HIVE Digital Technologies Ltd.
- Open
- 3.60
- Day high
- 3.62
- Day low
- 3.38
- Prev close
- 3.64
- Volume
- 14.6M
- Mkt cap
- $890M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 3.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.9M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
HIVE Digital Technologies Ltd. (HIVE) is a Financial Services company listed on NASDAQ. The stock is up 76% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
HIVE Digital Technologies Ltd. (HIVE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HIVE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 2, 2026 | $-0.21 | $-0.28 | -33.3% | $72M | -10.2% |
| Feb 12, 2026 | $-0.07 | $-0.18 | -157.1% | $93M | -4.7% |
| Nov 14, 2025 | $-0.01 | $-0.02 | -100.0% | $87M | -10.7% |
| Aug 14, 2025 | $-0.08 | $-0.06 | +25.0% | $46M | -40.5% |
| Jun 25, 2025 | $-0.11 | $-0.31 | -181.8% | $32M | -29.1% |
| Feb 12, 2024 | $-0.15 | $-0.08 | +46.7% | $37M | +6.9% |
| Nov 10, 2023 | $-0.13 | $-0.29 | -123.1% | $20M | -15.8% |
| Aug 11, 2023 | $-0.12 | $-0.18 | -50.0% | $24M | +6.6% |
| Feb 20, 2023 | $-0.26 | $-0.49 | -88.5% | $14M | +15.8% |
| Nov 14, 2022 | $-0.16 | $-0.14 | +12.5% | $31M | -1.8% |
| Aug 16, 2022 | $-0.06 | $-1.05 | -1650.0% | $44M | -0.0% |
| Mar 31, 2022 | — | $-0.76 | — | $20M | — |
HIVE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Perrill Davedirector | Sell | 175,000 | $4.69 |
| Jun 23, 2026 | Perrill Davedirector | Option | 12,500 | — |
| Jun 23, 2026 | Perrill Davedirector | Option | 100,000 | — |
| Jun 22, 2026 | MCGEE SUSAN Bdirector | Sell | 83,300 | $4.24 |
| Jun 22, 2026 | MCGEE SUSAN Bdirector | Sell | 125,000 | $4.25 |
| Jun 9, 2026 | Kilic Aydinofficer: President & CEO | Option | 50,000 | — |
| Jun 9, 2026 | Kilic Aydinofficer: President & CEO | Option | 400,000 | — |
| Jun 9, 2026 | Kilic Aydinofficer: President & CEO | Option | 45,000 | — |
| Jun 9, 2026 | Rossy Lukeofficer: COO | Sell | 215,000 | $3.97 |
| Jun 5, 2026 | MCGEE SUSAN Bdirector | Sell | 16,700 | $4.45 |
| Jun 5, 2026 | Rossy Lukeofficer: COO | Sell | 66,700 | $4.57 |
| Jun 5, 2026 | Rossy Lukeofficer: COO | Option | 15,000 | — |
| Jun 5, 2026 | Rossy Lukeofficer: COO | Option | 200,000 | — |
| May 6, 2026 | MCGEE SUSAN Bdirector | Option | 12,500 | — |
| Apr 23, 2026 | MCGEE SUSAN Bdirector | Option | 100,000 | — |
Source: HIVE SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full HIVE insider & 13F page →HIVE Digital Technologies Ltd. company profile
Overview
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is a Canadian cryptocurrency mining company founded in 1987 and originally incorporated as Leeta Gold Corp. The company underwent a strategic transformation in September 2017, rebranding to focus on blockchain technologies and cryptocurrency mining. Headquartered in Vancouver, Canada, HIVE operates mining facilities across three countries - Canada, Sweden, and Iceland - with a strategic emphasis on utilizing green and renewable energy sources. The company has evolved from a traditional mining operation to become one of the prominent players in the cryptocurrency mining industry, while also expanding into high-performance computing and artificial intelligence services.
Business
HIVE operates in the cryptocurrency mining industry, which involves using specialized computer hardware to solve complex mathematical problems that validate transactions on blockchain networks. This process, known as "mining," is essential for maintaining the security and integrity of cryptocurrency networks like Bitcoin and Ethereum. Miners are rewarded with newly created cryptocurrency tokens for their computational work. The company's core business consists of two primary segments: **Cryptocurrency Mining (approximately 85-90% of revenue)**: HIVE mines Bitcoin using Application-Specific Integrated Circuits (ASICs) - specialized computers designed exclusively for cryptocurrency mining. The company previously mined Ethereum using Graphics Processing Units (GPUs) but transitioned focus to Bitcoin following Ethereum's shift to a proof-of-stake consensus mechanism. HIVE operates mining facilities with a combined capacity of approximately 5.5 exahash (a measure of computational power), with plans to expand to over 12 exahash. The company differentiates itself by using predominantly green energy sources including hydroelectric, geothermal, and other renewable energy. **High-Performance Computing and AI Services (approximately 10-15% of revenue)**: HIVE has diversified into providing cloud computing services for artificial intelligence applications. The company operates GPU clusters featuring NVIDIA H100 and H200 processors, offering computing power to enterprises and developers working on AI and machine learning projects. This segment generated approximately $10 million in annualized revenue as of Q3 2025, with management targeting $100 million in annual AI revenue longer-term. This business leverages the company's existing data center infrastructure and technical expertise while providing a hedge against cryptocurrency market volatility.
