HIVE Digital Technologies Ltd 6-K, filed Nov 27, 2024
HIVE Digital Technologies Ltd. (HIVE)
About this 6-K
HIVE Digital Technologies Ltd filed this 6-K on November 27, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2024
Commission File Number: 001-40398
HIVE Digital Technologies Ltd.
(Translation of registrant's name into English)
British Columbia, Canada
(Jurisdiction of incorporation or organization)
Suite 370, 1095 West Pender Street, Vancouver
British Columbia, V6E 2M6, Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
[ ] Form 20-F [X] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Exhibits 99.1, 99.2, 99.3 and 99.4 to this Report on Form 6-K are incorporated by reference into the Registration Statement on Form F-10 of the Registrant, which was originally filed with the Securities and Exchange Commission on September 30, 2024 (File No. 333-282395).
EXHIBIT INDEX
SIGNATURES
HIVE DIGITAL TECHNOLOGIES LTD.
By: /s/ Darcy Daubaras
Name: Darcy Daubaras
Title: Chief Financial Officer
Date: November 27, 2024
HIVE Digital Technologies Ltd. Reports Strong Second Quarter FY2025 Financial Results: $22.6 Million in Revenue, $5.6 Million Adjusted EBITDA, and Growth in Bitcoin Holdings to 2,604
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a leader in sustainable blockchain infrastructure and digital asset mining, is pleased to announce its financial results for the second quarter ending September 30, 2024. The results reflect the Company's continued operational resilience and strategic growth in a dynamic market environment (all amounts in US dollars, unless otherwise indicated).
Financial and Operational Highlights for Q2 FY2025
- Total Revenue: $22.6 million, from digital currency mining and high-performance computing (HPC) hosting services.
- HPC Growth: The HPC business achieved a $9.0 million annualized run rate based on YTD revenues, expanding HIVE's presence in high-performance computing markets.
- Bitcoin Production: Successfully mined 340 Bitcoin during the quarter, contributing to HIVE's substantial HODL position.
- Adjusted EBITDA1: $5.6 million, reflecting strong financial and operational management.
- Net Loss: Net loss before tax of $7.3 million, a significant improvement over the $22.9 million loss in the same period last year.
- Digital Assets: Total digital currency assets valued at $165.2 million, including 2,604 Bitcoin, in line with HIVE's strategy to build digital holdings. Using Bitcoin price of $63,300 at quarter end.
1Adjusted EBITDA and other non-GAAP financial measures used in this release are not recognized under GAAPor IFRS.
Management Insights
Darcy Daubaras, HIVE's CFO, stated, "HIVE has delivered a solid quarter, demonstrating consistent revenue, a 50% year-over-year increase in our HODL position, and strong EBITDA1 growth. This performance is especially noteworthy given the April 2024 Bitcoin Halving, which halved Bitcoin rewards for transaction security. Our ability to maintain stability amidst this event underscores HIVE's operational excellence and proactive strategy."
Frank Holmes, HIVE's Executive Chairman, stated, "I am pleased to report that, despite the challenges posed by the recent April 2024 Bitcoin Halving, which reduced global Bitcoin production rewards, HIVE was able to maintain stable revenue and improve our cash flow. This achievement highlights our proactive approach to managing costs and optimizing our operations, enabling us to navigate industry challenges effectively. Our team's disciplined focus on efficiency and our strategic partnerships position us well to continue driving growth and value for our shareholders." Our partnership with NVIDIA strengthens our position in sustainable high-performance computing, particularly for the AI super cycle. Also, Frank Holmes commented that "As Bitcoin reaches new all-time highs, HIVE is positioned to capitalize on the momentum for green energy and digital assets worldwide. With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever. We remain committed to building our Bitcoin holdings, which have doubled to 2,604 BTC year-over-year, and remain focused on achieving 2% of the global Bitcoin mining network by late 2025, a target that supports our commitment to sustainable growth and leadership in this rapidly evolving industry.
