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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
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.