HIVE Digital shares rise as Bitcoin reserves grow 23% YoY

Hive Digital shares jumped following the company’s announcement by a 23% increase from one year to Bitcoin reserves.

Canadian crypto mining The Hive Digital company published its production results in February, revealing that its bitcoin (BTC) The assets increased by more than 20% in annual sliding. In a March 9 press releaseThe company whose headquarters is in Vancouver said that it had extracted 89 BTC, increasing its HODL portfolio to 2,620 BTC, worth around $ 220 million.

While the company’s Bitcoin holdings increased 23% in annual shift, its monthly crypto holdings over month experienced a drop, although Hive Digital did not disclose the amount of bitcoin sold during the month.

“”[…] On a basis from one month to another, BTC Holdings saw a drop because Hive strategically sold part of his BTC to invest in capital, including Bitcoin extraction assets with 200 megawatts of Bitfarms in Paraguay. »»

Digital hive

After the news, Hive’s digital stocks jumped from $ 4.76% after the hours, according to NASDAQ data. The jump also came like Rosenblatt adjusted His prospects for Hive Digital, providing for a range of a minimum of $ 4.80 at a summit of $ 7.13. The average price objective represents an increase of almost 200%, depending on the company.

The director general of Hive Digital, Aydin Kilic, said that the company focuses on the execution of a “transformative year” which would position the company as “one of the most important and effective bitcoin minors in the world”, adding that the expansion of 300 MW of Hive in Paraguay at 4x its hash. Hive says that he plans to finalize the strategic acquisition of the Yguazú site of 200 MW of Bitfarms in the first quarter of 2025.