HIVE Technologies closed its fiscal year 2026 with revenue of $297.8 million, a 158% surge over the prior year. The publicly traded crypto miner also unloaded more than two-thirds of its Bitcoin stash — selling 331 BTC to bring holdings down by 69% — as it pivots hard toward artificial intelligence and high-performance computing.
The numbers
Revenue jumped from roughly $115 million to nearly $298 million in HIVE's latest fiscal year. The company didn't break out how much of that came from mining versus AI services, but the direction is clear: HIVE is pouring resources into HPC and AI workloads. The 331 BTC sale trimmed its Bitcoin treasury dramatically, leaving it with about 149 BTC based on the stated reduction.
Why the pivot
HIVE is joining a growing list of Bitcoin miners that see more profit in renting out GPU compute for AI training than in pure crypto mining. The company has been quietly retrofitting its data centers and adding high-end chips designed for machine learning tasks. Shifting focus means less exposure to Bitcoin price swings — a risk that's burned miners before.
What the Bitcoin sale means
Selling 69% of a Bitcoin reserve isn't a casual move. HIVE likely needed the cash to fund infrastructure upgrades for HPC. It could also signal management's view that Bitcoin's near-term upside is limited compared to the immediate revenue from AI contracts. Either way, the sale reshapes HIVE's balance sheet — less crypto, more fiat — and aligns with the new AI-first strategy.
What's ahead
HIVE hasn't announced specific AI clients or contract sizes, but the revenue growth suggests the transition is already generating returns. Investors will be watching next quarter's filings for details on how much of that $297.8 million came from HPC. If the pivot continues at this pace, HIVE's identity as a pure crypto miner may be a thing of the past.
