The publicly listed Wall Street Bitcoin (BTC) miner HIVE Digital Technologies (NASDAQ:HIVE) reported fourth-quarter revenue of $29.2 million and adjusted EBITDA of $17.3 million. While the numbers are slightly lower than in the same period a year ago, the company significantly expanded its Bitcoin holdings to 2,805 tokens valued at $260.8 million.
HIVE Digital’s Bitcoin Holdings Surge Past $260 Million
The cryptocurrency mining company posted a net income of $1.3 million for the quarter ended December 31, 2024, marking an improvement from a $7.0 million loss in the same period last year. The company's digital currency mining operations generated $26.7 million in revenue, while its growing high-performance computing (HPC) segment contributed $2.5 million.
“We ended calendar year 2024 with a record Bitcoin HODL of 2,805 Bitcoin valued at over $260 million,” Frank Holmes, HIVE’s Executive Chairman, stated. “This represents a 263% year-over-year increase from $72 million of Bitcoin on our balance sheet at the end of December 2023.”
“We achieved this while keeping shareholder dilution among the lowest in the industry, with our total shares outstanding increasing only 51% over the same period to fund our growth.”
Despite facing significantly higher network difficulty, the company has maintained strong production levels while improving its infrastructure. HIVE’s hashrate has grown from 4.01 EH/s in 2023 to 6.0 EH/s by the end of 2024.
The company also reported its January Bitcoin productions a week ago, mining 102 BTC.
25 EH/s by September 2025 for Wall Street Bitcoin Miner
The company's expansion plans in Paraguay are progressing, with a targeted increase in hashrate from 6 EH/s to 25 EH/s by September 2025. The growth strategy includes a 300-megawatt facility development, incorporating both new construction and the pending acquisition of the Yguazú site from Bitfarms Ltd.
At the end of 2024, the company announced its decision to move its headquarters from Vancouver, Canada, to San Antonio, Texas, signaling a strategic shift toward the U.S. market.
HIVE's HPC business is also showing growth, achieving a $10 million annualized run rate. The company expects this segment to reach $20 million in run-rate revenue by the second quarter of 2025, driven by its NVIDIA H100 and H200 clusters deployment for AI model training services.
"Looking ahead to calendar 2025, we are excited to execute on a transformative year with a target to position HIVE as one the largest Bitcoin miners in the world,” Aydin Kilic, President & CEO, stated. “Our 300 MW expansion in Paraguay has an objective to drive a 4x increase in our hashrate from 6 EH/s to 25 EH/s by September, 2025.”
The company also maintained relatively low general and administrative expenses of $4.6 million, slightly up from $3.7 million in the previous year. HIVE's financial position remains strong, with $270.7 million in combined cash and digital currencies at quarter-end.
This article was written by Damian Chmiel at www.financemagnates.com.
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