HIVE Digital secures $75 million through private bond issuance and seeks to list on TSX
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Key Takeaways
- HIVE is offering $75 million in 0% exchangeable senior notes due 2031 with an additional $15 million purchase option.
- The company received conditional approval to move its stock listing from the TSX Venture Exchange to the Toronto Stock Exchange.
HIVE Digital (NASDAQ: HIVE) Technologies Ltd. announced a private offering of US$75 million in exchangeable senior notes due 2031. The company also revealed it has received conditional approval to uplist its common shares to the Toronto Stock Exchange (TSX), with trading expected to move from the TSX Venture Exchange (TSXV) around April 30, 2026.
The senior notes, which bear 0% regular interest and do not accrete in principal, are issued by a wholly owned subsidiary, HIVE Bermuda 2026 Ltd.. The notes are general unsecured obligations fully and unconditionally guaranteed by HIVE. Initial purchasers have been granted an option to purchase up to an additional $15 million in notes.
HIVE intends to use the net proceeds for capital investments, specifically targeting the purchase of graphics processing units (GPUs) and further data center development. This financing follows the company's recent infrastructure milestones, including the launch of its 6.5 MW Merritt, British Columbia facility as part of a 16.6 MW Canadian expansion project with Bell Canada.
To manage potential economic dilution from the exchangeable notes, HIVE plans to enter into privately negotiated cash settled capped call transactions. These transactions are designed to offset cash payments or reduce dilution when notes are exchanged for common shares.
The move to the TSX marks a significant transition for HIVE as it scales its "twin turbo" infrastructure, which balances Bitcoin hashrate services with GPU accelerated AI computing. The graduation remains subject to HIVE fulfilling all TSX requirements, including the distribution of shares to a minimum number of public shareholders.
The capital raise and uplisting come as HIVE continues to pivot toward high density AI data center capacity in North America. While the company is winding down its hashrate in Sweden following a local tax dispute, it is aggressively building out its sovereign AI cloud platform in partnership with Bell Canada.
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