- Crypto stock HIVE Digital Technologies (TSXV:HIVE) grew its Bitcoin position by 7 per cent from 2,131 in February to 2,287 in March, totaling approximately US$160 million
- The small-cap stock practices a long-term investment strategy designed to benefit from Bitcoin’s increasing adoption across the world
- HIVE Digital Technologies is the first cryptocurrency mining company listed for trading on the TSXV with a sustainable green energy focus
- HIVE Digital stock has added 2.12 per cent year-over-year and 33.23 per cent since 2019
Crypto stock HIVE Digital Technologies (TSXV:HIVE) grew its Bitcoin position by 7 per cent from 2,131 in February 2024 to 2,287 in March 2024, totaling approximately US$160 million.
The small-cap stock mined 224 Bitcoins for the month across its ASIC and GPU mining operations, while averaging more than 4.5 Exahash (EH/s) of mining capacity, an 11 per cent increase from February. Daily production averaged out to 7.2 Bitcoins per day.
As of Thursday, HIVE further increased its Bitcoin position to 2,315 coins, boosting its long-term strategy to capitalize on increasing demand for the cryptocurrency as an alternative asset class, as recently evidenced by robust flows into spot Bitcoin ETFs.
The company remains focused on maximizing cash flow return on invested capital on a per share basis, while minimizing shareholder dilution, as it continues to accumulate Bitcoins on its balance sheet. It expects this month’s halving event – when miners see a reduction in their Bitcoin payments – to increase its stock’s short-term volatility, which may present opportunities for buying the dip.
Management insights
“Our HODL strategy is to have a healthy balance sheet similar to what we had for the last halving event in 2020,” Frank Holmes, HIVE Digital Technologies’ executive chairman, said in a statement. “We ended the quarter with a strong working cash position of approximately US$160 million in Bitcoin and cash of US$11 million, with G&A costs to mine a Bitcoin under US$6,000.”
“We have approximately 2,000 S21 Antminers arriving and expected to be installed before the halving event,” added Aydin Kilic, HIVE’s president and chief executive officer. “Additionally, HIVE has approximately 3,000 additional S21 Antminers being delivered by June 2024. In total, HIVE will receive 5,095 S21 Antminers within the next three months, bringing our total target hashrate to 5.5 EH/s and a global average fleet efficiency of 25 J/TH.”
Future outlook
HIVE expects to continually improve its mining efficiency and expand its green energy-powered data centres across Canada, Sweden and Iceland, all while emphasizing financial stability, growth and innovation. The company believes it is well-positioned to take advantage of crypto market volatility to create shareholder value.
About HIVE Digital Technologies
HIVE Digital Technologies is the first cryptocurrency mining company listed for trading on the TSXV with a sustainable green energy focus.
HIVE Digital Technologies (TSXV:HIVE) is down by 0.46 per cent, trading at C$4.33 per share as of 9:34 am ET. The stock has added 2.12 per cent year-over-year and 33.23 per cent since 2019.
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