Hive Digital Technologies priced a upsized US$100 million private offering of 0% exchangeable senior notes due 2031, increasing the deal from the previously announced US$75 million.
The company said the notes could be increased by another US$15 million if initial purchasers exercise their option in full. Net proceeds are expected to be about US$95 million, or roughly US$109.5 million including the full option.
The notes carry no regular interest and mature on April 15, 2031. The initial exchange rate is 389.5029 common shares per US$1,000 principal amount, equal to an initial exchange price of about US$2.57 per share, a 17.5% premium to Hive’s Nasdaq closing price of US$2.185 on April 16, 2026.
Hive said it plans to use the proceeds to fund shares of one or more subsidiaries, which will then deploy the money for general corporate purposes, capital investment including GPU purchases, and data center development. The company also plans to spend about US$17.2 million on capped call transactions using cash on hand.
The capped call transactions have a cap price of US$4.92 per share, 125% above the Nasdaq closing price of US$2.185 on April 16, 2026.
The notes are due April 15, 2031. Holders can require repurchase of all or part of their notes on April 15, 2029 at 100% of principal. Hive may redeem the notes on or after April 20, 2029 if its shares trade at least 130% of the exchange price for 20 trading days in a 30-day period.
The company also said it has conditional approval to list its common shares on the Toronto Stock Exchange, with a target move from the TSX Venture Exchange to the TSX around April 30, 2026. Today the company's shares have moved -9.81% to a price of $1.93. If you want to know more, read the company's complete 8-K report here.
