HIVE Digital Technologies Ltd.
Financials · Capital Markets
Structural: pure-play green-energy crypto miner pivoting to AI/HPC via Buzz HPC subsidiary. Owns ~6 EH/s BTC hashrate; renewable PPAs in Sweden/Iceland (hydro/geothermal) and a Paraguay buildout (hydro) targeting ~12 EH/s. GPU fleet (NVIDIA $NVDA H100/H200) repurposable between ETH staking, HPC rental, and AI inference.
- Mining-to-AI conversion arbitrage: existing power contracts + cooling + grid interconnects worth more than spot hashprice - same playbook as $CIFR $IREN $APLD $WULF rerate
- Renewable-only power stack defensible vs gas-peaker peers; ESG-screened capital accessible
- Buzz HPC carve-out creates optionality for separate AI-multiple SOTP
- Paraguay expansion locks in sub-$0.04/kWh power through cycle
- Diversified revenue (BTC mining + ETH staking + HPC) smooths halving drawdowns
- Sub-$1B float, TSXV-listed liquidity discount vs US-domiciled $RIOT $MARA $CLSK peers
- HPC pivot crowded - every miner pitching the same AI story, contract wins not yet at scale
- BTC halving compresses mining margins; ETH staking yields trending lower
- Capex for hashrate growth + HPC GPUs competes for the same balance sheet
- Geographic complexity (4 countries) raises opex + sovereign risk vs single-jurisdiction peers
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