HIVE Digital’s fiscal 2026 results paint a study in contrasts: record revenue and rapid operational growth, but a much smaller Bitcoin treasury as the miner pours capital into expansion and AI computing.
Key takeaways
- Bitcoin holdings slid to 150 BTC as of March 31, 2026, down from 481 BTC at the end of the prior quarter — a reduction of 331 BTC during Q1. The company didn’t explicitly confirm sales, but the decline coincided with heavy capital spending and weaker BTC prices.
- HIVE mined 2,885 BTC in fiscal 2026, up 104% from 1,414 BTC a year earlier, driven by a large increase in installed hash rate and higher average BTC prices for most of the year.
- Total revenue hit a record $297.8 million (up 158% year-over-year), with digital currency mining contributing $278.3 million.
- Gross operating margin was $107.9 million (36%), and adjusted EBITDA was $72.9 million (24% of revenue). Despite the top-line gains, the company reported a GAAP net loss of $148.4 million, largely due to $221.3 million in non-cash charges — including $170.4 million of depreciation.
Quarterly dynamics and mining environment
HIVE’s Q4 revenue was $71.8 million. Mining revenue fell 23.9% quarter-over-quarter as Bitcoin’s average price slipped and network difficulty rose, making hashing more expensive per coin mined. Still, the company expanded its installed mining hash rate sharply during the fiscal year — growing from 6.5 EH/s to 25.1 EH/s.
AI and HPC push
HIVE is aggressively diversifying into high-performance computing (HPC) and AI infrastructure:
- The BUZZ HPC business generated $19.5 million in fiscal 2026 revenue — a 94% increase from $10 million a year earlier.
- Contracted annual recurring revenue for BUZZ reached $35 million by year-end.
- In May 2026, HIVE brought its first 504-GPU Nvidia B200 cluster online with Bell Canada AI Fabric.
- The company is planning a 320-megawatt “AI gigafactory” in the Greater Toronto Area that could host more than 100,000 GPUs, targeting operations in H2 2027.
Funding and capacity
To finance GPUs and data center expansion, HIVE initially raised $75 million via exchangeable senior notes; the deal expanded to $115 million after full exercise of an option by the initial buyers. The miner now operates 440 MW of global power capacity across Canada, Sweden and Paraguay — capacity needed to support both mining and AI workloads.
What this means for miners
HIVE’s results reflect a broader shift among public miners: leveraging power assets and technical teams to build AI and cloud compute services alongside traditional mining. This strategy can reduce exposure to volatile Bitcoin price cycles, but it requires heavy spending on land, power, chips and data-center upgrades. For HIVE, record revenue and rapid operational scale-up sit next to a much smaller BTC balance and mounting infrastructure costs — the next test will be whether AI computing revenue can scale fast enough to justify the buildout.
Bottom line: HIVE is growing fast and diversifying aggressively, but the tradeoff so far is a reduced Bitcoin treasury and increased capital intensity as it pivots toward AI and HPC services.
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