Aydin Kilic, President & CEO, stated, "I am proud of our team's success in achieving a 5% reduction in SG&A expenses year-over-year, bringing them down to $3.4 million this quarter from $3.6 million last year. Even more remarkable is that we accomplished this while increasing our Bitcoin mining capacity by 45%, growing from 3.8 EH/s to 5.6 EH/s over the same period. Additionally, our high-performance computing (HPC) revenue has seen an impressive 8x growth, all while keeping our SG&A costs lower than the previous year. Even as we expand operations, our ability to improve efficiencies is a testament to HIVE's disciplined financial and operational management. This focus on cost control and strategic growth has also helped us achieve an Adjusted EBITDA of $5.6 million, significantly narrowing our net loss from $24.5 million last year to $7.7 million this quarter, despite non-cash charges related to depreciation and stock-based compensation."
Q2 F2025 Operational and Financial Details
Revenue from Mining and HPC Services: Total revenue of $22.6 million, including $20.8 million from digital mining and $1.9 million from HPC, with a gross operating margin1 of $1.2 million (5%).
SG&A Costs: The Company maintained one of the lowest SG&A cost structures in the industry, reporting $3.4 million in SG&A for Q2, down slightly from $3.6 million in the same period last year. This low-cost approach allowed HIVE to maximize cash returns on invested capital, resulting in a negative corporate margin2 of $2.2 million on a cash basis.
Adjusted EBITDA1: HIVE achieved an Adjusted EBITDA1 of $5.6 million for the quarter and net loss from continuing operations of $7.7 million after tax, or a loss of $0.06 per share, compared to a net loss of $24.5 million after tax, or a loss of $0.29 per share, in the same period last year. The main differences between Adjusted EBITDA1 and net loss from continuing operations for the period were primarily due to non-cash charges, which included $16.1 million in depreciation and $2.2 million in stock-based compensation. Additionally, a one-time gain of $5.2 million from the sale of mining assets was excluded. The improvement compared to the prior period was mainly driven by unrealized gains on investments and equipment sales.
Bitcoin Holdings and HODL Strategy: As of Q2, HIVE held 2,604 unencumbered, unleveraged Bitcoin, mined exclusively using green energy, reinforcing the Company's commitment to sustainable asset-building.
Impact of Bitcoin Halving: Despite the April 2024 Bitcoin Halving, which reduced block rewards, HIVE maintained strong mining output by upgrading its ASIC fleet, offsetting reduced block rewards and boosting operational efficiency.
Expansion and Hashrate Growth
Sequential Hashrate Increase: HIVE's Bitcoin mining hashrate grew by 14%, from 4.9 EH/s in June 2024 to 5.6 EH/s in September 2024, supporting HIVE's goal of reaching 12.5 EH/s by late 2025.
Paraguay Expansion: Construction of HIVE's 100 MW project in Paraguay is underway. Once operational, this facility will double HIVE's hashrate to 12.5 EH/s, while enhancing efficiency and lowering breakeven costs.
Financial Flexibility Through Equity Distribution
During Q2, HIVE raised $4.5 million through an at-the-market (ATM) equity program, with proceeds allocated towards data center equipment, strategic Bitcoin investments, and general working capital. Following this program, HIVE initiated a new $200 million ATM program with Stifel as the lead agent, providing capital flexibility to support future acquisitions, debt repayments, and further expansion.
Outlook
HIVE's strong Q2 results underscore its growth trajectory in digital mining and high-performance computing. With a disciplined capital approach, continued green energy initiatives, and strategic expansions, HIVE is well-positioned to meet the rising demand in blockchain and digital asset markets.
Financial Statements and MD&A
The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three and six months ended September 30, 2024 will be accessible on SEDAR+ at www.sedarplus.ca under HIVE's profile and on the Company's website at www.HIVEdigitaltechnologies.com.
At-the-Market Offering
On July 19, 2024,. HIVE completed its August 2023 ATM Equity Program. For the three-month period ended September 30, 2024, the Company issued 1,368,297 common shares (the "ATM Shares") pursuant to the at-the-market equity program established on August 17, 2023 (the "ATM Equity Program") for gross proceeds of C$6.1 million ($4.5 million). The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$4.45. Pursuant to the Equity Distribution Agreement, a cash commission of $0.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.
The Company is using the net proceeds from the ATM Equity Program for the purchase of data center equipment, strategic investments including building BTC assets on our balance sheet and general working capital.
