HIVE Digital is raising $75m in 0% exchangeable notes to fund GPUs and data centers as it pivots from pure bitcoin mining toward AI cloud and eyes a TSX up?listing.

HIVE Digital Technologies is raising $75 million via a private offering of 0% exchangeable senior notes due 2031, doubling down on artificial intelligence infrastructure and data centers as it prepares to move its listing to the Toronto Stock Exchange.

The notes will be issued by HIVE Bermuda 2026 Ltd., a wholly owned subsidiary, to qualified investors in a deal that also includes a 13?day option for an additional $15 million of paper.

According to HIVE, net proceeds will fund “general corporate purposes and capital investment, including the purchase of graphics processing units and data center expansion,” as the company accelerates its pivot from pure bitcoin mining toward high?performance computing and AI workloads.

The securities will not bear regular interest and can be exchanged into cash, HIVE common shares, or a mix of both once final pricing and the initial exchange rate are set, giving investors equity?linked upside without conventional coupons.

HIVE leans into AI pivot and TSX ambitions

To offset potential dilution from the exchangeable notes, HIVE “intends to fund capped call transactions using cash on hand,” a structure designed to cap the effective conversion price and reduce pressure on common shareholders if the stock rallies.

The company said part of the net proceeds may be used to reimburse the issuer for those capped call costs, linking the financing directly to equity?protection mechanics.

HIVE also disclosed it has received conditional approval to list its common shares on the Toronto Stock Exchange, with trading expected to transition from the TSX Venture Exchange around April 30, subject to meeting TSX requirements by June 30, 2026. The miner’s shares closed at $2.47 on Nasdaq on Wednesday, with roughly $42 million in volume, compared with an average of about $24.6 million.

The financing push follows what HIVE called “record” quarterly results in its fiscal third quarter ended Dec. 31, 2025, where it reported $93.1 million in revenue, up 219% year?over?year and 7% quarter?over?quarter. The company still posted a net loss of $91.3 million, driven by accelerated depreciation tied to its Paraguay expansion and non?cash revaluation adjustments, underscoring the capital?intensive nature of its shift beyond bitcoin mining.

In March, HIVE announced it would progressively “phase down” ASIC?based bitcoin mining at its Boden facility in Sweden amid tax disputes with local authorities while upgrading the site into a Tier?III high?performance computing data center. The firm has already launched its first GPU cluster in Asunción, Paraguay, where its BUZZ AI Cloud platform is processing early large language model training workloads, signaling how quickly the business is re?orienting toward AI cloud services.

In previous crypto.news coverage of miners diversifying into high?performance computing, reporters highlighted how firms are seeking to smooth bitcoin cycle risk by monetizing GPU compute for AI and enterprise clients, a trend HIVE’s latest financing appears designed to accelerate.

Other crypto.news reporting on miners’ capital markets moves and AI pivots has tracked a similar shift, including pieces on public miners’ debt raises and data?center conversions in North America.

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