HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) has closed a private offering of $130 million in 0% exchangeable senior notes due 2031, including the full exercise of an option by the initial purchasers to buy an additional $15 million of notes.
The cryptocurrency mining and digital infrastructure company expects to receive approximately $124.5 million in net proceeds, before the cost of capped call transactions.
HIVE said the proceeds will be used for general corporate purposes, capital investments, including the purchase of graphics processing units (GPUs), and data center development, supporting the expansion of its artificial intelligence (AI) and high-performance computing (HPC) operations.
"We are thrilled to complete this upsized 0% coupon exchangeable senior note offering for US$130 million. Together with the offering of exchangeable notes closed on April 21, 2026, we have raised US$245 million from the sale of 0% coupon notes this quarter,” HIVE CEO Aydin Kilic said in a statement.
“In addition, the capped call transactions completed in connection with the Offering, carrying an initial cap price of US$8.5275, will minimize dilution. We are excited to deploy the proceeds to accelerate the growth of our AI and HPC business."
The notes mature on July 1, 2031, and carry an initial exchange price of approximately $4.83 per HIVE common share, representing a 27.5% premium to the company's Nasdaq closing price of $3.79 on June 25.
In connection with the offering, HIVE also entered into capped call transactions with financial institutions. The company said the transactions are intended to reduce potential shareholder dilution from future exchanges of the notes. The capped call transactions have an initial cap price of $8.5275 per share, or a 125% premium to the June 25 closing price.