Canadian Bitcoin miner HIVE Digital Technologies’ Bitcoin holdings fell by 331 BTC in the latest quarter, even as the miner reported a sharp rise in annual revenue from Bitcoin mining and high-performance computing (HPC).
The company reported holdings of 150 Bitcoin (BTC) in its fiscal year update on Monday, down from 481 BTC at the end of Q4 2025, according to company figures and CoinGecko data. The 331 BTC reduction represents about $23 million in value at current prices, with Bitcoin trading roughly 21% lower year-to-date.
HIVE did not explicitly say it sold Bitcoin. The company mined 2,885 BTC during fiscal 2026 and generated $297.8 million in revenue, up 158% from a year earlier, driven largely by expanded Bitcoin mining capacity and HPC revenue.
Source: Bitcoin Treasuries
The shrinking Bitcoin treasury highlights how public miners are balancing accumulation against expansion costs as they invest in energy-heavy mining sites and diversify into AI computing infrastructure.
Revenue jumps to $297.8 million as mining drives growth, costs rise
HIVE’s total revenue rose to $297.8 million from $115.3 million a year earlier, with digital currency mining revenue rising to $278.3 million, while HPC contributed $19.5 million, almost doubling year-over-year.
Source: HIVE Digital Technologies
Despite the sharp increase in revenue, rising costs continued to pressure results. Operating and maintenance expenses climbed as HIVE expanded its mining and data center footprint, while depreciation rose to $170.4 million, nearly triple the prior year and one of the largest expenses on the income statement.
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Miner bets on AI alongside Bitcoin
HIVE said its HPC business revenue is up from $10 million a year earlier, as demand for AI computing services increased.
The company said contracted annual recurring revenue from its HPC division reached $35 million by year-end, supported by deployments of Nvidia-powered GPU clusters and new enterprise contracts.
It also highlighted plans for a 320-megawatt AI data center project in the Greater Toronto Area, which it said could eventually host more than 100,000 GPUs.
The expansion underscores a broader trend among public Bitcoin miners, many of whom are seeking new revenue streams from AI and cloud computing as mining economics become more competitive and capital-intensive.
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