Key Points
- Canadian Bitcoin miner, HIVE, has been purchasing Bitcoin during price dips, causing its stock to rise by 9%.
- HIVE has added 2,503 Bitcoin to its balance sheet and reserves, despite recent miner capitulation.
Despite the recent Bitcoin miner capitulation, Canadian Bitcoin miner HIVE has been capitalizing on the market’s downturn by buying Bitcoin during price dips.
In its June financial report, HIVE revealed that it had added 2,503 Bitcoin to its balance sheet and reserves.
HIVE’s Confidence in Bitcoin’s Future
Despite the market’s instability, HIVE maintains its confidence in the future of Bitcoin.
The recent drop in Bitcoin’s price to $54,500 led to substantial liquidations due to miner capitulation.
Throughout June, HIVE mined a total of 119 Bitcoin, increasing its Bitcoin holdings by 2%, and now holds 2,496 Bitcoin on its balance sheet.
By June 2024, HIVE had maintained an average Bitcoin mining capacity of over 4.7 Exahash.
HIVE’s Growing HODL Position
As of July 7, 2024, HIVE’s HODL position had grown to 2,503 Bitcoin.
The company emphasized that with a Bitcoin HODL value exceeding $140 million, its enterprise value appears very attractive compared to its peers.
Frank Holmes, Executive Chairman of HIVE, commented on the company’s performance and its decision to increase its Bitcoin holdings.
HIVE CEO Aydin Kilic also discussed the company’s expansion plans, revealing that the remaining Bitmain S21 orders are ready to ship and will be upgraded to S21 Pro models.
This upgrade includes approximately 1,150 S21 Pro miners from HIVE’s original December order.
Kilic also mentioned that the latest acquisition of 1,000 S21 Pro miners is ready to ship, and the company plans to install this new fleet of miners by the end of July.
Following the release of this positive report, HIVE Digital’s shares surged by over 9.5% on Nasdaq, reaching $3.34.
This increase in HIVE Digital’s reserves comes despite significant capitulation among its rivals.
Other Bitcoin miners have also been navigating the current turbulence in the Bitcoin mining industry following the Bitcoin halving event earlier in April.
Companies like TeraWulf and CleanSpark have been considering key mergers with the aim of expanding profits.
