HIVE Digital issues 0% exchangeable senior notes to drive GPU procurement target

HIVE Digital Technologies released an announcement on Thursday, saying it plans to issue 0% exchangeable senior notes due in 2031 to qualified institutional investors through a private placement, targeting to raise $75 million, with an additional $15 million option; the funds raised will be used for GPU procurement, data center construction, and other capital expenditures.

Note Issuance Terms and Use of Proceeds

According to HIVE Digital Technologies’ Thursday announcement, the terms of these notes are as follows:

Note Type: 0% exchangeable senior notes (0% interest rate, non-interest-bearing, no accrued value)

Nature of the Debt: Unsecured obligations of the issuer, fully guaranteed by HIVE

Maturity Date: 2031

Investors: Qualified institutional investors (private placement)

Target Amount: $75 million, with an option to add $15 million

Settlement Method: Settlement may be made in cash, common stock, or a combination of both; the conversion ratio will be determined at pricing

HIVE also said it plans to enter into capped call (Capped Call) transactions with financial transaction counterparties to limit potential equity dilution arising from the conversion of the notes. The announcement also disclosed that HIVE has received conditional approval for listing from the Toronto Stock Exchange (TSX); trading is expected to begin later this month, but is subject to meeting formal listing requirements.

Background of HIVE’s High-Performance Computing Transformation and Financial Data

Based on the company’s announcement and publicly available financial data, HIVE Digital Technologies is one of the publicly listed miners that was among the first in 2022 to shift its business from Bitcoin mining to high-performance computing (HPC). The company’s most recent quarterly revenue reached $93.1 million, up 219% year over year. In February 2026, HIVE signed a two-year, $30 million agreement to deploy 504 NVIDIA (Nvidia) B200 GPUs for enterprise AI cloud services.

According to Yahoo Finance data, HIVE is the seventh-largest holding of the CoinShares Bitcoin mining ETF (WGMI), with a weighting of 4.89%.

Industry Synchronous Developments: Multiple Miners Announce AI Infrastructure Plans

(Source: Bitcoinminingstock)

According to public announcements, since 2026, multiple publicly listed Bitcoin miners have successively announced HPC and AI-related plans: CleanSpark announced in January 2026 that it would purchase 447 acres of land in Texas, plans to build 300 megawatts of AI data centers, and intends to expand to 600 megawatts; MARA Holdings acquired a majority stake in the French computing infrastructure company Exaion in February 2026 to move into AI and cloud services.

AI cloud infrastructure provider CoreWeave announced on Wednesday that it reached a $6 billion agreement with Jane Street to provide AI computing capacity for its data centers; Jane Street also invested $1 billion in CoreWeave. CoreWeave previously also signed a multi-year agreement with Anthropic to support compute power for its Claude large language model. Soluna Holdings, a developer of renewable energy data centers, completed the integration of ownership of all its Texas campus on Thursday, preparing to transition toward AI computing.

Frequently Asked Questions

What are the core terms of HIVE Digital Technologies’ notes this time?

According to HIVE Digital Technologies’ Thursday announcement, these notes are 0% exchangeable senior notes due in 2031, issued by a wholly owned subsidiary, and offered via private placement to qualified institutional investors; the target amount is $75 million, with an option to add $15 million; the conversion ratio will be determined at pricing.

How will the funds from HIVE Digital’s financing be used?

According to the Thursday announcement, the proceeds will be used for its subsidiary’s GPU procurement, capital expenditures related to data center expansion, and other general capital investments; and it plans to limit equity dilution from conversion through capped call (Capped Call) transactions.

Why did HIVE Digital’s stock fall 11.5% on Thursday?

According to Yahoo Finance data, HIVE fell 11.5% on Thursday on the Nasdaq (ticker: HIVE), consistent with the timing of the announcement of this notes financing; during the same period, the CoinShares Bitcoin mining ETF (WGMI) fell 1.5%. HIVE is the ETF’s seventh-largest holding, with a weighting of 4.89%.