Key Points
- HIVE Digital announces a 23% annual increase in its Bitcoin reserves.
- The company’s shares surged following the announcement.
HIVE Digital, a Canadian crypto mining company, has reported that its Bitcoin holdings have seen a year-over-year (YoY) increase of over 20%.
The company disclosed its February production results on March 9, revealing that it had mined 89 Bitcoin. This boosted its HODL portfolio to 2,620 Bitcoin, estimated to be worth approximately $220 million.
Bitcoin Holdings and Share Performance
Despite the YoY increase, HIVE Digital observed a month-over-month decrease in its crypto holdings. The company did not specify the quantity of Bitcoin sold during the month. However, it was noted that a portion of its Bitcoin was strategically sold to invest in capital assets. This included Bitfarms’ 200 megawatt hydro-powered Bitcoin mining assets in Paraguay.
Following the announcement, HIVE Digital’s shares saw a 4.76% increase to $2 after hours, according to Nasdaq data. The rise also coincided with Rosenblatt adjusting its outlook for HIVE Digital, predicting a range from a low of $4.80 to a high of $7.13. The average price target signifies a nearly 200% increase, as per the firm.
Company’s Future Plans
Aydin Kilic, HIVE Digital’s CEO, stated that the company is concentrating on having a “transformative year”. The goal is to establish the company as “one of the largest and most efficient Bitcoin miners in the world”. He added that HIVE’s 300 MW expansion in Paraguay, which is expected to quadruple its hashrate from 6 EH/s to 25 EH/s by September 2025, “remains on track”. HIVE anticipates finalizing the strategic acquisition of the Bitfarms’ 200 MW Yguazú site in Q1 2025.
