HIVE Bitcoin Holdings Drop 331 BTC in Q1 as Revenue Hits $298M

Canadian Bitcoin miner HIVE Digital Technologies saw its Bitcoin holdings fall by 331 BTC in the latest quarter, even as the miner reported a sharp rise in annual revenue from Bitcoin mining and high-performance computing (HPC). The company reported holdings of 150 Bitcoin (BTC) in its fiscal year update on Monday, down from 481 BTC at the end of Q4 2025, according to company figures and CoinGecko data. The 331 BTC reduction represents roughly $23 million in value at current prices, with Bitcoin trading about 21% lower year-to-date. HIVE did not explicitly say it sold Bitcoin — a silence that leaves observers to read between the hash marks. The company mined 2,885 BTC during fiscal 2026 and generated $297.8 million in revenue, up 158% from a year earlier, driven largely by expanded mining capacity and HPC revenue. Source: Bitcoin Treasuries. The shrinking Bitcoin treasury underscores how public miners are balancing accumulation against expansion costs as they pour capital into energy-heavy mining sites and diversify into AI computing infrastructure.

Revenue climbs to $297.8 million as mining drives growth, but costs climb faster. HIVE's total revenue rose to $297.8 million from $115.3 million a year earlier, with digital currency mining revenue climbing to $278.3 million, while HPC contributed $19.5 million, nearly doubling year-over-year. Source: HIVE Digital Technologies. Despite the revenue jump, rising costs continued to weigh on results. Operating and maintenance expenses climbed as HIVE expanded its mining and data center footprint, while depreciation rose to $170.4 million — nearly triple the prior year and one of the largest line items on the income statement. Related: TeraWulf acquires Kentucky AI data center site with planned 1 GW capacity.

The miner is doubling down on AI alongside Bitcoin. HIVE said its HPC business revenue is up from $10 million a year earlier, as demand for AI computing services increased. The company said contracted annual recurring revenue from its HPC division reached $35 million by year-end, supported by deployments of Nvidia-powered GPU clusters and new enterprise contracts. It also highlighted plans for a 320-megawatt AI data center project in the Greater Toronto Area, which it said could eventually host more than 100,000 GPUs. The expansion reflects a broader trend among public Bitcoin miners, many of whom are chasing new revenue streams from AI and cloud computing as mining economics turn more competitive and capital-intensive. Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves