Key Takeaways:
- HIVE Bitcoin treasury fell to 150 BTC from 481 BTC in Q4 2025
- Annual revenue surged 158% to $297.8M, driven by mining and AI
- HPC contracted ARR reached $35M with 320 MW Toronto data center planned
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HIVE sells 331 BTC as annual revenue hits record $298M
HIVE Digital Technologies reduced its Bitcoin holdings by 331 BTC in fiscal 2026 as annual revenue rose 158% to a record $297.8 million, driven by mining and AI computing expansion.
"Our HPC business is positioned for growth as we execute on our strategy to become a leading sovereign AI infrastructure provider," Frank Holmes, Executive Chairman at HIVE Digital Technologies, said in the earnings release.
The Vancouver-based miner held 150 Bitcoin as of March 31, down from 481 BTC at the end of the prior quarter, according to company filings and CoinGecko data. The 331 BTC reduction represents about $23 million in value at current prices, with Bitcoin trading near $68,020, down roughly 21% year-to-date. HIVE mined 2,885 BTC during the fiscal year. Digital currency mining revenue contributed $278.3 million, while HPC revenue reached $19.5 million, nearly doubling from $10 million a year earlier.
The shrinking Bitcoin treasury shows how public miners are selling accumulated coins to fund capital-intensive expansion into AI infrastructure. HIVE said its contracted annual recurring revenue from HPC reached $35 million by year-end, supported by Nvidia-powered GPU clusters, and outlined plans for a 320-megawatt AI data center in the Greater Toronto Area that could host more than 100,000 GPUs.
Despite the revenue growth, rising costs continued to pressure results. Operating and maintenance expenses climbed as HIVE expanded its mining and data center footprint, while depreciation rose to $170.4 million, nearly triple the prior year. The company reported an operating margin of negative 54.2 percent and a profit margin of negative 48.6 percent on a trailing basis, according to the filing.
HIVE shares closed at $4.76 on Monday, up 5.31 percent, with volume reaching 50.1 million shares, about 154 percent above the three-month average of 19.7 million. Cantor Fitzgerald raised its price target to $4.60 from $3.00 ahead of the results, while the consensus analyst target stands at $5.80, with seven buy ratings and one hold. The stock has more than doubled over the past month, even as Bitcoin pulled back below $72,000.
The pivot toward AI computing mirrors a broader trend among public Bitcoin miners, many of whom are seeking new revenue streams from high-performance computing as mining economics become more competitive and capital-intensive. HIVE's next earnings call on June 2 will provide further detail on the BUZZ HPC rollout timeline, customer pipeline, and the path to its 25 exahash mining target.
This article is for informational purposes only and does not constitute investment advice.
[1] HIVE Bitcoin Holdings Fall as Revenue Hits Record $298M[2] HIVE Bitcoin holdings drop by 331 BTC in Q1, reports record $298M revenue[3] Stock Market Today, June 1: HIVE Digital Rises Ahead of Results as Analyst Backs AI Data Center Push[4] HIVE Digital Technologies: From Bitcoin Miner To AI Infrastructure[5] Live: Will HIVE Smash Q4 Earnings Tonight After 100% May Rally?