Update to November 11, 2024 News Release
In HIVE's press release of November 11, 2024, the purchase of 6,500 Canaan Avalon A1566 ASIC miners was announced. It was inadvertently disclosed that these miners have a unit efficiency of 16.5 J/TH. These top-of-the-line ASIC miners actually have a unit efficiency of 18.5 J/TH. HIVE apologizes to Canaan Inc. and the investment community for this incorrect information. HIVE welcomes the Canaan Avalon A1566 ASIC miners, setting a new benchmark in the feet's performance, significantly advancing our optimized-ROI investment strategy.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a publicly traded company, listed on the TSX.V, Nasdaq, and FSE. As a leading digital infrastructure provider, HIVE mines Bitcoin and provides high-performance computing services. HIVE's global operations are powered by green, renewable energy sources, supporting both blockchain technology and the future of digital finance.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: business goals and objectives of the Company; the results of operations for the three and six months ended September 30, 2024; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of a pandemic on the business of the Company, including but not limited to the effects of a pandemic on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
[1] Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" in the Company's MD&A.
[2] Corporate margin = operating margin less SG&A
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/229768
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
HIVE Digital Technologies Ltd. ("HIVE" or the "Company")
370-1095 West Pender Street
Vancouver, BC V6E 2M6
Item 2 Date of Material Change
November 13, 2024.
Item 3 News Release
The press release attached asSchedule "A" was released on November 13, 2024 by a newswire company in Canada.
Item 4 Summary of Material Change
The material change is described in the press release attached as Schedule "A".
Item 5 Full Description of Material Change
The material change is described in the press release attached as Schedule "A".
Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Darcy Daubaras
Chief Financial Officer
T: 604-664-1078
Item 9 Date of Report
November 13, 2024.
Schedule "A"
HIVE Digital Technologies Ltd. Reports Strong Second Quarter FY2025 Financial Results: $22.6 Million in Revenue, $5.6 Million Adjusted EBITDA, and Growth in Bitcoin Holdings to 2,604
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a leader in sustainable blockchain infrastructure and digital asset mining, is pleased to announce its financial results for the second quarter ending September 30, 2024. The results reflect the Company's continued operational resilience and strategic growth in a dynamic market environment (all amounts in US dollars, unless otherwise indicated).
Financial and Operational Highlights for Q2 FY2025
- Total Revenue: $22.6 million, from digital currency mining and high-performance computing (HPC) hosting services.
- HPC Growth: The HPC business achieved a $9.0 million annualized run rate based on YTD revenues, expanding HIVE's presence in high-performance computing markets.
- Bitcoin Production: Successfully mined 340 Bitcoin during the quarter, contributing to HIVE's substantial HODL position.
- Adjusted EBITDA1: $5.6 million, reflecting strong financial and operational management.
- Net Loss: Net loss before tax of $7.3 million, a significant improvement over the $22.9 million loss in the same period last year.
- Digital Assets: Total digital currency assets valued at $165.2 million, including 2,604 Bitcoin, in line with HIVE's strategy to build digital holdings. Using Bitcoin price of $63,300 at quarter end.
1Adjusted EBITDA and other non-GAAP financial measures used in this release are not recognized under GAAP or IFRS.
Management Insights
Darcy Daubaras, HIVE's CFO, stated, "HIVE has delivered a solid quarter, demonstrating consistent revenue, a 50% year-over-year increase in our HODL position, and strong EBITDA1 growth. This performance is especially noteworthy given the April 2024 Bitcoin Halving, which halved Bitcoin rewards for transaction security. Our ability to maintain stability amidst this event underscores HIVE's operational excellence and proactive strategy."
Frank Holmes, HIVE's Executive Chairman, stated, "I am pleased to report that, despite the challenges posed by the recent April 2024 Bitcoin Halving, which reduced global Bitcoin production rewards, HIVE was able to maintain stable revenue and improve our cash flow. This achievement highlights our proactive approach to managing costs and optimizing our operations, enabling us to navigate industry challenges effectively. Our team's disciplined focus on efficiency and our strategic partnerships position us well to continue driving growth and value for our shareholders." Our partnership with NVIDIA strengthens our position in sustainable high-performance computing, particularly for the AI super cycle. Also, Frank Holmes commented that "As Bitcoin reaches new all-time highs, HIVE is positioned to capitalize on the momentum for green energy and digital assets worldwide. With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever. We remain committed to building our Bitcoin holdings, which have doubled to 2,604 BTC year-over-year, and remain focused on achieving 2% of the global Bitcoin mining network by late 2025, a target that supports our commitment to sustainable growth and leadership in this rapidly evolving industry.
