HIVE Digital Technologies Ltd Dossier
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SectorInformation Technology IndustryApplication Software Beta (adjusted)2.78 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $2.92Price as of 1 Oct 2026 Data confidenceNot applicable Market Cap $800.9M Enterprise Value $601.8M Shares Outstanding 298.8M diluted Next Earnings Date14 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary HIVE Digital Technologies is successfully executing a highly lucrative transition from a pure-play cryptocurrency miner to a diversified, green-energy-powered digital infrastructure and sovereign AI compute provider. While the legacy Bitcoin mining business remains subject to network difficulty and asset price volatility, HIVE's BUZZ HPC subsidiary is unlocking massive recurring revenue streams. This is highlighted by the landmark $220 million, three-year GPU cloud contract with Bell Canada and Cohere, which is expected to add $70 million in high-margin ARR starting late 2026/early 2027. Backed by a robust pipeline including the 320 MW GTA Gigafactory and the transition to owning its 32 MW Boden facility in Sweden, HIVE is significantly undervalued relative to pure-play HPC and AI data center peers. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$4.50 Mean target$7.06 High · most bullish analyst$10.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $3.00 Delays in hardware procurement or power grid connectivity push back the launch of the Bell-Cohere cluster and the GTA Gigafactory. Simultaneously, a prolonged downturn in the cryptocurrency market compresses mining margins, forcing HIVE to rely on more expensive debt or dilutive equity raises to fund its capital expenditures. Base CaseCentral scenario $7.07 HIVE steadily deploys its contracted GPU clusters, reaching its target of doubling its GPU fleet to 11,000 under management by late 2026. The Bell-Cohere contract goes live on schedule, pushing contracted HPC ARR past $100 million. Legacy mining operations remain stable at ~25 EH/s, providing steady cash flow that supports infrastructure upgrades in Sweden and Paraguay. Bull CaseUpside scenario $10.00 Aggressive scaling of the BUZZ HPC segment drives rapid expansion of GPU cloud ARR to over $200 million by year-end 2026, accelerated by early commissioning of the Bell-Cohere Blackwell cluster. Concurrently, a strong rebound in Bitcoin prices boosts legacy mining profitability, allowing HIVE to organically fund its massive 320 MW GTA Gigafactory without meaningful equity dilution. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |