HIVE Digital is pivoting from pure Bitcoin mining to AI clouds, raising $75 million in 0% exchangeable notes to fund GPUs and data centers, with an eye toward listing on the TSX.
HIVE Digital Technologies has raised $75 million through a private placement of exchangeable senior notes due 2031 and is focused on enhancing its artificial intelligence infrastructure and data centers as it prepares to list on the Toronto Stock Exchange.
The notes will be issued by wholly-owned subsidiary HIVE Bermuda 2026 Ltd to accredited investors in a transaction that also includes an additional $15 million paper 13-day option.
According to HIVE, the net proceeds will fund “general corporate purposes and capital investments, including the purchase of graphics processing units and data center expansion” as the company accelerates its pivot from pure Bitcoin mining to high performance computing and AI workloads.
The securities do not earn periodic interest and can be exchanged for cash, HIVE common stock, or both once a final price and initial exchange rate are established, allowing investors to earn equity-linked upside without traditional coupons.
To offset potential dilution from the exchangeable notes, HIVE “intends to use cash on hand to fund capped call transactions.” This is a structure designed to cap the effective conversion price and reduce pressure on common stockholders if stock prices rise.
The company said a portion of the net proceeds will be used to reimburse issuers for capped call costs and may link the financing directly to equity protection mechanisms.
HIVE also disclosed that it has received conditional approval to list its common shares on the Toronto Stock Exchange, with trading expected to transition off the TSX Venture Exchange on or about April 30, subject to meeting TSX requirements by June 30, 2026. The closing price of Miner’s stock on the Nasdaq market on Wednesday was $2.47, with a volume of about $42 million and an average price of about $24.6 million.
The fundraising drive follows what HIVE called “record” quarterly results for the fiscal third quarter ended December 31, 2025, where the company reported revenue of $93.1 million, up 219% year-over-year and 7% sequentially. The company still posted a net loss of $91.3 million, due to accelerated depreciation and non-cash revaluation adjustments related to its expansion in Paraguay, highlighting the capital-intensive nature of its transition beyond Bitcoin mining.
In March, amid a tax dispute with local authorities at its Boden facility in Sweden, HIVE announced it would gradually “phase out” ASIC-based Bitcoin mining and upgrade the facility to a Tier-III high-performance computing data center. The company has already launched its first GPU cluster in Asunción, Paraguay, and the BUZZ AI cloud platform is processing initial large-scale language model training workloads, demonstrating how businesses are rapidly pivoting toward AI cloud services.
Miner’s previous crypto.news coverage of diversifying into high-performance computing highlighted how companies are looking to de-risk the Bitcoin cycle by monetizing GPU computing for AI and enterprise clients, and HIVE’s latest funding appears designed to accelerate this trend.
Other crypto.news reporting on miner capital market activity and AI pivots are tracking similar changes, including articles on public miner debt increases and data center transformation in North America.
