HIVE Digital Shares Surge Following Bitcoin Reserves Increase

Shares of HIVE Digital rose after the company announced a 23% year-over-year increase in Bitcoin reserves.

Canadian crypto mining firm HIVE Digital has published its February production results, showing a more than 20% year-over-year increase in Bitcoin (BTC) holdings. In a press release on March 9, the Vancouver-based company reported mining 89 BTC, raising its total holdings to 2,620 BTC, valued at approximately $220 million.

Despite the 23% year-over-year growth in Bitcoin holdings, the company’s crypto inventory saw a month-over-month decline, although HIVE Digital did not disclose the amount of Bitcoin sold during the month.

> “[…] on a month-over-month basis, BTC holdings saw a decline as HIVE strategically sold a portion of its BTC to invest in capital assets, including Bitfarms’ 200 megawatt hydro-powered Bitcoin mining assets in Paraguay.”
> HIVE Digital

In related news, shares of HIVE Digital climbed 4.76% to $2 in after-hours trading, according to Nasdaq data. This increase also coincided with Rosenblatt Securities adjusting its forecast for HIVE Digital, predicting a price range between $4.80 to $7.13, which marks nearly a 200% increase from its current value.

Aydin Kilic, CEO of HIVE Digital, stated that the company is dedicated to achieving a “transformative year” to position itself as “one of the largest and most efficient Bitcoin miners globally.” He mentioned that HIVE’s expansion project in Paraguay aims to increase its hashrate from 6 EH/s to 25 EH/s by September 2025 and remains on schedule. HIVE also anticipates completing the strategic acquisition of Bitfarms’ 200 MW Yguazú site in Q1 2025.

Read more: HIVE Digital buys Bitfarms’ Paraguay site for $56m, targets 25 EH/s by Q3