by a -57.3% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.36 | 1.82 | -45.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 193 | 257 | 33.1% |
| P/S Multiple | 4.0 | 1.7 | -57.3% |
| Shares Outstanding (Mil) | 228 | 239 | -4.6% |
| Cumulative Contribution | -45.8% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| HIVE | -45.8% | |
| Market (SPY) | -5.3% | 56.3% |
| Sector (XLF) | -10.0% | 27.9% |
Fundamental Drivers
The -38.3% change in HIVE stock from 8/31/2025 to 3/29/2026 was primarily driven by a -59.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.95 | 1.82 | -38.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 129 | 257 | 99.9% |
| P/S Multiple | 4.2 | 1.7 | -59.5% |
| Shares Outstanding (Mil) | 182 | 239 | -23.9% |
| Cumulative Contribution | -38.3% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| HIVE | -38.3% | |
| Market (SPY) | 0.6% | 43.5% |
| Sector (XLF) | -10.8% | 24.8% |
Fundamental Drivers
The -12.1% change in HIVE stock from 2/28/2025 to 3/29/2026 was primarily driven by a -46.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.07 | 1.82 | -12.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 121 | 257 | 112.5% |
| P/S Multiple | 2.2 | 1.7 | -23.1% |
| Shares Outstanding (Mil) | 129 | 239 | -46.2% |
| Cumulative Contribution | -12.1% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| HIVE | -12.1% | |
| Market (SPY) | 9.8% | 47.4% |
| Sector (XLF) | -7.1% | 38.2% |
Fundamental Drivers
The -36.1% change in HIVE stock from 2/28/2023 to 3/29/2026 was primarily driven by a -65.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.85 | 1.82 | -36.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 135 | 257 | 90.0% |
| P/S Multiple | 1.7 | 1.7 | -2.8% |
| Shares Outstanding (Mil) | 83 | 239 | -65.4% |
| Cumulative Contribution | -36.1% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| HIVE | -36.1% | |
| Market (SPY) | 69.4% | 44.1% |
| Sector (XLF) | 40.5% | 32.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HIVE Return | 40% | -89% | 215% | -37% | -9% | -25% | -80% |
| Peers Return | 60% | -84% | 353% | 57% | 23% | 3% | 126% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| HIVE Win Rate | 58% | 33% | 50% | 50% | 58% | 33% | |
| Peers Win Rate | 42% | 33% | 75% | 48% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| HIVE Max Drawdown | -5% | -89% | 0% | -50% | -54% | -25% | |
| Peers Max Drawdown | -23% | -86% | -6% | -43% | -43% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MARA, RIOT, CLSK, CORZ, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | HIVE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -94.7% | -25.4% |
| % Gain to Breakeven | 1775.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -68.1% | -33.9% |
| % Gain to Breakeven | 213.3% | 51.3% |
| Time to Breakeven | 131 days | 148 days |
| 2018 Correction | ||
| % Loss | -97.7% | -19.8% |
| % Gain to Breakeven | 4285.4% | 24.7% |
| Time to Breakeven | 388 days | 120 days |
Compare to MARA, RIOT, CLSK, CORZ, HUT
In The Past
HIVE Digital Technologies's stock fell -94.7% during the 2022 Inflation Shock from a high on 2/19/2021. A -94.7% loss requires a 1775.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HIVE Digital Technologies (HIVE)
AI Analysis | Feedback
Here are a few brief analogies for HIVE Digital Technologies:
The gold miner of cryptocurrencies like Bitcoin and Ethereum.
An industrial-scale commodity producer, but for digital assets such as Bitcoin and Ethereum.
AI Analysis | Feedback
- Cryptocurrency Mining Service: HIVE operates specialized hardware to validate blockchain transactions and generate new units of digital currencies.
- Bitcoin (BTC): A major digital currency generated through the company's mining operations and subsequently sold.
- Ethereum (ETH): A prominent digital currency generated through the company's mining operations and subsequently sold.
- Ethereum Classic (ETC): A digital currency generated through the company's mining operations and subsequently sold.
