HIVE Digital Technologies Ltd. Corrects HODL Value, Reveals Details on ATM Sales
HIVE Digital Technologies Ltd. (HIVE) has announced a correction to its unaudited production results for August 2024. The correct HODL balance as of August 31, 2024, was 2,567 Bitcoins, with a value exceeding $151 million. This correction was necessary due to an understatement of the number of Bitcoins held and an overstatement of its value by approximately $13 million.
In addition to the correction, the Company has provided further details on the At-The-Market (ATM) sales conducted from July 1-19, 2024, under the August 2023 ATM Equity Program.
Executive Commentary:
Frank Holmes, Executive Chairman of HIVE, reiterated the Company’s commitment to maintaining low General and Administrative costs, maximizing cash flow, and achieving strong revenue per employee. Aydin Kilic, President and CEO, highlighted fleet optimizations and projected an increase in hashrate to 13.5 EH/s while prioritizing sustainable energy use.
The Company’s HODL value and operating practices align with HIVE’s strategy of enhancing mining performance, holding clean Bitcoins on its balance sheet, and promoting environmental sustainability.
At-the-Market Offering:
The Company entered into an equity distribution agreement in August 2023, allowing for the sale of up to $90 million of common shares. From July 1-19, 2024, the Company issued 1,368,297 common shares for gross proceeds of C$6.09 million. The net proceeds from this offering will be used for the purchase of data center equipment, strategic investments, and general working capital.
In Conclusion:
HIVE Digital Technologies Ltd.’s correction of its HODL value and details on its ATM sales demonstrate the Company’s commitment to transparency and financial efficiency. Investors can rest assured that HIVE is focused on maximizing its mining performance, maintaining a strong balance sheet, and promoting sustainability. This information is crucial for investors looking to make informed decisions about their financial portfolios.