Hive Digital's Bitcoin holdings jump to 2,805 BTC

Hive Digital Technologies reported robust earnings for the final quarter of 2024, driven by record Bitcoin (CRYPTO:BTC) reserves and growth in its high-performance computing (HPC) business.

The company's Q3 FY2025 results showed total revenue of $29.2 million, including $26.7 million from digital currency mining and $2.5 million from HPC.

Adjusted earnings reached $17.3 million, with a net income after tax of $1.3 million.

Hive mined 322 Bitcoin during the quarter, increasing its total holdings to 2,805 BTC, valued at $260.8 million.

This represents a 263% year-over-year increase from $72 million in Bitcoin holdings at the end of December 2023.

The company ended the quarter with $270.7 million in cash and crypto holdings.

Executive Chairman Frank Holmes noted the company's significant growth in Bitcoin holdings.

President and CEO Aydin Kilic stated that Hive leads the sector, with approximately 75% in Bitcoin value per share of HIVE, based on December 31 figures.

Hive's HPC business achieved a $10 million annualised run rate based on quarterly revenues of $2.5 million.

The company's expansion plans in Paraguay aim to increase hashrate from 6 EH/s to 25 EH/s by September 2025, with a 300 MW facility development underway.

Hive also implemented an ATM Program allowing for up to $200 million in common share sales, with $87.5 million already raised through the issuance of 21.3 million shares at an average price of C$5.74.

In January, the company announced the acquisition of a 200-megawatt facility in Paraguay from Bitfarms for $85 million.

At the time of reporting, the Bitcoin (BTC) price was $97,161.90.