Key points
- HIVE Digital (HIVE) trades around $4 with a market value near $1 billion, well below its 52-week high of $7.84.
- It is a hydro-powered bitcoin miner that grew revenue 158% to $297.8 million in fiscal 2026 and lifted its hash rate to 25 EH/s.
- Its AI arm, BUZZ HPC, is an NVIDIA (NVDA) cloud partner and closed a $220 million sovereign-AI GPU deal, with AI run-rate revenue targeted at $200 million by March 2027.
- HIVE is funding its GPU and data center buildout through a refreshed $300 million share program plus a convertible note with capped calls, so the dilution is paying for growth.
- Leopold Aschenbrenner's Situational Awareness fund has held a small stake of about 3.4 million shares (around $6.4 million) since early 2026.
HIVE Digital Technologies (HIVE) is trying to pull off the same trick that has minted fortunes for a handful of its peers this year: take a bitcoin mining operation built on cheap green power and point some of that power at artificial intelligence instead. The difference is that HIVE, at around $4 a share and a roughly $1 billion market value, is still the cheap, early-stage version of that trade, while names like IREN (IREN), Cipher Mining (CIFR) and Applied Digital (APLD) have already soared. That gap is the whole investment case, in both directions.
The bitcoin business that pays the bills
HIVE is, first and foremost, a bitcoin miner, and a fast-growing one. In its fiscal year ended March 31, 2026, revenue jumped 158% to $297.8 million, almost all of it ($278.3 million) from mining. The company produced 2,885 bitcoin, double the prior year, and more than tripled its computing power from 6.5 to 25.1 exahashes per second, or EH/s, a measure of mining muscle. It posted a GAAP net loss of $148.4 million, but most of that (about $221.3 million) was non-cash, mostly depreciation on all the mining gear, and on an adjusted basis the company was solidly profitable, with $72.9 million of adjusted EBITDA.
What makes HIVE different from most miners is where the power comes from. Its machines run largely on hydroelectric power in Sweden, Canada and, increasingly, Paraguay, where it has built out 300 megawatts of capacity fed by the Itaipu Dam. It is now adding a 100-megawatt site that will take its Paraguay footprint to 400 megawatts, and it is one of the few miners still growing its hash rate, targeting 35 EH/s in 2026. Cheap, clean power is the moat: it lowers the cost of mining a bitcoin and, conveniently, is exactly what an AI data center needs too.
The AI pivot: BUZZ HPC
That last point is the pivot. HIVE's AI arm, called BUZZ HPC, rents out clusters of NVIDIA (NVDA) GPUs for AI workloads, and HIVE is an official NVIDIA cloud partner. It is still small: BUZZ generated $19.5 million in revenue in fiscal 2026, up 94% but only about 6% of the company total. The momentum, though, is real. In May 2026 HIVE turned on its first NVIDIA B200 cluster at Bell Canada's AI Fabric facility, and it closed a $220 million sovereign-AI GPU contract tied to Canadian AI company Cohere. Management says contracted AI revenue has passed $100 million, that a larger NVIDIA GB200 deployment due in late 2026 or early 2027 will add about $70 million of annual recurring revenue on top of the $35 million it has now, and that it is aiming for 6,000 GPUs in Canada and a $200 million annualized AI run-rate by the end of its next fiscal year in March 2027. It has even floated a 320-megawatt "AI Gigafactory." If HIVE hits those numbers, AI stops being a rounding error and starts being the story.
The recent offering, and the dilution
None of this is free, and HIVE is paying for it with a mix of stock and debt. It runs an at-the-market, or ATM, program that sells shares gradually at market prices: in the quarter ended March 31, 2026, it sold about 15 million shares for roughly $41 million at an average of about C$3.77. In May it uplisted to the Toronto Stock Exchange, and on June 16, 2026, it refreshed the ATM to a program of up to $300 million, with about $214.7 million of room left. The important detail is where the money goes. HIVE has earmarked the proceeds for growth rather than survival: capital investment, GPU purchases and data center development. It has paired the ATM with a $115 million offering of zero-coupon exchangeable notes due 2031, upsized from $100 million, that carries capped-call transactions designed to limit the dilution, with those proceeds going toward the GPUs for its Bell sovereign-AI contract. The honest caveat still holds: the share count keeps climbing, to about 267 million, and selling stock near $4 is not cheap capital. But this is money going into revenue-generating GPUs and data centers, which is the difference between dilution that builds something and dilution that just buys time.