Revenue model
HIVE generates revenue through two primary business models. The cryptocurrency mining business operates on a production and holding model - the company uses electricity and specialized hardware to mine Bitcoin, which it then either sells immediately for cash or holds on its balance sheet as a digital asset investment. The company has maintained a "HODL" strategy (holding onto mined cryptocurrencies rather than selling immediately), accumulating over $260 million worth of Bitcoin as of Q3 2025. Revenue is recognized when cryptocurrencies are mined at their fair market value on the mining date. The high-performance computing business operates on a service fee model, charging customers for access to GPU computing power on a usage or subscription basis. This provides more predictable, recurring revenue streams compared to the volatile cryptocurrency mining business. HIVE's customers include cryptocurrency networks (which automatically reward miners), enterprises requiring AI computing power, and cloud service providers. The company's margins are significantly influenced by several key factors: **Positive margin drivers** include rising cryptocurrency prices (particularly Bitcoin), increasing demand for AI computing services, access to low-cost renewable energy, and operational efficiency improvements through newer, more efficient mining hardware. **Negative margin pressures** come from increasing Bitcoin network difficulty (which reduces mining rewards over time), rising electricity costs, cryptocurrency market downturns, increased competition in both mining and AI computing sectors, and the periodic "halving" events in Bitcoin that cut mining rewards in half approximately every four years. The company experienced such a halving event in 2024, which reduced Bitcoin mining rewards but has been partially offset by expanding AI revenue and operational improvements.
Competitive moat
HIVE's competitive moat is moderate but faces significant challenges from the commoditized nature of cryptocurrency mining. The company's primary defensive advantages include its strategic focus on green energy sources, which provides cost advantages and regulatory benefits as environmental concerns around cryptocurrency mining intensify. The company's geographic diversification across Canada, Sweden, and Iceland provides regulatory risk mitigation and access to different renewable energy markets. HIVE's technical expertise in data center operations and its early entry into AI computing services creates some operational advantages, particularly as the company can leverage existing infrastructure for multiple revenue streams. The company's strong balance sheet with minimal debt and substantial cryptocurrency holdings provides financial flexibility during market downturns that many competitors lack. However, the cryptocurrency mining industry has relatively low barriers to entry for well-capitalized competitors. The fundamental mining process is commoditized - success primarily depends on access to cheap electricity and efficient hardware, both of which are available to competitors. Large technology companies and traditional mining companies with greater resources pose ongoing competitive threats. Additionally, regulatory risks around cryptocurrency mining, particularly environmental regulations, could impact the entire industry. The AI computing segment offers potentially stronger competitive positioning, as it requires more specialized expertise and customer relationships, but this market is still developing and faces competition from established cloud providers like Amazon Web Services, Google Cloud, and Microsoft Azure. HIVE's moat is best characterized as moderate and primarily dependent on operational execution and market timing rather than insurmountable competitive advantages.
Risks & safety
HIVE presents a moderate margin of safety profile with both strengths and concerns: **Overall Assessment**: The company maintains a relatively strong financial position but faces cash flow challenges and high capital requirements for growth. **Liquidity and Solvency**: - Cash position: $9.8 million (Q3 2025), relatively low for operational needs - Current ratio: 10.4x, indicating strong short-term liquidity - Debt-to-equity ratio: 0.058, very low debt burden - Free cash flow: -$89.9 million (Q3 2025), indicating significant cash burn - Digital currency holdings: $260.8 million, providing substantial asset backing but subject to volatility **Valuation Metrics**: - P/E ratio: 72.3x, elevated but improving from recent losses - EV/EBITDA: 4.7x, reasonable for a growth company - Price-to-book: 0.84x, trading below book value - Graham net-net: 1.04x, slightly above conservative value threshold **Other Considerations**: - High capital intensity requiring ongoing investment in mining equipment - Revenue concentration in volatile cryptocurrency markets - Positive trend in diversification into AI computing services - Strong asset base but dependent on cryptocurrency valuations
Recent development
Over the past few years, HIVE has executed several strategic pivots to strengthen its market position and diversify revenue streams. The most significant development has been the company's expansion into high-performance computing and artificial intelligence services, transforming from a pure cryptocurrency mining operation into a diversified digital infrastructure company. Starting in 2023, HIVE began deploying NVIDIA GPU clusters and developing AI cloud services, achieving $10 million in annualized HPC revenue by Q3 2025 with ambitious targets to reach $100 million annually. The company has also pursued aggressive geographic expansion, most notably through a binding letter of intent to acquire Bitfarms facilities in Paraguay, planning to expand to 300 megawatts of mining capacity in the region. This South American expansion represents a significant strategic shift, leveraging Paraguay's abundant hydroelectric power resources. HIVE is targeting 25 exahash of mining capacity by September 2025, representing a nearly five-fold increase from current levels. HIVE has maintained its commitment to green energy mining while upgrading its hardware infrastructure. The company has been systematically replacing older mining equipment with more efficient models like the Antminer S21 Pro, improving operational efficiency despite the Bitcoin halving event in 2024 that reduced mining rewards. The company has also strengthened its balance sheet management, maintaining one of the lowest debt levels in the cryptocurrency mining industry while building substantial Bitcoin reserves exceeding $260 million. Additionally, HIVE has begun transitioning to US GAAP reporting standards and has been exploring strategic partnerships, including becoming an NVIDIA cloud partner to enhance its AI computing capabilities.
HIVE company profile · for informational purposes only — not investment advice.
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