Aydin Kilic, President & CEO, stated, "I am proud of our team's success in achieving a 5% reduction in SG&A expenses year-over-year, bringing them down to $3.4 million this quarter from $3.6 million last year. Even more remarkable is that we accomplished this while increasing our Bitcoin mining capacity by 45%, growing from 3.8 EH/s to 5.6 EH/s over the same period. Additionally, our high-performance computing (HPC) revenue has seen an impressive 8x growth, all while keeping our SG&A costs lower than the previous year. Even as we expand operations, our ability to improve efficiencies is a testament to HIVE's disciplined financial and operational management. This focus on cost control and strategic growth has also helped us achieve an Adjusted EBITDA of $5.6 million, significantly narrowing our net loss from $24.5 million last year to $7.7 million this quarter, despite non-cash charges related to depreciation and stock-based compensation."
Q2 F2025 Operational and Financial Details
Revenue from Mining and HPC Services: Total revenue of $22.6 million, including $20.8 million from digital mining and $1.9 million from HPC, with a gross operating margin1 of $1.2 million (5%).
SG&A Costs: The Company maintained one of the lowest SG&A cost structures in the industry, reporting $3.4 million in SG&A for Q2, down slightly from $3.6 million in the same period last year. This low-cost approach allowed HIVE to maximize cash returns on invested capital, resulting in a negative corporate margin2 of $2.2 million on a cash basis.
Adjusted EBITDA1: HIVE achieved an Adjusted EBITDA1 of $5.6 million for the quarter and net loss from continuing operations of $7.7 million after tax, or a loss of $0.06 per share, compared to a net loss of $24.5 million after tax, or a loss of $0.29 per share, in the same period last year. The main differences between Adjusted EBITDA1 and net loss from continuing operations for the period were primarily due to non-cash charges, which included $16.1 million in depreciation and $2.2 million in stock-based compensation. Additionally, a one-time gain of $5.2 million from the sale of mining assets was excluded. The improvement compared to the prior period was mainly driven by unrealized gains on investments and equipment sales.
Bitcoin Holdings and HODL Strategy: As of Q2, HIVE held 2,604 unencumbered, unleveraged Bitcoin, mined exclusively using green energy, reinforcing the Company's commitment to sustainable asset-building.
Impact of Bitcoin Halving: Despite the April 2024 Bitcoin Halving, which reduced block rewards, HIVE maintained strong mining output by upgrading its ASIC fleet, offsetting reduced block rewards and boosting operational efficiency.
Expansion and Hashrate Growth
Sequential Hashrate Increase: HIVE's Bitcoin mining hashrate grew by 14%, from 4.9 EH/s in June 2024 to 5.6 EH/s in September 2024, supporting HIVE's goal of reaching 12.5 EH/s by late 2025.
Paraguay Expansion: Construction of HIVE's 100 MW project in Paraguay is underway. Once operational, this facility will double HIVE's hashrate to 12.5 EH/s, while enhancing efficiency and lowering breakeven costs.
Financial Flexibility Through Equity Distribution
During Q2, HIVE raised $4.5 million through an at-the-market (ATM) equity program, with proceeds allocated towards data center equipment, strategic Bitcoin investments, and general working capital. Following this program, HIVE initiated a new $200 million ATM program with Stifel as the lead agent, providing capital flexibility to support future acquisitions, debt repayments, and further expansion.
Outlook
HIVE's strong Q2 results underscore its growth trajectory in digital mining and high-performance computing. With a disciplined capital approach, continued green energy initiatives, and strategic expansions, HIVE is well-positioned to meet the rising demand in blockchain and digital asset markets.
Financial Statements and MD&A
The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three and six months ended September 30, 2024 will be accessible on SEDAR+ at www.sedarplus.ca under HIVE's profile and on the Company's website at www.HIVEdigitaltechnologies.com.
At-the-Market Offering
On July 19, 2024,. HIVE completed its August 2023 ATM Equity Program. For the three-month period ended September 30, 2024, the Company issued 1,368,297 common shares (the "ATM Shares") pursuant to the at-the-market equity program established on August 17, 2023 (the "ATM Equity Program") for gross proceeds of C$6.1 million ($4.5 million). The ATM Shares were sold at prevailing market prices, for an average price per ATM Share of C$4.45. Pursuant to the Equity Distribution Agreement, a cash commission of $0.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the Equity Distribution Agreement.
