HIVE Digital Technologies Announces $75M Zero-Interest Notes Offering; Stock Falls 11.5%

Gate News message, April 17 — HIVE Digital Technologies announced plans to raise US$75 million through a private offering of 0% exchangeable senior notes due 2031, with potential to increase proceeds by an additional US$15 million. The capital will be directed towards GPU procurement and data centre expansion to support its infrastructure growth.

The notes will carry no regular interest and will not accrete, while being fully guaranteed by HIVE despite their unsecured structure. Conversion terms will depend on certain triggers, allowing conversion into cash, company shares, or a combination of both. HIVE intends to enter into capped call transactions to manage dilution risks.

Following the announcement, HIVE's Nasdaq-listed stock declined 11.5% in a single trading session, underperforming the broader mining sector where the CoinShares Bitcoin Mining ETF (WGMI) fell only 1.5%. HIVE holds a 4.89% weighting in the ETF. The company has also obtained conditional approval for a Toronto Stock Exchange listing and continues its transition towards AI and high-performance computing operations.