HIVE Digital cuts Bitcoin holdings to 150 BTC as mining revenue soars 158%
In brief
- HIVE reduced Bitcoin holdings by 331 BTC to 150 BTC in latest quarter without explicit sales confirmation.
- Fiscal 2026 revenue reached $297.8 million, up 158% year-over-year, with mining generating $278.3 million.
- AI computing revenue grew to $19.5 million with $35 million in contracted annual recurring revenue.
- HIVE plans 320-megawatt AI data center in Greater Toronto Area for over 100,000 GPUs.
Mining Revenue Drives Growth
HIVE mined 2,885 BTC during fiscal 2026 as digital currency mining revenue rose to $278.3 million. The company's total revenue increased from $115.3 million a year earlier, marking a substantial acceleration in profitability even as Bitcoin traded roughly 21% lower year-to-date at the time of reporting.
HIVE did not explicitly say it sold Bitcoin, leaving the precise mechanism of the 331 BTC reduction unclear. That reduction represented about $23 million in value at current prices. The company's cost of operations rose sharply, with depreciation climbing to $170.4 million, nearly triple the prior year, reflecting heavy capital investment in mining hardware and infrastructure.
AI Computing Emerges as Growth Engine
HIVE's HPC (high-performance computing) business contributed $19.5 million to fiscal 2026 revenue, up from $10 million a year earlier. The company said contracted annual recurring revenue from its HPC division reached $35 million by year-end, signaling momentum in enterprise AI deployments.
HIVE's HPC division is supported by deployments of Nvidia-powered GPU clusters and new enterprise contracts. Looking ahead, the company highlighted plans for a 320-megawatt AI data center project in the Greater Toronto Area, which it said could eventually host more than 100,000 GPUs.
The shrinking Bitcoin treasury reflects a strategic trade-off facing public miners in 2026. Capital demands for data centers, cooling systems, and GPU infrastructure are climbing faster than mining margins can sustain. HIVE's pivot toward diversified revenue streams—particularly AI computing—mirrors a broader industry shift as mining economics tighten and competition for hash rate intensifies.
Frequently asked questions
Why did HIVE's Bitcoin holdings drop?
HIVE reduced its Bitcoin treasury by 331 BTC to fund expansion into capital-intensive AI data centers and GPU infrastructure. The company did not explicitly confirm sales, but the reduction reflects a strategic shift to diversify revenue beyond mining as capital demands for new projects outpace mining margins.
What is HIVE's HPC business?
HIVE's HPC (high-performance computing) division offers GPU-powered AI computing services to enterprise customers using Nvidia-powered GPU clusters. It generated $19.5 million in fiscal 2026 revenue with $35 million in contracted annual recurring revenue by year-end, reflecting strong enterprise adoption.
What is the Toronto AI data center project?
HIVE plans to build a 320-megawatt AI data center in the Greater Toronto Area capable of hosting over 100,000 GPUs. This project represents the company's major capital allocation toward AI computing infrastructure.