The Leopold Aschenbrenner connection
One of HIVE's more talked-about backers is Leopold Aschenbrenner, the former OpenAI researcher whose AI hedge fund Situational Awareness has become one of the most-watched on Wall Street. His fund has held a HIVE stake of about 3.4 million shares, worth roughly $6.4 million, since early 2026, first disclosed in its first-quarter filing on May 18. It is worth keeping that in proportion: the fund reported $13.68 billion in total positions, so HIVE is a tiny starter stake, not a marquee bet. Still, the logic is clear, and it is the same reason to be interested at all: BUZZ HPC is an option on AI compute, and that is Aschenbrenner's entire thesis.
The bull case
- It is the cheap one. At around 3.4 times sales, HIVE is far cheaper than the AI-miner names that have already re-rated. Peers like IREN (IREN), Cipher Mining (CIFR), Applied Digital (APLD), Core Scientific (CORZ) and TeraWulf (WULF) have run up two to six times over the past year. HIVE, near $4 and below its $7.84 high, has not.
- Real green power. Hydro power is cheap and abundant, it lowers mining costs, and it is the scarce ingredient every AI data center is fighting for.
- Actual AI traction, and it is funded. The Cohere and Bell deals, NVIDIA (NVDA) partner status, the AI Gigafactory it is building in Paraguay, and a Columbia University study validating its Paraguay AI infrastructure give the pivot substance. The recent stock and note offerings are earmarked to pay for that GPU and data center buildout, so the growth is financed, not just promised.
- Still growing. HIVE is one of the few miners adding hash rate, so it benefits if bitcoin holds up while it also builds the AI business.
- Smart-money interest. Analysts rate it a Strong Buy with an average target near $7, and Aschenbrenner's fund owns a piece.
The bear case
- It is still a bitcoin miner. More than 90% of revenue comes from mining, so HIVE lives and dies with the bitcoin price and the brutal post-halving math. Cantor Fitzgerald, with a Street-low $4.60 target, pointed to weak results on lower bitcoin prices and delays in the cloud business.
- Dilution is the price of growth. The $300 million ATM means a steady stream of new shares, often sold below $4, with convertible notes on top, even if capped calls soften them. The capital is funding real assets, but per-share value still has to outrun a rising share count for it to pay off.
- AI is small and behind. At about 6% of revenue, BUZZ HPC has a lot to prove, and the leap to a $200 million run-rate by March 2027 is ambitious. Bigger rivals are further along and competing for the same GPUs, power and customers.
- It trades like a high-beta crypto name. HIVE swings hard with bitcoin and AI sentiment, and a loss-making balance sheet leaves little cushion if either turns.
Where it stands
| Metric | Value |
|---|---|
| Price (late June 2026) | Around $4.00 |
| 52-week range | $1.70 to $7.84 |
| Market cap | About $1.0 billion |
| Shares outstanding | About 267 million |
| Revenue (fiscal 2026) | $297.8 million, up 158% |
| Price-to-sales | About 3.4x |
| Bitcoin mined (FY2026) | 2,885 BTC |
| Hash rate | 25 EH/s, targeting 35 EH/s in 2026 |
| AI run-rate revenue | $35M now, target $200M by March 2027 |
| Analyst view | Strong Buy, average target about $7 |
Figures as of late June 2026.
Bottom line
HIVE is the show-me version of the bitcoin-miner-to-AI trade. It has the cheap green power, the rising hash rate, a real if early AI business, and even a Leopold Aschenbrenner stake to point to. It also has heavy, ongoing dilution and a revenue line still tied almost entirely to bitcoin. The upside is leverage to BUZZ HPC actually scaling into the AI compute shortage. The risk is that HIVE keeps printing shares through a crypto downturn before the AI revenue gets big enough to matter. It is a higher-risk, higher-reward way to play the same theme that has already made its peers expensive.
For more on the same shift, see our piece on another ex-bitcoin miner pivoting to AI, our look at the AI shortage rotating down the supply chain to power, and our take on whether the AI trade has gotten ahead of itself. You can also track filings for HIVE Digital (HIVE).
This article is for general informational purposes only and is not investment advice. HIVE is a volatile small-cap stock tied to both bitcoin and AI sentiment, and the numbers here can change quickly. Always do your own research and consider speaking with a licensed financial professional before making any investment decision.