HIVE Digital saw its stock price rise after it reported a significant year-over-year increase in Bitcoin holdings.
In its February production update, the Canadian crypto mining firm disclosed that its Bitcoin reserves had grown by 23% compared to the previous year, reaching 2,620 BTC—valued at approximately $220 million.
According to the March 9 announcement, HIVE mined 89 BTC during the month. However, its overall Bitcoin holdings declined month-over-month as the company strategically liquidated some of its reserves to fund capital investments. Among these investments is acquiring Bitfarms’ 200-megawatt hydro-powered Bitcoin mining assets in Paraguay.
Following the update, HIVE Digital’s stock price climbed 4.76% in after-hours trading, reaching $2, per Nasdaq data. The boost coincided with an updated price target from Rosenblatt, which projected HIVE’s stock to trade between $4.80 and $7.13, with the midpoint reflecting a potential 200% upside.
HIVE Digital’s CEO, Aydin Kilic, emphasized that 2025 will be a “transformative year” for the company as it aims to become one of the largest and most efficient Bitcoin miners globally. He highlighted the firm’s ongoing 300 MW expansion in Paraguay, which is expected to quadruple its hashrate from 6 EH/s to 25 EH/s by September 2025. Additionally, HIVE plans to finalize the acquisition of Bitfarms’ 200 MW Yguazú site in Q1 2025.
The positive momentum for HIVE Digital followed its strong third-quarter financial performance for fiscal year 2024. In its February 11 earnings report, the Vancouver-based firm revealed it had generated $29.2 million in revenue for the quarter, with Bitcoin mining accounting for the majority of earnings. The company mined 322 BTC, increasing its total Bitcoin reserves to 2,805 BTC, valued at around $260 million, marking a 263% year-over-year increase. Executive chairman Frank Holmes called it a “record milestone.” HIVE’s high-performance computing division also reached an annualized run rate of $10 million and contributed $2.5 million in revenue for the quarter.
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