Bitcoin News Today: HIVE's $300M Raise Fuels AI Push Backed by Bitcoin Mining

HIVE Digital Technologies has launched a $300 million at-the-market (ATM) equity program to enhance financial flexibility and support its dual-engine strategy of Bitcoin mining and high-performance computing (HPC) infrastructure. The program, announced on November 25, 2025, allows the company to sell common shares through underwriters such as Keefe, Bruyette & Woods, Stifel, and Cantor Fitzgerald at prevailing market prices. The offering remains active until the $300 million limit is reached or the company terminates it according to Seeking Alpha. This move follows HIVE's record quarterly performance, with revenue surging 285% year-over-year to $87.3 million, driven by a 77% increase in Bitcoin production to 717 BTC.

The ATM program aligns with HIVE's broader pivot toward AI and HPC infrastructure, including a $100 million investment in a renewable-powered data center in New Brunswick, Canada, capable of hosting over 25,000 GPUs. Executives described this as a "dual-engine" model, leveraging Bitcoin mining cash flow to fund hyperscale compute capacity for AI workloads. The company's HPC division, BUZZ HPC, generated $5.2 million in revenue during Q2, reflecting rapid growth in customer contracts and GPU utilization.

HIVE's strategic shift has been underpinned by partnerships like its single-digit financing agreement with Dell, which reduces upfront capital expenditures for GPU deployments. Additionally, the company's disciplined capital allocation framework prioritizes return on invested capital and payback periods, balancing high-velocity mining returns with durable HPC contracts.

Despite robust revenue growth, HIVE's shares have fallen to around $3.10, down from a three-year high above $6.60 in October 2025. Analysts attribute the decline to broader market volatility and the inherent risks of Bitcoin price cycles. HIVE mitigates these risks through fixed power contracts and a conservative modeling approach, emphasizing stability in its dual-engine model.

The ATM program provides flexibility to fund expansion while managing capital efficiency. Proceeds will support HIVE's aggressive deployment timeline, including 1,000 GPUs in production by Q1 2026 and another 1,000 by Q3 2026. The company's New Brunswick data center, already in discussion with two hyperscalers, underscores its long-term vision to position itself at the intersection of blockchain and AI compute markets.