AI Analysis | Feedback
HIVE Digital Technologies (HIVE) operates as a cryptocurrency mining company. Its revenue is generated from the mining and subsequent sale of digital currencies, such as Bitcoin and Ethereum, into the global cryptocurrency market. As such, HIVE does not typically have "major customers" in the traditional sense of companies that purchase specific products or services directly from them on an ongoing basis, nor does it sell directly to individual consumers in a retail environment.
Instead, HIVE sells its mined digital assets into a liquid market where a diverse range of participants act as buyers. The company sells its digital currencies either directly on various cryptocurrency exchanges or through over-the-counter (OTC) desks.
Therefore, the "customers" of HIVE are the purchasers of these digital assets in the broader market. These can be categorized as:
- Individual Investors and Traders: A vast segment of the market consisting of retail investors and individual traders who buy digital currencies on cryptocurrency exchanges for investment, speculation, or transactional purposes.
- Institutional Investors: Companies, hedge funds, asset managers, and other institutional entities that acquire significant amounts of cryptocurrencies for their investment portfolios, treasury management, or proprietary trading strategies.
- Over-the-Counter (OTC) Desks and Brokerages: These entities often facilitate large block trades of cryptocurrencies. Mining companies like HIVE may sell large quantities of their mined digital assets directly to OTC desks to execute large transactions efficiently and with minimal market impact. These desks then act as intermediaries, selling to their own network of large buyers, including institutions and high-net-worth individuals.
AI Analysis | Feedback
- Intel Corporation (INTC)
- Bitmain
AI Analysis | Feedback
Aydin Kilic, President & CEO
Mr. Kilic has over 20 years of experience as an entrepreneur and electronic engineer, specializing 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 on the TSX-V, raising $30 million. In 2009, he co-founded a commercial real estate team, which focused on land acquisition and development, securing over $100 million in project financing and managing land rezonings and building permits for 350 condos. He joined HIVE in August 2021 as President and Chief Operating Officer, becoming President and CEO in January 2023. Mr. Kilic holds an Engineering Science (Honours) degree from Simon Fraser University.
Darcy Daubaras, Chief Financial Officer
Mr. Daubaras has over 25 years of experience in corporate accounting and public company service. Prior to joining HIVE, he was a member of the executive team at FinancialCAD Corporation and has served as Chief Financial Officer for several Canadian listed public companies. Mr. Daubaras also served as the Director of Corporate Accounting with Mercer International. He holds a CPA, CA designation from the Chartered Professional Accountants of British Columbia and a CPA designation in Illinois, with experience in Sarbanes-Oxley. He received a Bachelor of Commerce from the University of Victoria.
Frank Holmes, Executive Chairman
Mr. Holmes is a renowned global investor and the founder of HIVE Digital Technologies Ltd., which was founded in 2017. He is currently the Chief Executive and Chief Investment Officer at U.S. Global Investors, a leading mutual fund and asset management firm, a position he has held since 1999. Mr. Holmes acquired United Services Advisors in 1989 for $2.2 million, rebranding it to U.S. Global Investors. He co-founded HIVE and invited Aydin Kilic to lead HIVE's global blockchain infrastructure solutions in 2021. He has served on the board and held leadership positions in various companies, including Chairman at Lundin Gold, Inc. and Endeavour Financial Corp.
Luke Rossy, Chief Operating Officer
Mr. Rossy serves as the Chief Operating Officer for HIVE Digital Technologies. No detailed background information regarding prior companies founded, managed, sold, or private equity involvement was readily available.
Gabriel Ibghy, General Counsel
Mr. Ibghy joined HIVE in 2021 as Director of Legal Affairs. Prior to this, he acted as Chief Executive Officer and Director of Legal Affairs at GPU. ONE, the parent corporation of GPU Atlantic. He is a practicing attorney with a law degree from the University of Montreal and a member of the Quebec Bar. Mr. Ibghy also holds a Global MBA from Reichman University and a certificate from IE Business School IMBA, and possesses extensive experience in cryptocurrency mining, data center construction, operations, and management.
