HIVE revenue surges 158% to $298M as BTC holdings drop to…

HIVE Digital Technologies posted a 158% year-over-year jump in annual revenue to $298 million, a standout result for a publicly listed Bitcoin miner navigating a post-halving cost environment. The headline growth reflects the broader rally in BTC prices and expanded mining capacity that drove top-line gains across the sector.

Why it matters

The revenue surge cements HIVE as one of the faster-growing names in the listed mining space, but the accompanying drop in Bitcoin holdings — down to just 150 BTC on the balance sheet — is the detail that demands attention. Where peers like Marathon and Riot have leaned into a treasury accumulation strategy, HIVE appears to have liquidated a significant portion of mined coins to fund operations or capital expenditure. That trade-off between revenue growth and BTC accumulation is a key lens through which institutional investors evaluate mining equities.

Market impact

For HIVE shareholders, the 158% revenue print is unambiguously strong, but a 150 BTC treasury is thin relative to the company's scale and will likely invite questions on the next earnings call about capital allocation priorities. Broader sector read: miners that convert hash rate into cash rather than coin reserves tend to trade at a discount to NAV versus accumulators. Watch whether HIVE signals a shift back toward holding mined BTC as prices remain elevated.