HIVE plans $75M raise to fund AI infrastructure push

The Bitcoin miner will use the proceeds to expand GPU capacity and data centers as it scales its high-performance computing business beyond mining.

HIVE Digital Technologies said it plans to raise $75 million through a private offering of 0% exchangeable senior notes due 2031, with proceeds expected to fund GPU purchases, data center development and other capital investments.

According to Thursday’s announcement, the notes will be issued by a wholly owned subsidiary and offered to qualified institutional buyers, with an option to raise an additional $15 million. Final terms, including the exchange rate, will be set at pricing.

The notes will be exchangeable under certain conditions, with HIVE able to settle conversions in cash, common shares or a combination of both. They will not bear regular interest, will not accrete and are unsecured obligations of the issuer, fully guaranteed by HIVE.

HIVE’s Nasdaq-traded shares (HIVE) sank 11.5% on Thursday while industry tracker CoinShares Bitcoin Mining ETF (WGMI) fell 1.5%, per Yahoo Finance data. HIVE is the seventh-largest holding in that exchange-traded fund, at 4.89% weight.

Proceeds will be directed to the company’s subsidiaries for general corporate purposes, including capital expenditures tied to graphics processing units and data center expansion. HIVE also said it plans to enter capped call transactions with financial counterparties to limit potential dilution from future conversions.

Separately, the company said it has received conditional approval to list its shares on the Toronto Stock Exchange, with trading expected to begin later this month, subject to meeting listing requirements.

HIVE was among the first Bitcoin miners to pivot into high-performance computing in 2022, a shift that is now beginning to show up in its financial results. In its third quarter, the company reported $93.1 million in revenue, up 219% year over year, despite weaker Bitcoin prices and rising network difficulty.

In February, HIVE signed a two-year, $30 million agreement to deploy 504 Nvidia B200 GPUs for enterprise AI cloud services.

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The fundraising comes as publicly traded Bitcoin miners continue to expand into high-performance computing and AI workloads.

Companies including MARA Holdings, Riot Platforms, Bitdeer Technologies, TeraWulf, Hut 8, CleanSpark and IREN have all made moves into AI and high-performance computing, leveraging existing access to power and data center infrastructure.

In January, CleanSpark agreed to buy 447 acres in Texas to build a 300-megawatt AI-focused data center, with plans to expand to 600 MW, while in February, MARA acquired a majority stake in French computing infrastructure company Exaion as part of its push into AI and cloud services.

Meanwhile, CoreWeave, which began as a crypto mining operator and pivoted toward high-performance computing as early as 2019, has grown into a major provider of AI cloud infrastructure.

On Wednesday, the company announced a $6 billion agreement with Jane Street to provide AI computing capacity across its data centers, alongside a $1 billion equity investment from the firm, days after signing a multi-year deal with Anthropic to support its Claude large language models.

The shift is also extending beyond traditional miners. On Thursday, renewable-powered data center developer Soluna Holdings moved to consolidate ownership of its Texas-based campus, positioning the site for a transition toward AI-focused computing.

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Source: CoinTelegraph