Bitcoin News Today: Hive's $300M ATM Fuels AI Push as Shares Slide on Skepticism

Bitcoin miner Hive Digital Technologies has opened a $300 million at-the-market (ATM) equity program, granting it flexibility to raise capital as needed following a record quarter marked by robust revenue growth and strategic expansion into AI infrastructure. The program, announced on November 25, 2025, allows the company to sell common shares through a syndicate of underwriters, including Keefe, Bruyette & Woods, Stifel, and Cantor Fitzgerald, at prevailing market prices on the TSX Venture Exchange and Nasdaq. Hive is not obligated to utilize the full capacity, and the program will terminate automatically once $300 million in gross proceeds are raised or earlier at the company's discretion.

The move underscores Hive's "dual-engine" strategy, leveraging Bitcoin mining cash flow to fund high-performance computing (HPC) infrastructure. The firm recently acquired a 32.5-acre site in New Brunswick, Canada, to build a renewable-powered data center capable of hosting over 25,000 GPUs. This aligns with broader industry trends as miners diversify into AI workloads, a shift reflected in Hive's recent financial performance. For Q2 2026, revenue surged 285% year-over-year to $87.3 million, while Bitcoin production increased 77% from the prior quarter to 717 BTC. Despite these gains, Hive's shares have declined to approximately $3.10, down from a three-year high of $6.60 in early October.

The ATM program provides Hive with a mechanism to secure incremental capital without locking in a fixed price or timing, a contrast to traditional public offerings. Shares can be issued through "at-the-market distributions" under Canadian securities rules and Rule 415 of the U.S. Securities Act, ensuring regulatory compliance while maintaining operational agility according to reports. The agreement includes 11 underwriters, with agents such as B. Riley Securities and Northland Securities participating in the distribution process as announced.

Analysts view the program as a strategic tool to support Hive's infrastructure ambitions. The firm's BUZZ HPC division is increasingly central to its growth narrative, reflecting a broader industry repositioning as miners transition from speculative assets to essential infrastructure providers for AI and cloud computing according to data. However, the stock's recent underperformance highlights market skepticism about execution risks and competition in the hyperscale computing sector.

Bitcoin mining profitability and energy costs are key variables in Hive's dual-engine model, and the firm is closely monitoring both operational efficiency and Bitcoin price volatility. Management has stated that the data center's energy mix—90% renewable—will give Hive a competitive advantage in both cost and ESG metrics. Analysts are also tracking the pace of GPU deployment and the performance of BUZZ HPC contracts to gauge the long-term viability of the company's expansion strategy.