HIVE Targets 18 EH/s with Bitcoin-Backed Miner Purchases

HIVE is ramping up its hashrate capacity with new Bitcoin miner acquisitions funded through a BTC-backed transaction structure.

HIVE said in a release on Thursday that it has surpassed 8.3 EH/s in operating hashrate, more than doubling from earlier this year, and remains on track to reach 11.5 EH/s by the end of June. Its roadmap targets 18 EH/s by the end of Q3 and 25 EH/s by the fourth quarter of 2025, supported by 300 MW of hydro-powered infrastructure in Paraguay.

To fund the next phase of its fleet expansion, HIVE deployed a portion of its Bitcoin treasury in an arrangement that echoes recent deals by CleanSpark and Hut 8, signaling the growing influence of mining companies in shaping purchase terms in today’s shifting ASIC market.

HIVE pledged BTC at a fixed settlement price of $87,000 per coin to acquire next-gen machines from an undisclosed ASIC manufactuer, while retaining the option to repurchase the same amount of bitcoin at the same price in the future. The deal allowed HIVE to scale its hashrate without major equity dilution, while keeping long exposure to BTC through the embedded buyback right.

The structure is part of a broader trend in the ASIC market, where miners—despite Bitcoin trading above $100,000—are securing hardware at favorable terms that contrast sharply with the high premiums of previous bull markets. Hut 8’s 30,000-unit S21+ purchase and CleanSpark’s 691 BTC-funded miner deal both featured similar options to reclaim pledged bitcoin, suggesting that manufacturers are more willing to negotiate as miner demand softens amid compressed hashprice and global tariff uncertainties.

With the recent purchases, HIVE’s bitcoin holdings were reduced to 610 BTC as of Thursday, which implies the utilization of 1,693 BTC since the end of March.

As part of its funding strategy, HIVE also continues to tap equity markets. The company recently amended and upsized its at-the-market (ATM) equity program. Under the previous agreement, HIVE raised approximately $180.8 million through common share sales. The newly amended program allows the company to raise an additional $119.2 million, giving it continued flexibility to finance infrastructure growth and ASIC procurement.