HIVE Digital Shares Rise as Bitcoin Reserves Increase 23% YoY

HIVE Digital shares have surged after the company reported a 23% year-over-year increase in its bitcoin reserves.

Canadian crypto mining firm HIVE Digital has released its February production report, revealing that its Bitcoin (BTC) holdings have increased by more than 20% year-over-year. In a press release issued on March 9, the Vancouver-based company noted that it mined 89 BTC, bringing its HODL portfolio to 2,620 BTC, valued at approximately $220 million.

While the company's bitcoin holdings increased 23% year-over-year, its monthly holdings of the cryptocurrency declined, although HIVE Digital did not report the amount of bitcoin it sold for the month.

“[…] on a monthly basis, BTC holdings declined as HIVE strategically sold some of its BTC to invest in key assets, including Bitfarms’ 200-megawatt hydroelectric power facility for Bitcoin mining in Paraguay.”

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Following the news, HIVE Digital shares rose 4.76% to $2 in after-hours trading, according to Nasdaq data. The gain also came as Rosenblatt revised its HIVE Digital price target to a range of $4.80 low to $7.13 high. The average price target implies an upside of nearly 200%, according to the company.

HIVE Digital CEO Aydin Kilic said the company aims to have a “transformational year” that will enable it to become “one of the largest and most efficient Bitcoin miners in the world,” adding that HIVE’s 300 MW expansion in Paraguay to quadruple its hashrate from 6 EH/s to 25 EH/s by September 2025 “remains on track.” HIVE said it hopes to complete the strategic acquisition of Bitfarms Yguazú’s 200 MW facility in Q1 2025.

Read more: HIVE Digital acquires Paraguayan site Bitfarms for $56 million, aiming to reach 25 EH/s by Q3

Source: cryptonews.net