Hive Digital (HIVE) $6.75

Another BTC player hopping on the data center gravy train.

Hive Digital (HIVE) looks like a better story than Cipher Mining (CIFR), but is still speculative, because only 10% of HIVE's revenue in the quarter came from the HPC segment - its largest level to date.

Starting a new data center:  Hive completed the acquisition of a 7.2 MW Toronto data center in September 2025, to build out AI and HPC  in Canada, retrofitting an existing transforming crypto mining center into Tier 3, AI-ready facilities.

Bell Canada partnership is a plus: In August 2025, Hive's BUZZ HPC bagged a strong Canadian client,  Bell Canada, to deploy a sovereign AI cloud ecosystem.  Since  HIVE Digital is part of the Nvidia Cloud Service Provider partner network, it has access to  advanced Nvidia GPUs for Canadian government and enterprise customers, and will bring that strength to a 5MW data center in Manitoba, leveraging Bell's fiber and data center network.

This is an excellent strategic partnership built on Bell’s strong network capabilities and Hive’s expertise in BTC mining. Analysts have forecast about $347Mn in FY 2026 revenues for Hive, and expect it to grow by 25-30% in the next two years.

Relative to its peers HIVE is still quite cheap at 4.6 forward sales - possibly because the 7.2Mw and 5Mn operations are smaller than the American buildouts.

HIVE has good analyst  coverage, with enough visibility to analyze its operations.

The main negative is still 90% of revenues come from crypto, making it prone to BTC pricing and volatility.

I think one can buy a small quantity as a high risk/high reward buy, surprisingly it hasn’t gone on a tear like its American counterparts. 

I will keep checking on this, it could get interesting.