AI Analysis | Feedback
The key risks to HIVE Digital Technologies' business include:
- Volatility of Cryptocurrency Markets: HIVE Digital Technologies' financial performance is highly dependent on the volatile prices of digital currencies, particularly Bitcoin. Fluctuations in cryptocurrency values directly impact mining profitability and revenue streams, leading to unpredictable cash flows and potential significant price fluctuations for the company's stock.
- Increasing Bitcoin Network Difficulty and Operational Cost Pressures: The constantly rising difficulty of the Bitcoin network increases the computational power required for mining, leading to higher operational costs and challenges in achieving expected returns from Bitcoin mining operations. This is further exacerbated by intense competition within the cryptocurrency mining sector and potential fluctuations in energy availability and costs.
- Regulatory Challenges in the Cryptocurrency Sector: HIVE Digital Technologies is exposed to regulatory uncertainties across various jurisdictions where it operates. Potential changes in cryptocurrency regulations could negatively impact the company's mining operations, overall stability, and growth prospects.
AI Analysis | Feedback
The transition of major cryptocurrencies from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) consensus mechanism poses a clear emerging threat. HIVE Digital Technologies historically engaged in Ethereum mining, which was dependent on the PoW mechanism. Ethereum's successful transition to PoS, known as "The Merge," in September 2022, eliminated the need for PoW miners on its network. This renders specialized PoW mining hardware obsolete for Ethereum, necessitating significant reallocation of resources to other PoW cryptocurrencies like Bitcoin or Ethereum Classic, or a fundamental shift in business model to staking operations, which typically require direct ownership of the cryptocurrency rather than mining hardware.
AI Analysis | Feedback
The addressable markets for HIVE Digital Technologies' main products and services, which include mining Bitcoin, Ethereum, and Ethereum Classic, can be assessed by examining the global cryptocurrency mining market and the market capitalizations of the individual cryptocurrencies.
The global cryptocurrency mining market was valued at approximately USD 1.55 billion in 2024 and is projected to grow to about USD 2.83 billion by 2032, at a compound annual growth rate (CAGR) of 7.8% from 2025 to 2032. Another estimate indicates the global cryptocurrency mining market was around USD 2.93 billion in 2024 and is expected to reach approximately USD 9.26 billion by 2034, with a CAGR of 12.20% between 2025 and 2034. North America holds the largest share of the global cryptocurrency mining market, with the U.S. alone accounting for an estimated 44.1% in 2025.
Regarding the specific digital currencies HIVE mines, their global market capitalizations are significant:
- Bitcoin (BTC): As of March 16, 2026, the global market capitalization for Bitcoin is approximately USD 1.48 trillion. The global Bitcoin market size was valued at USD 32.6 billion in 2024 and is projected to reach USD 125.6 billion by 2030, growing at a CAGR of 25.2% from 2024 to 2030.
- Ethereum (ETH): As of March 16, 2026, the global market capitalization for Ethereum is approximately USD 272.85 billion. The global Ethereum cryptocurrency market size was valued at US$1,272.3 million in 2025 and is estimated to grow at a CAGR of 13.4% from 2025 to 2033.
- Ethereum Classic (ETC): As of March 16, 2026, the global market capitalization for Ethereum Classic is approximately USD 1.36 billion.
AI Analysis | Feedback
HIVE Digital Technologies (NASDAQ: HIVE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and expansions across its dual-engine business model of cryptocurrency mining and high-performance computing (HPC) for artificial intelligence (AI).
The expected drivers of future revenue growth include:
- Expansion of AI/High-Performance Computing (HPC) Data Centers and Services: HIVE is making significant investments in expanding its liquid-cooled AI data center capacity, particularly in Canada. This includes a four-fold expansion from 4 megawatts to 16.6 megawatts across Manitoba and British Columbia, with a new colocation facility providing immediate capacity and an option for further scaling. The company has partnered with Bell Canada AI Fabric to deploy over 4,000 AI-optimized GPUs across these provinces, targeting 6,000 GPUs in Canada with an ambitious $200 million in contracted annualized run-rate revenue by March 31, 2027, and aiming for 75% EBITDA margins on new long-term GPU contracts. HIVE is also targeting an increase in its high-performance computing (HPC) annual recurring revenue (ARR) from $20 million to $225 million by the end of 2026 or early 2027. This growth is supported by signed contracts, such as a 2-year, $30 million agreement for 504 Nvidia B200 GPUs, expected to go live in Q1 2026.
