HIVE seeks 75 million dollars in zero-interest exchangeable notes, bitcoin miner funds GPU and data-centre buildout for AI workloads, losses persist as depreciation becomes the business model

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Crypto Miner HIVE Targets $75 Million Offering to Fund AI Expansion news.bitcoin.com

Cango Secures $75M in Fresh Capital to Expand Ecohash AI Computing Platform news.bitcoin.com

HIVE Digital Technologies says it plans to raise $75 million through a private placement of zero-interest exchangeable senior notes due 2031, with an option for investors to buy an additional $15 million, as the bitcoin miner leans harder into AI infrastructure.

The company said the proceeds would be used for capital investment including graphics processing units and data-centre development, channeled through subsidiaries that are building out its computing footprint. According to Bitcoin.com, HIVE has already deployed a GPU cluster in Paraguay and begun running early workloads linked to large language model research.

The financing structure underlines how crypto-linked firms are trying to refinance themselves into the AI boom without admitting that mining economics have become less forgiving. HIVE reported quarterly revenue of $93.1 million, more than triple the year-earlier period, but still posted a net loss of $91.3 million, which it attributed largely to depreciation and other non-cash adjustments tied to expansion.

That gap between top-line growth and bottom-line pressure is not unique. Industry data cited by Bitcoin.com show miner reserves falling from roughly 1.86 million to 1.80 million BTC in recent months as operators sell coin holdings to cover costs and fund new projects. For publicly listed miners, the balance sheet has become a bridge between two volatile markets: bitcoin prices on one side and data-centre capex on the other.

HIVE is also seeking a credibility upgrade in public markets. The firm has conditional approval to move its shares from the TSX Venture Exchange to the Toronto Stock Exchange, with trading expected to begin later this month if final requirements are met.

The company’s pitch is that the same power contracts, cooling, and rack space once justified by proof-of-work can be repurposed into high-performance computing. The harder question is whether investors are buying a data-centre buildout or simply underwriting another cycle of hardware depreciation—this time attached to GPUs instead of ASICs.

HIVE’s notes are due in 2031, and can be exchanged into cash, shares, or a mix of both. The GPUs are being bought now.