HIVE Digital Revenue Surges Despite Sharp Decline in Bitcoin Holdings

HIVE Digital Technologies posted a strong financial performance for fiscal 2026, with total revenue reaching $297.8 million, a significant increase from $115.3 million recorded a year earlier. The growth was largely supported by expanding Bitcoin mining operations and rising demand for high-performance computing services.

Bitcoin Holdings Fall as Expansion Continues

The company ended the fiscal year holding 150 Bitcoin, down from 481 Bitcoin at the close of the previous quarter. While HIVE did not confirm any sale of its Bitcoin reserves, the reduction reflects the challenges miners face as they balance asset accumulation with funding large-scale infrastructure projects. During fiscal 2026, the company mined 2,885 Bitcoin.

Mining and Infrastructure Costs Increase

Miner generated $278.3 million in revenue, while the high performance computing segment contributed $19.5 million. However, operating expenses also increased as HIVE expanded its mining facilities and data center operations. Depreciation expenses climbed to $170.4 million, becoming one of the company’s largest costs.

AI Computing Business Gains Momentum

HIVE’s high performance computing division continued to grow, with contracted annual recurring revenue reaching $35 million. The company is also advancing plans for a 320-megawatt AI data center project in the Greater Toronto Area, reflecting the broader industry shift toward AI and cloud computing opportunities alongside Bitcoin mining.