Hive Digital Stock Soars on Record Revenue and Dell AI Partnership, Defying Crypto Market Downturn

Hive Digital Technologies, a publicly-traded Bitcoin mining and high-performance computing (HPC) firm, saw its stock price surge over 7.5% to a closing price of $3.56 on Monday, directly opposing a general decline in major crypto stocks and a significant drop in Bitcoin's price (which fell below $92,000).

The stock jump was driven by the release of record fiscal Q2 results (ending September 30):

• Record Revenue: Achieved $87.3 million, marking a massive 285% increase year-over-year and 91% growth quarter-over-quarter.
• Adjusted EBITDA: Reported at $31.5 million, signaling strong performance in both business segments.

Key Segment Performance

1. Bitcoin Mining:
   • Revenue was $82.1 million.
   • Mined 717 BTC during the quarter.
   • Average hash rate increased by 86% to 16.2 EH/s, driven by a new 300 MW capacity addition in Paraguay.
2. High-Performance Computing (HPC) / AI:
   • The Buzz subsidiary generated a record $5.2 million in revenue (up 175% year-over-year).
   • Gross operating margins improved to 49%.

AI Expansion and Market Position

Alongside earnings, Hive's Buzz subsidiary announced a crucial deal with Dell Technologies to deploy 504 of Dell's latest-generation GPUs in liquid-cooled servers. The company's management projects scaling to 35 EH/s in mining and generating $140 million in annualized HPC revenue (at 80% margins) by Q4 2026.

Despite other miners like Bitfarms pivoting entirely out of Bitcoin to focus on AI, Hive's Executive Chairman Frank Holmes asserted the company has a competitive edge, stating, "We've been doing it for three years... It's much more complicated."

November 2025, Cryptoniteuae