HIVE Digital Technologies Ltd. (HIVE) has announced a correction to the HODL value in relation to its August 2024 unaudited production results announced in the September 5, 2024 press releases. The correct balance for HODL as of August 31, 2024 was 2,567 BTC (not 2,533 BTC) worth more than $151 million (not $164 million). Previously, the number of bitcoin held was underestimated, while the volatile nature of the price of bitcoin led to an overestimation of its value by about $13 million. This correction does not change anything else in the press releases issued on September 5, 2024 (all amounts are in US dollars, unless otherwise noted).
In addition, the company provides more details on AT-The-Market (ATM) sales that took place from July 1 to 19, 2024, as part of the August 2023 ATM stock program.
Executive Comment:
Frank Holmes, Executive Chairman of HIVE, emphasized the company’s commitment to maintaining low administrative and general costs, maximizing cash flow, and generating strong revenue per employee while avoiding excessive stock dilution. Aiden Killick, President and CEO, highlighted ongoing fleet improvements, predicting an increase in the hash rate to 13.5 EH/s following upgrades at their facility in Paraguay, all with a priority on sustainable energy use.
The company’s HODL value and operational practices are aligned with the broader HIVE strategy to improve mining performance, pure bitcoin on its balance sheet and environmental sustainability.
Market Offer:
On August 17, 2023, the Company entered into a share distribution agreement (the ‘August 2023 Stock Distribution Agreement’) with Stifel GMP and Canaccord Genuity Corp. Under the August 2023 Dividend Agreement, the Company may, from time to time, sell up to $90 million of ordinary shares in the Company’s share capital (the ‘August 2023 ATM Equity Program’). The August 2023 share distribution agreement terminated on July 19, 2024.
During the period July 1, 2024 to July 19, 2024 (the “Final Period”), the Company issued 1,368,297 ordinary shares (the ‘August 2023 ATM Shares’) in accordance with the August 2023 ATM Equity Program with a total yield of CAD 6.09 million (US$4.46 million). August 2023 ATM shares were sold at prevailing market prices, with an average price per August 2023 ATM share of CAD $4.45. In accordance with the August 2023 Stock Distribution Agreement, a cash commission of $133,735 was paid on the total proceeds collected to the agent in connection with his services under the August 2023 Stock Distribution Agreement.
The Company uses the net proceeds from the August 2023 Dividend Agreement to purchase data center equipment, strategic investments including building BTC assets on its balance sheet and general working capital.
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