HIVE Seeks $75 Million to Expand AI Infrastructure

JOON HYOUNG LEE

Summary

HIVE Digital Technologies said it plans to expand its AI infrastructure through a private placement of $75 million in exchangeable notes due 2023.
The proceeds will be used to buy graphics processing units (GPUs), fund data center expansion and support general corporate operations.
HIVE said it received conditional listing approval from the Toronto Stock Exchange (TSX) and is expanding beyond Bitcoin mining into AI and high-performance computing (HPC) infrastructure.

Forecast Trend Report by Period

HIVE Digital Technologies, a US Bitcoin miner, is seeking $75 million in fresh funding to expand its artificial intelligence infrastructure.

The Block reported on May 15 that HIVE plans to privately place $75 million of exchangeable notes due 2023. The notes will be issued by HIVE Bermuda 2026 Ltd., the company’s wholly owned subsidiary, to qualified institutional buyers. Initial purchasers will also have an option to buy up to an additional $15 million of the notes within 13 days.

HIVE is raising the funds to expand investment in AI infrastructure. The proceeds will be used to buy graphics processing units, expand data centers and support general corporate operations.

The company also announced on May 15 that it had received conditional listing approval from the Toronto Stock Exchange. It must meet the related requirements by the end of June to complete the listing.

HIVE has been expanding beyond Bitcoin mining this year into AI and high-performance computing infrastructure. Last month, the company said it would gradually scale back its Bitcoin mining operations in Sweden and convert those facilities into data centers. It is also accelerating AI infrastructure development in Latin America, including Paraguay.

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