HIVE Digital Technologies is seeking to raise $75 million through exchangeable senior notes to fund data centres and artificial intelligence infrastructure.
The company plans to issue zero-interest notes due 2031, with an option for investors to purchase an additional $15 million, as it pivots beyond bitcoin mining.
Proceeds will be used to expand high-performance computing capacity, including GPU purchases and new data centre development across its global operations.
The fundraising reflects HIVE’s broader strategy shift toward AI services, with recent investments including a GPU cluster in Paraguay already supporting early-stage large language model workloads.
The company reported strong revenue growth to $93.1 million in its latest quarter but posted a net loss of $91.3 million, largely due to depreciation and expansion-related costs.
Across the sector, bitcoin miner reserves have declined from about 1.86 million to 1.80 million BTC, as operators sell holdings to manage costs and fund operations.
HIVE has also received conditional approval to upgrade its listing to the Toronto Stock Exchange, highlighting its push to access deeper capital markets as it diversifies beyond crypto mining.
At the time of reporting, Bitcoin price was $74,818.90.