- Increased Bitcoin Mining Capacity and Efficiency: HIVE continues to expand its Bitcoin mining operations, with a strong focus on its hydro-powered facilities in Paraguay. The company has achieved significant milestones, surpassing 24 EH/s of global mining capacity by October 2025, supported by 300 megawatts of capacity in Paraguay, and is targeting 35 EH/s by late 2026. This expansion is coupled with continuous upgrades to more energy-efficient ASIC miners, aiming to improve fleet efficiency to approximately 17.5 Joules per Terahash (J/TH) and maintain profitability even in fluctuating Bitcoin markets.
- Strategic Pivot to Higher-Margin AI Cloud Services via Infrastructure Conversion: HIVE is actively transitioning a portion of its existing Bitcoin mining infrastructure to higher-margin Tier III+ HPC data centers for AI applications. This includes converting its 7 MW Boden facility in Sweden to Tier-III AI infrastructure supporting NVIDIA GB300 GPU architecture, and identifying 30 MW of capacity in its Canadian Bitcoin mining facilities for conversion to Tier 3 infrastructure for GPU operations. This strategic shift aims to accelerate time-to-cash by repurposing existing infrastructure for the fast-growing AI and HPC markets, leveraging its renewable energy backbone.
- Geographic Expansion of Data Centers with Low-Cost, Green Energy: The company is expanding its global data center footprint, with a particular emphasis on regions with access to low-cost, renewable energy. HIVE's 300 MW strategic expansion in Paraguay is now fully operational, and the company expects its global renewable energy footprint to reach approximately 540 MW by 2026, including 400 MW in Paraguay and 140 MW across Canada and Sweden. This geographical diversification and focus on clean energy sources provide a sustainable competitive advantage and support both its Bitcoin mining and AI/HPC growth initiatives.
AI Analysis | Feedback
Share Repurchases
- HIVE Digital Technologies had no share buybacks reported, with the share buybacks for HIVE stock being $0.00.
Share Issuance
- In October 2024, HIVE launched an updated "at-the-market" (ATM) equity program, allowing for the sale of up to US$200,000,000 of its common shares.
- In November 2025, the company announced an ATM equity program to offer and sell up to US$300 million of its common shares.
- HIVE announced a $25,000,000 bought deal private placement financing in December 2023.
Outbound Investments
- In February 2025, HIVE strategically sold a portion of its Bitcoin holdings to invest in capital assets, including Bitfarms' 200 megawatt (MW) hydro-powered Bitcoin mining assets in Paraguay.
- HIVE acquired a total of 300 MW of Bitcoin mining capacity in Paraguay, including 200 MW from Bitfarms, all expected to be operational in 2025.
- HIVE has invested approximately $200 million in the development of infrastructure in Paraguay.
Capital Expenditures
- HIVE intends to develop an additional 100 megawatts ("MW") of hydroelectric-powered data center capacity at its Yguazú campus in Paraguay, with full commissioning targeted for calendar Q3 2026.
- The net proceeds from the $25 million private placement financing in December 2023 were anticipated to be used for business growth, including expanding data centers to utilize an additional 100 MW of green energy.
