Publicly traded Bitcoin mining firm Hive Digital Technologies’ stock climbed Monday following the announcement of record revenue last quarter, along with a deal with computer maker Dell to power the expanding AI ambitions of Hive’s subsidiary.

Hive reported second-quarter fiscal year results ending September 30, achieving record revenue of $87.3 million—a vast 285% year-over-year increase, and 91% rise compared to the previous quarter. The company reported adjusted EBITDA of $31.5 million, pointing to strong results across both its Bitcoin mining and high-performance computing (HPC) segments.

Hive’s stock was on the rise Monday, jumping by more than 7.5% to a closing price of $3.56. Hive bucked the daily trend, which saw many major crypto stocks fall—including Circle (CRCL) by more than 6% and Coinbase (COIN) by about 7%.



Despite the daily rise, HIVE is down by more than 37% over the last month, echoing losses weathered by other prominent crypto stocks amid falling asset prices in recent weeks.

Hive climbed even as Bitcoin continued falling Monday, with the price of the top crypto asset dipping below the $92,000 mark for the first time since April. Bitcoin has now erased all of its 2025 gains, and has fallen by 27% since setting a new all-time high price above $126,000 in early October.

Hive’s Bitcoin mining revenue reached $82.1 million, driven by an 86% quarter-over-quarter increase in average hash rate to 16.2 EH/s. HIVE mined 717 Bitcoin during the quarter, up 77% from Q1 despite increased network difficulty.

Meanwhile, Hive’s Buzz high-performance computing division generated record revenue of $5.2 million, up 175% year-over-year. Gross operating margins improved significantly to 49%, though GAAP net loss was $15.8 million due to accelerated depreciation of Hive’s Bitcoin mining rigs.

Hive said it completed a 300 MW addition of new capacity in Paraguay, and recently achieved 25 EH/s operational hash rate. The company now operates a global hydro-powered data center footprint of 540 MW, with a secured path to 400 MW in Paraguay through power purchase agreements. Management projects potential scaling to 35 EH/s by Q4 2026.

Alongside earnings, Hive’s Buzz subsidiary announced a deal with Dell Technologies to deploy 504 of the manufacturer’s latest-generation GPUs through liquid-cooled servers at the Bell AI Fabric data center. The company is targeting a fleet exceeding 6,000 new GPUs by the end of 2026, paired with 5,000 GPUs that are already operational.

This expansion is projected to generate approximately $140 million in annualized HPC revenue by Q4 2026 at roughly 80% gross margins.

Many Bitcoin miners have embraced the high-performance computing opportunity amid the AI boom, and at least one, Bitfarms, recently said it will “wind down” its crypto business entirely. But Hive said it believes it has an advantage over miners that are just now entering the HPC space.

“We know a lot about Bitcoin mining, and we also know in depth and breadth more than these other Bitcoin miners that are going into the space of AI,” said Hive Executive Chairman Frank Holmes in Monday’s earnings call. “We've been doing it for three years. I believe we're quite successful. It's much more complicated.”

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