HIVE Digital Technologies reduced its Bitcoin treasury by 331 BTC in the first quarter of 2026, bringing holdings to 150 BTC, while annual revenue from mining and high-performance computing operations climbed to $297.8 million, up 158% year-over-year.
The Canadian miner did not explicitly state whether the reduction resulted from asset sales or operational dynamics. The company mined 2,885 BTC during fiscal 2026 and reported digital currency mining revenue of $278.3 million. The 331 BTC reduction valued at approximately $23 million occurred as Bitcoin declined 21% year-to-date.
HIVE’s treasury stood at 481 BTC at the end of Q4 2025. The shift reflects broader pressure on mining economics. Depreciation expense nearly tripled to $170.4 million, one of the largest line items on the income statement, as the company expanded its mining and data center footprint.
AI computing drives revenue diversification
High-performance computing revenue nearly doubled to $19.5 million from $10 million in the prior year, driven by demand for AI computing services. The HPC division deployed Nvidia-powered GPU clusters and secured new enterprise contracts, though HIVE did not name specific customers.
The company ended 2026 with $35 million in contracted annual recurring revenue from its HPC division. HIVE plans a 320-megawatt AI data center in Greater Toronto Area with capacity to host 100,000 GPUs, though the company did not provide a completion timeline.
Mining sector shift toward diversification
HIVE’s pivot reflects a broader industry trend. Public Bitcoin miners are increasingly seeking new revenue streams from AI and cloud computing as mining economics become more competitive and capital-intensive. HPC revenue growth underscores demand for GPU hosting and enterprise AI infrastructure.
Prior-year annual revenue totaled $115.3 million. Operating and maintenance expenses climbed alongside the company’s expanded mining and data center operations. HIVE did not disclose net income or profitability figures despite the significant revenue growth.
Treasury management amid volatility
The Bitcoin reduction occurred during a volatile period for digital assets. Whether HIVE actively sold the 331 BTC or the reduction reflected mining and operational dynamics remains unclear from the company’s disclosures. The move contrasts with some peers who have maintained or increased Bitcoin reserves.
The company’s focus on HPC revenue diversification and data center expansion suggests a strategic shift toward less volatile, recurring revenue models. Contracted annual recurring revenue of $35 million from HPC provides more predictable cash flows than mining alone.