The Company is using the net proceeds from the ATM Equity Program for the purchase of data center equipment, strategic investments including building BTC assets on our balance sheet and general working capital.
Update to November 11, 2024 News Release
In HIVE's press release of November 11, 2024, the purchase of 6,500 Canaan Avalon A1566 ASIC miners was announced. It was inadvertently disclosed that these miners have a unit efficiency of 16.5 J/TH. These top-of-the-line ASIC miners actually have a unit efficiency of 18.5 J/TH. HIVE apologizes to Canaan Inc. and the investment community for this incorrect information. HIVE welcomes the Canaan Avalon A1566 ASIC miners, setting a new benchmark in the feet's performance, significantly advancing our optimized-ROI investment strategy.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a publicly traded company, listed on the TSX.V, Nasdaq, and FSE. As a leading digital infrastructure provider, HIVE mines Bitcoin and provides high-performance computing services. HIVE's global operations are powered by green, renewable energy sources, supporting both blockchain technology and the future of digital finance.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: business goals and objectives of the Company; the results of operations for the three and six months ended September 30, 2024; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of a pandemic on the business of the Company, including but not limited to the effects of a pandemic on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
[1] Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" in the Company's MD&A.
[2] Corporate margin = operating margin less SG&A
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/229768
HIVE Digital Technologies Ltd. Orders 5,000 Canaan Avalon A15-194T ASIC Miners to Boost Global Mining Capacity
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable blockchain infrastructure is pleased to announce a significant fleet upgrade with the purchase of 5,000 state-of-the-art Avalon A15-194T ASIC miners from Canaan Inc. (NASDAQ: CAN). The terms align with our previous Canaan purchases, which we believe are much better for driving our cash flow and return on capital strategy.
This latest acquisition builds upon the recent purchase of 6,500 Avalon miners announced earlier this month, bringing the total number of new Avalon ASIC miners ordered in November to 11,500.
The addition of these cutting-edge miners will replace older equipment with an efficiency of 30 J/TH and increase HIVE's operational capacity to 6.4 EH/s at an industry-leading efficiency of 19.5 J/TH by the end of the 2025 calendar year. This marks a significant improvement from the current fleet, which operates at 5.6 EH/s with an efficiency of 22.3 J/TH. The upgrade supports HIVE's dedication to operational excellence and an ROI-driven approach to capital allocation.
Frank Holmes, Executive Chairman of HIVE, commented: "Our treasury management strategy enables us to invest in high-impact, next-generation ASICs, improving our operational efficiency while increasing our Bitcoin holdings. With our 100 MW green energy facility under development in Paraguay, we're well-positioned to deliver long-term growth for shareholders and cement our status as a leading, geographically diversified Bitcoin miner. Further, the relationship between our two companies highlights the importance of building long-term relationships, and Canaan's machines are workhorses."
Aydin Kilic, President and CEO of HIVE, added: "This investment in Canaan's Avalon A15-194T miners represents a crucial step in enhancing our ROI-focused strategy. We worked closely with Canaan to secure competitive pricing and payment terms for their premier Avalon series, which delivers 194 TH/s per unit and robust ROI in both bull and bear market conditions. Sustainability and efficiency remain at the core of our operations as we continue to lead in ESG-driven Bitcoin mining."
Nangeng Zhang, Chairman and CEO of Canaan stated: "We are excited to deepen our relationship with HIVE as they work to expand their Bitcoin mining operations. This follow-on order for additional A15 Series mining machines will allow us to work even more closely with HIVE. With an exceptional team, HIVE is clearly dedicated to advancing ESG-focused initiatives, including green energy integration, grid balancing, and heat recovery, while working to achieve their Bitcoin mining goals. Canaan is committed to helping HIVE succeed in its goal of creating a flexible energy infrastructure platform designed to evolve alongside breakthrough technologies for decades to come."
HIVE remains committed to advancing its position as a global leader in sustainable blockchain infrastructure, leveraging cutting-edge technology to enhance its mining capabilities while upholding its ESG values.
Paraguay Update:
Mr. Kilic provided an update on HIVE's 100 MW expansion in Paraguay: "Construction is currently underway, and we are on track to achieve 30 MW of mining capacity, which is approximately 2 EH/s, by early Q2 2025. This will raise HIVE's total hashrate to 8.3 EH/s by the end of Q2 2025, following our internal upgrades to reach 6.4 EH/s by March 2025."
