In a remarkable financial performance, HIVE Digital Technologies has announced a phenomenal surge in its Bitcoin reserves, leading to a significant spike in its stock value. The Canadian crypto mining firm saw its shares rise by 2.57% on a recent Wednesday, coinciding with the release of its Q3 FY2025 revenue results that showcased promising growth driven by both Bitcoin mining and high-performance computing (HPC) services.
During the quarter, HIVE successfully mined 322 BTC, increasing its total cryptocurrency holdings to an impressive 2,805 BTC, valued at approximately $260 million. This achievement marks a staggering 263% increase in reserves compared to 2024, which HIVE’s executive chairman Frank Holmes described as a record milestone for the company.
- Total revenue for Q3 FY2025: $29.2 million
- Revenue from HPC services: $2.5 million
- Operating margins: $6.1 million
- Net income: $1.3 million, a turnaround from a $7 million loss last year
Despite challenges in the broader crypto market, HIVE’s effective spending strategy has placed it in a strong fiscal position. The company’s plans for expansion are underway, particularly with the ongoing development of its 200 MW mining site in Paraguay. This facility, known as Yguazú, is being built in two phases.
The first phase, which is already 80% complete, is expected to go live by Q2, contributing 6 EH/s to HIVE’s mining capacity. The second phase, projected to launch in August, is set to add another 6.5 EH/s leveraging advanced Bitmain S21+ hydro-cooled ASICs. With this expansion, HIVE aims to enhance its overall Bitcoin mining capacity significantly, gearing towards an ambitious target of 25 EH/s by September.
As the company looks ahead, it strives for continued growth, aiming for a projected 150% expansion by the end of 2025. With its current trajectory and strategic initiatives, HIVE Digital Technologies stands poised to be a leading player in the evolving landscape of crypto mining and high-performance computing.
