HIVE Digital Technologies Reveals Corrected Bitcoin HODL Value and ATM Equity Program Insights for August 2024

HIVE Digital Technologies Ltd. (HIVE) has made a correction regarding its HODL value in relation to its unaudited production results for August 2024. The corrected HODL balance as of August 31, 2024, stands at 2,567 Bitcoins, valued at over $151 million, as opposed to the previously reported 2,533 Bitcoins and $164 million. This adjustment highlights the volatile nature of Bitcoin's price, which led to an overstatement of approximately $13 million.

Executive Commentary

Frank Holmes, Executive Chairman of HIVE, emphasized the company's dedication to minimizing General and Administrative (G&A) costs while maximizing cash flow and revenue per employee, all while steering clear of excessive share dilution. Aydin Kilic, President and CEO, noted ongoing fleet optimizations, aiming for a hashrate increase to 13.5 EH/s after upgrades at their Paraguay facility, with a strong focus on sustainable energy use.

The HODL value and operational strategies are in line with HIVE's overarching goal of improving mining performance, accumulating clean virgin Bitcoin, and committing to environmental sustainability.

At-the-Market Offering

On August 17, 2023, HIVE initiated an equity distribution agreement with Stifel GMP and Canaccord Genuity Corp, allowing the sale of up to $90 million in common shares under the August 2023 ATM Equity Program. This agreement was terminated on July 19, 2024.

During the period from July 1 to July 19, 2024, the company issued 1,368,297 common shares under this program, generating C$6.09 million (approximately $4.46 million) in gross proceeds. The shares were sold at prevailing market prices, averaging C$4.45 each, with a cash commission of $133,735 paid for the services rendered under the agreement. The net proceeds from this initiative are intended for the acquisition of data center equipment, strategic investments to bolster BTC assets on their balance sheet, and general working capital.