1Assumes 100 MWParaguay expansion 20% operational
2Assumes 100 MWParaguay expansion fully operational
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5335/230843_0532066964cda98f_001full.jpg
The chart above illustrates HIVE's hashrate growth profile, reflecting the recent order of 11,500 Canaan miners. It also incorporates the complete strategic expansion of 100 MW in Paraguay, which is anticipated to be fully operational by the third quarter of 2025. This expansion aims for a targeted hashrate of 12.8 EH/s, with a fleet efficiency of 17.25 J/TH.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company focused on advancing sustainable blockchain and AI infrastructure powered by green energy. HIVE was the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017 and is committed to reducing environmental impact and optimizing operational efficiency. With data centers in Canada, Sweden, and soon Paraguay, HIVE is a global leader in digital asset mining and AI computing solutions.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/230843
FORM 51-102F3
MATERIALCHANGEREPORT
Item 1 Name and Address of Company
HIVE Digital Technologies Ltd. ("HIVE" or the "Company")
370-1095 West Pender Street
Vancouver, BC V6E 2M6
Item 2 Date of Material Change
November 21, 2024.
Item 3 News Release
The press release attached asSchedule "A" was released on November 21, 2024 by a newswire company in Canada.
Item 4 Summary of Material Change
The material change is described in the press release attached as Schedule "A".
Item 5 Full Description of Material Change
The material change is described in the press release attached as Schedule "A".
Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Darcy Daubaras
Chief Financial Officer
T: 604-664-1078
Item 9 Date of Report
November 21, 2024.
Schedule "A"
HIVE Digital Technologies Ltd. Orders 5,000 Canaan Avalon A15-194T ASIC Miners to Boost Global Mining Capacity
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable blockchain infrastructure is pleased to announce a significant fleet upgrade with the purchase of 5,000 state-of-the-art Avalon A15-194T ASIC miners from Canaan Inc. (NASDAQ: CAN). The terms align with our previous Canaan purchases, which we believe are much better for driving our cash flow and return on capital strategy.
This latest acquisition builds upon the recent purchase of 6,500 Avalon miners announced earlier this month, bringing the total number of new Avalon ASIC miners ordered in November to 11,500.
The addition of these cutting-edge miners will replace older equipment with an efficiency of 30 J/TH and increase HIVE's operational capacity to 6.4 EH/s at an industry-leading efficiency of 19.5 J/TH by the end of the 2025 calendar year. This marks a significant improvement from the current fleet, which operates at 5.6 EH/s with an efficiency of 22.3 J/TH. The upgrade supports HIVE's dedication to operational excellence and an ROI-driven approach to capital allocation.
Frank Holmes, Executive Chairman of HIVE, commented: "Our treasury management strategy enables us to invest in high-impact, next-generation ASICs, improving our operational efficiency while increasing our Bitcoin holdings. With our 100 MW green energy facility under development in Paraguay, we're well-positioned to deliver long-term growth for shareholders and cement our status as a leading, geographically diversified Bitcoin miner. Further, the relationship between our two companies highlights the importance of building long-term relationships, and Canaan's machines are workhorses."
Aydin Kilic, President and CEO of HIVE, added: "This investment in Canaan's Avalon A15-194T miners represents a crucial step in enhancing our ROI-focused strategy. We worked closely with Canaan to secure competitive pricing and payment terms for their premier Avalon series, which delivers 194 TH/s per unit and robust ROI in both bull and bear market conditions. Sustainability and efficiency remain at the core of our operations as we continue to lead in ESG-driven Bitcoin mining."
Nangeng Zhang, Chairman and CEO of Canaan stated: "We are excited to deepen our relationship with HIVE as they work to expand their Bitcoin mining operations. This follow-on order for additional A15 Series mining machines will allow us to work even more closely with HIVE. With an exceptional team, HIVE is clearly dedicated to advancing ESG-focused initiatives, including green energy integration, grid balancing, and heat recovery, while working to achieve their Bitcoin mining goals. Canaan is committed to helping HIVE succeed in its goal of creating a flexible energy infrastructure platform designed to evolve alongside breakthrough technologies for decades to come."