- HIVE expanded its operations in Paraguay with 300 MW of hydro-powered sites and aims to reach 25 Exahash per second (EH/s) by December 31, 2025.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to HIVE.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.73 |
| Mkt Cap | 3.7 |
| Rev LTM | 483 |
| Op Inc LTM | -271 |
| FCF LTM | -916 |
| FCF 3Y Avg | -604 |
| CFO LTM | -321 |
| CFO 3Y Avg | -170 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 53.1% |
| Rev Chg 3Y Avg | 64.6% |
| Rev Chg Q | 0.8% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | -61.7% |
| Op Mgn 3Y Avg | -45.5% |
| QoQ Delta Op Mgn LTM | -14.4% |
| CFO/Rev LTM | -76.3% |
| CFO/Rev 3Y Avg | -51.1% |
| FCF/Rev LTM | -138.9% |
| FCF/Rev 3Y Avg | -154.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.7 |
| P/S | 5.1 |
| P/EBIT | -8.4 |
| P/E | -8.0 |
| P/CFO | -4.2 |
| Total Yield | -12.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -24.8% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.1% |
| 3M Rtn | -10.6% |
| 6M Rtn | -30.4% |
| 12M Rtn | 47.0% |
| 3Y Rtn | 132.2% |
| 1M Excs Rtn | -8.8% |
| 3M Excs Rtn | -6.6% |
| 6M Excs Rtn | -26.5% |
| 12M Excs Rtn | 23.7% |
| 3Y Excs Rtn | 78.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue from digital currency mining | 111 | 106 | 210 | 67 | 29 |
| High performance computing hosting | 3 | 0 | |||
| Revenue from hosting | 2 | 1 | |||
| (Loss) gain on sale of digital currencies | 6 | 1 | |||
| Revaluation of digital currencies | 15 | ||||
| Revaluation gain on digital currencies | -1 | ||||
| Total | 114 | 106 | 211 | 88 | 29 |
Price Behavior
| Market Price | $1.82 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 03/28/2014 | |
| Distance from 52W High | -73.9% | |
| 50 Days | 200 Days | |
| DMA Price | $2.37 | $3.07 |
| DMA Trend | up | down |
| Distance from DMA | -23.2% | -40.6% |
| 3M | 1YR | |
| Volatility | 82.9% | 87.7% |
| Downside Capture | 2.49 | 2.05 |
| Upside Capture | 311.33 | 263.12 |
| Correlation (SPY) | 57.2% | 44.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.51 | 3.75 | 3.80 | 3.41 | 2.09 | 2.49 |
| Up Beta | 9.75 | 5.67 | 5.33 | 3.06 | 1.58 | 2.03 |
| Down Beta | 2.45 | 3.82 | 3.53 | 3.71 | 1.99 | 2.27 |
| Up Capture | 159% | 226% | 216% | 352% | 636% | 6264% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 8 | 20 | 28 | 55 | 119 | 342 |
| Down Capture | 483% | 351% | 379% | 271% | 162% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 20 | 30 | 64 | 117 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIVE | |
|---|---|---|---|---|
| HIVE | 7.4% | 87.8% | 0.46 | - |
| Sector ETF (XLF) | -4.0% | 19.2% | -0.33 | 36.9% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 44.3% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 8.4% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 23.4% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 27.9% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 54.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIVE | |
|---|---|---|---|---|
| HIVE | -39.0% | 93.0% | -0.11 | - |
| Sector ETF (XLF) | 9.1% | 18.7% | 0.37 | 37.1% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 49.6% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 10.5% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 13.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 33.8% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 59.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIVE | |
|---|---|---|---|---|
| HIVE | -19.5% | 108.3% | 0.25 | - |
| Sector ETF (XLF) | 12.0% | 22.1% | 0.50 | 28.3% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 35.9% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 11.5% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 14.8% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 24.3% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 56.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/17/2026 | 6-K |
| 09/30/2025 | 11/17/2025 | 6-K |
| 06/30/2025 | 08/15/2025 | 6-K |
| 03/31/2025 | 06/26/2025 | 40-F |
| 12/31/2024 | 02/11/2025 | 6-K |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/13/2024 | 6-K |
| 03/31/2024 | 06/24/2024 | 40-F |
| 12/31/2023 | 02/13/2024 | 6-K |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/11/2023 | 6-K |
| 03/31/2023 | 06/30/2023 | 40-F |
| 12/31/2022 | 02/21/2023 | 6-K |
| 09/30/2022 | 11/15/2022 | 6-K |
| 06/30/2022 | 08/17/2022 | 6-K |
| 03/31/2022 | 07/22/2022 | 40-F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.