Shares of HIVE Digital jumped following the company’s announcement of a 23% year-over-year rise in Bitcoin reserves.
Canadian crypto mining company HIVE Digital has released its February production results, revealing that its Bitcoin (BTC) holdings increased by more than 20% year-over-year. In a March 9 press release, the Vancouver-headquartered company said it had mined 89 BTC, increasing its HODL portfolio to 2,620 BTC, valued at around $220 million.
While the company’s Bitcoin holdings increased by 23% YoY, its month-over-month crypto holdings saw a decline, though HIVE Digital didn’t disclose the amount of Bitcoin sold during the month.
“[…] on a month-over-month basis, BTC holdings saw a decline as HIVE strategically sold a portion of its BTC to invest in capital assets, including Bitfarms’ 200 megawatt hydro-powered Bitcoin mining assets in Paraguay.”
HIVE Digital
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Following the news, HIVE Digital shares jumped 4.76% to $2 after hours, per data from Nasdaq. The jump also came as Rosenblatt adjusted its outlook for HIVE Digital, forecasting a range from a low of $4.80 to a high of $7.13. The average price target represents an increase of nearly 200%, per the firm.
HIVE Digital chief executive Aydin Kilic says the company is focused on executing a “transformative year” that would position the company as “one of the largest and most efficient Bitcoin miners in the world,” adding that HIVE’s 300 MW expansion in Paraguay to 4x its hashrate from 6 EH/s to 25 EH/s by September 2025 “remains on track.” HIVE says it expects to finalize the strategic acquisition of the Bitfarms’ 200 MW Yguazú site in Q1 2025.
Read more: HIVE Digital buys Bitfarms’ Paraguay site for $56m, targets 25 EH/s by Q3