HIVE remains committed to advancing its position as a global leader in sustainable blockchain infrastructure, leveraging cutting-edge technology to enhance its mining capabilities while upholding its ESG values.
Paraguay Update:
Mr. Kilic provided an update on HIVE's 100 MW expansion in Paraguay: "Construction is currently underway, and we are on track to achieve 30 MW of mining capacity, which is approximately 2 EH/s, by early Q2 2025. This will raise HIVE's total hashrate to 8.3 EH/s by the end of Q2 2025, following our internal upgrades to reach 6.4 EH/s by March 2025."
1Assumes 100 MWParaguay expansion 20% operational
2Assumes 100 MWParaguay expansion fully operational
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5335/230843_0532066964cda98f_001full.jpg
The chart above illustrates HIVE's hashrate growth profile, reflecting the recent order of 11,500 Canaan miners. It also incorporates the complete strategic expansion of 100 MW in Paraguay, which is anticipated to be fully operational by the third quarter of 2025. This expansion aims for a targeted hashrate of 12.8 EH/s, with a fleet efficiency of 17.25 J/TH.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company focused on advancing sustainable blockchain and AI infrastructure powered by green energy. HIVE was the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017 and is committed to reducing environmental impact and optimizing operational efficiency. With data centers in Canada, Sweden, and soon Paraguay, HIVE is a global leader in digital asset mining and AI computing solutions.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/230843
HIVE Digital Technologies Announces Continued Momentum with Green Energy Strategy and Independent Proxy Advisory Support for Upcoming Annual General and Special Meeting of Shareholders
Vancouver, British Columbia--(Newsfile Corp. - November 25, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0.F) (the "Company" or "HIVE") a global leader in sustainable blockchain infrastructure, proudly announces that its innovative strategy of leveraging green energy and prioritizing high cash flow returns has garnered positive recognition and support. This approach, combined with the dedication of our exceptional team spanning nine time zones and five languages, has positioned HIVE as a leader in efficient Bitcoin mining. We have doubled the Bitcoin held on our balance sheet while simultaneously advancing our AI strategy with cutting-edge NVIDIA chips.
Support from Proxy Advisory Firms
Additionally, the Company is pleased to report that leading independent proxy advisory firms Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis") have each recommended HIVE shareholders ("Shareholders") vote "FOR" all the proposed resolutions at the upcoming Annual General and Special Meeting of Shareholders (the "Meeting") to be held on December 11, 2024. Meeting materials can be found at the Company's website at hivedigitaltechnologies.com/2024-annual-special-meeting/ as well as under HIVE's profile on SEDAR+ (www.sedarplus.ca).
Frank Holmes, Executive Chairman of HIVE, commented, "We are honored to receive endorsements from both ISS and Glass Lewis. Their recommendations highlight the alignment of HIVE's strategy with the long-term interests of our shareholders. These acknowledgments further validate our commitment to sustainable growth and shareholder value."
Meeting Details and Voting Information
The Board of Directors of HIVE recommends that Shareholders
vote "FOR" all proposed items
HIVE encourages all shareholders to participate in the Annual General and Special Meeting:
- Date: December 11, 2024
- Time: 11:00 am (Pacific Time)
- Location: 2nd Floor - 1095 West Pender Street, Vancouver, BC, V6E 2M6
The proxy voting deadline is 11:00 am (Pacific Time) on Monday, December 9, 2024. Shareholders are encouraged to vote early and take advantage of online or telephone voting options due to the current Canadian postal strike.
How to Vote
- Instructions for voting can be found on the form of proxy or voting instruction form.
- Eligible beneficial shareholders may also be contacted by Laurel Hill Advisory Group for telephone voting assistance via Broadridge Financial Solutions Inc. or Mediant Communication Inc.
Shareholder Assistance
For questions or assistance with voting, shareholders are encouraged to contact HIVE's proxy solicitation agent and shareholder communications advisor:
Laurel Hill Advisory Group
Toll Free in North America: 1-877-452-7184
International: +1 416-304-0211
By Email: assistance@laurelhill.com
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies is a pioneer in green blockchain infrastructure, dedicated to mining Bitcoin using 100% renewable energy and leveraging cutting-edge AI solutions. HIVE remains at the forefront of sustainable innovation, combining environmental responsibility with profitability to deliver long-term value for shareholders.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/231245