Hive Digital's shares followed the company's announcement, with the announcement of a 23% increase in Bitcoin Reserve from the previous year.
Canadian Crypto Mining Company's Hive Digital released its production results for February, revealing that its Bitcoin (BTC) holdings increased by more than 20% from the previous year. In a press release on March 9, the Vancouver-headquartered company mined 89 BTC and increased its HODL portfolio to 2,620 BTC, worth about $220 million.
The company's Bitcoin holdings increased 23% year-on-year, but crypto holdings fell over the month, but Hive Digital did not reveal the amount of Bitcoin sold that month.
“[…] A month ago, BTC Holdings declined as Hive strategically sells a portion of BTC to invest in capital assets, including Bitfarms' 200 megawatt hydroelectric Bitcoin mining assets. ”
Hive Digital
Following the news, Hive Digital Shares jumped from 4.76% to $2 after opening hours, per Nasdaq data. There was also a jump as Rosenblatt adjusted the outlook for Hive Digital to forecast a minimum of $4.80 to $7.13. The average price target represents an increase of approximately 200% per company.
Aydin Kilic, CEO of Hive Digital, says the company is focusing on running a “transformational year,” which is positioned as “one of the world's largest and most efficient Bitcoin miners.” Hive says it expects to secure a strategic acquisition of BitFarms' 200 MWYguazú site in the first quarter of 2025.
