HIVE Digital posted a tale of two outcomes in fiscal 2026: record revenue but a much smaller Bitcoin treasury, underscoring how public miners are juggling mining growth, heavy capex and an aggressive push into AI compute.
Quick take
- Bitcoin holdings fell to 150 BTC at March 31, 2026, down from 481 BTC at the prior quarter-end — a 331 BTC decline. HIVE did not explicitly say it sold coins, but the lower balance came amid heavy capital spending and weaker BTC prices (market observers have treated it as a 331 BTC sale).
- Revenue hit a company record $297.8 million (up 158% year-over-year), driven primarily by digital currency mining ($278.3M).
- HIVE mined 2,885 BTC in fiscal 2026, a 104% increase from 1,414 BTC the year prior, as installed hashrate scaled up even while network difficulty rose and Bitcoin’s price slipped late in the year.
Financial and operational highlights
- Gross operating margin: $107.9M (36%).
- Adjusted EBITDA: $72.9M (24% of revenue).
- GAAP net loss: $148.4M. Management said roughly $221.3M of that was non-cash items, including $170.4M in depreciation.
- Q4 revenue: $71.8M. Bitcoin mining revenue fell 23.9% quarter-over-quarter, pressured by lower BTC prices and higher network difficulty.
HPC and AI expansion
- High-performance computing (HPC) revenue reached $19.5M (up 94% vs. $10M a year earlier). Contracted ARR for the BUZZ HPC unit ended the year at $35M.
- HIVE brought its first 504-GPU Nvidia B200 cluster with Bell Canada AI Fabric online in May 2026.
- Capital markets moves: the company initially raised $75M through exchangeable senior notes to fund GPUs and data center growth, and later closed a $115M note deal after initial buyers exercised their option.
Buildout and capacity
- HIVE is planning a 320 MW “AI gigafactory” in the Greater Toronto Area that could host more than 100,000 GPUs at full buildout, targeting operations in H2 2027.
- Global power capacity now totals 440 MW across Canada, Sweden and Paraguay.
- Installed Bitcoin mining hashrate grew from 6.5 EH/s to 25.1 EH/s over the fiscal year.
What this means
HIVE’s results illustrate the shift many public miners are making: monetizing power and infrastructure assets not just for BTC production but for AI and GPU-based services. That diversification can smooth exposure to Bitcoin price cycles, but it also demands heavy spending on land, power, chips and data centers. The key question going forward is whether HPC and AI revenues can scale fast enough to underwrite HIVE’s ambitious expansion while offsetting declining Bitcoin balances and rising infrastructure costs.
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