HIVE Digital Technologies Ltd. has entered into an equity distribution agreement to launch an at‑the‑market (ATM) program that will allow the company to sell up to US$300 million of common shares over time. The program, filed with the SEC on November 20, 2025, and announced on November 26, 2025, gives HIVE the flexibility to raise capital gradually as market conditions and funding needs dictate, rather than through a single large offering.
The ATM program is intended to support HIVE’s aggressive expansion strategy, including the continued build‑out of its Paraguay hydro‑powered mining campus and the scaling of its Buzz high‑performance computing (HPC) and AI business. By accessing capital on an as‑needed basis, HIVE can fund these capital‑intensive projects while managing dilution and maintaining control over the timing of share sales.
HIVE’s recent financial performance underscores the need for additional capital. In the quarter ended September 30, 2025, the company reported record revenue of US$87.3 million, a year‑over‑year increase of 12 percent, but also a GAAP net loss of US$15.8 million. The loss reflects ongoing investments in mining capacity and AI services, which have driven revenue growth but also increased operating expenses.
Management emphasized that the ATM program will provide a flexible source of equity that can be deployed as opportunities arise. CEO Aydin Kilic said the program “will allow us to capitalize on favorable market conditions and fund our dual‑engine growth strategy without the immediate dilution that a large offering would entail.” The company has previously used ATM programs, including a $100 million program in September 2022 and a $119.2 million program in May 2025, to support similar expansion initiatives.
The program’s structure allows HIVE to sell shares in small tranches, reducing the impact on share price and giving the company the ability to time sales when valuations are attractive. The company will monitor market conditions closely and will only exercise the program when it believes the benefits outweigh the costs of issuing new equity.
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