Canadian bitcoin miner Hive Digital has completed a $22m financing deal
Vancouver, Canada-based Bitcoin (BTC) miner Hive Digital has closed a $22 million private financing round.
According to the Dec. 28 announcement, the financing was completed by selling 5.75 million special warrants at CAD 5.00 ($3.87) each, for a total of CAD 28.75 million ($22 million) in proceeds. Each special warrant consists of one common share of the Company and a warrant to purchase one-half of the common share. Holders may exercise their warrants and purchase one Hive share prior to December 28, 2026 at 6.0 CD ($4.54) for each warrant held. Hive Digital stock currently trades at $7.15 a share ($5.41).
The Company anticipates that the net proceeds of the Offering will be used to support the development of the Bitcoin Mining Trail as well as for working capital and general corporate purposes. “HIVE also expects to be able to HODL. [Hold On for Dear Life] All Bitcoin until the upcoming halving.
In November, the company averaged 9.2 BTC per day by mining 4.18 exahash per second (EH/s). In comparison, the mining capacity of the entire Bitcoin network is 474.812 EH/s.
On December 8, Hive revealed that the 3,750 Bitcoin ASIC miners purchased last year paid off due to the rise in the price of Bitcoin. Last month, the company expanded its Bitcoin mining operations in Sweden. Earlier this year, Hive Digital dropped “blockchain” from its company name to reflect the financial opportunities in the artificial intelligence, cloud computing and graphics processing sectors.
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