Hive Digital Technologies (NASDAQ: HIVE) ended fiscal 2026 with a dramatically smaller Bitcoin treasury despite reporting record revenue and a sharp expansion into high-performance computing and artificial intelligence. According to company filings and data from BitcoinTreasuries, the publicly traded miner held 150 BTC as of March 31, 2026, down from 481 BTC at the end of the previous quarter — a net reduction of 331 Bitcoin during the three-month period. While the company did not explicitly state it sold the coins, the decline coincided with heavy capital spending and a period of weaker Bitcoin prices in early 2026.
Total revenue for the fiscal year reached $297.8 million, a 158% increase year-over-year, driven primarily by digital currency mining revenue of $278.3 million. HIVE mined 2,885 Bitcoin during the period, more than double the 1,414 BTC mined in fiscal 2025, as its installed hashrate soared from 6.5 EH/s to 25.1 EH/s. Despite the top-line growth, the company reported a GAAP net loss of $148.4 million, with roughly $221.3 million of that stemming from non-cash items including $170.4 million in depreciation. Adjusted EBITDA came in at $72.9 million, representing a 24% margin.
The company’s high-performance computing (HPC) segment, branded as BUZZ HPC, generated $19.5 million in revenue, up 94% from $10 million a year earlier. Contracted annual recurring revenue from AI-focused GPU services reached $35 million by fiscal year-end. HIVE’s first 504 Nvidia B200 GPU cluster with Bell Canada AI Fabric went live in May 2026, and the company has raised capital through exchangeable senior notes — including a $115 million offering after full exercise of the initial buyers’ option — to fund GPUs and data center expansion. Plans are underway for a 320-megawatt AI gigafactory in the Greater Toronto Area, designed to host over 100,000 GPUs with operations targeted for the second half of 2027.
The sale of 331 BTC, worth roughly $28 million at the time, likely served to cover operational expenses, service debt, and fund the costly transition toward AI infrastructure. HIVE’s move mirrors a broader trend among public Bitcoin miners using their energy assets and technical teams to diversify beyond pure mining, a strategy that can reduce reliance on Bitcoin price cycles but requires substantial upfront investment. The company now operates 440 MW of global power capacity across Canada, Sweden, and Paraguay, and its leaner Bitcoin treasury signals a prioritization of liquidity and growth over speculative asset holdings.
