Gate News message, April 17 — HIVE Digital Technologies announced plans to raise US$75 million through a private offering of 0% exchangeable senior notes due 2031, with potential to increase proceeds by an additional US$15 million. The capital will be directed towards GPU procurement and data centre expansion to support its infrastructure growth.
The notes will carry no regular interest and will not accrete, while being fully guaranteed by HIVE despite their unsecured structure. Conversion terms will depend on certain triggers, allowing conversion into cash, company shares, or a combination of both. HIVE intends to enter into capped call transactions to manage dilution risks.
Following the announcement, HIVE’s Nasdaq-listed stock declined 11.5% in a single trading session, underperforming the broader mining sector where the CoinShares Bitcoin Mining ETF (WGMI) fell only 1.5%. HIVE holds a 4.89% weighting in the ETF. The company has also obtained conditional approval for a Toronto Stock Exchange listing and continues its transition towards AI and high-performance computing operations.
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The main driver behind this abnormal move was a clear strengthening of spot-market buy-side demand. According to on-chain and statistical data, from 14:00 to 15:00, BTC spot buys had the upper hand. Massive buy orders continued to push the price higher, while whale addresses (≥10,000 BTC holdings) were actively net-buying during this period. The inflow of large on-chain funds directly drove spot prices higher. In addition, CME Bitcoin futures open interest increased by 70%, yet there was no large-scale liquidation or forced selling, indicating that institutional capital was returning in an orderly manner and that futures leverage did not become the dominant source of pressure. The leading force behind this upswing came from the spot market, and any wait-and-see sentiment caused by shrinking ETF flows did not suppress short-term prices.
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