HIVE Digital Technologies is preparing to raise $75 million as it accelerates its shift from Bitcoin mining toward AI-driven computing and data center infrastructure.

The company announced plans to issue 0% exchangeable senior notes due in 2031, with the offering targeting institutional investors and including an option to raise an additional $15 million.

Funding Focused on GPUs and Data Centers

HIVE said the proceeds will be used to expand its high-performance computing capabilities, including investments in graphics processing units and data center infrastructure.

The notes will be issued through a wholly owned subsidiary and can be converted under certain conditions, with HIVE retaining flexibility to settle conversions in cash, shares, or a mix of both.

The company also plans to enter capped call transactions to help limit potential shareholder dilution from future conversions.

Stock Drops Following Announcement

Following the news, HIVE’s Nasdaq-listed shares fell 11.5%, underperforming the broader crypto mining sector. The CoinShares Bitcoin Mining ETF also declined slightly by 1.5%.

Despite the market reaction, the raise reflects HIVE’s longer-term strategy to diversify beyond traditional mining revenue.

Pivot to AI Already Underway

HIVE was among the early Bitcoin miners to pivot into high-performance computing, beginning the transition in 2022.

That strategy is starting to show results. In its most recent quarter, the company reported $93.1 million in revenue, up 219% year over year, even as Bitcoin prices remained under pressure and mining difficulty increased.

Earlier this year, HIVE also signed a $30 million deal to deploy 504 Nvidia B200 GPUs for enterprise AI cloud services, signaling deeper involvement in the AI infrastructure space.

Mining Industry Shifts Toward AI

HIVE is not alone in this transition. A growing number of publicly traded Bitcoin miners are moving into AI and high-performance computing.

Companies such as MARA Holdings, Riot Platforms, Bitdeer Technologies, TeraWulf, Hut 8, CleanSpark, and IREN are all leveraging their existing energy access and data center infrastructure to support AI workloads.

This trend reflects a broader industry shift as miners look to stabilize revenues and capitalize on rising demand for AI computing power.

AI Infrastructure Becomes Key Growth Driver

The move toward AI is gaining momentum across the sector.

CoreWeave, a former crypto mining firm, has emerged as a major player in AI cloud infrastructure after pivoting years earlier. The company recently signed a $6 billion deal with trading firm Jane Street and secured a $1 billion equity investment, highlighting the scale of demand for compute resources.

At the same time, other players like Soluna Holdings are restructuring operations to focus more heavily on AI-ready data centers.

Expansion Plans Continue

In addition to the fundraising, HIVE said it has received conditional approval to list its shares on the Toronto Stock Exchange, with trading expected to begin later this month once requirements are met.

As the company deepens its AI strategy, the planned raise signals a continued shift away from reliance on Bitcoin mining toward a broader role in powering next-generation computing infrastructure.

World Liberty Financial, the Trump family-backed crypto platform, is facing strong criticism after proposing a new token unlock plan that could keep early investors’ holdings locked for years.

The proposal, shared on the platform’s governance forum on Wednesday, outlines a revised schedule that would extend lockups for World Liberty Financial (WLFI) tokens.

New Proposal Extends Lockups

Under the plan, early investors would see their tokens locked for an additional two years, followed by a gradual release in phases over the next two years.

However, the most controversial aspect is that investors who reject the proposal could have their tokens locked indefinitely, a clause that has sparked widespread concern.

Justin Sun Slams Proposal

Crypto entrepreneur Justin Sun, a major investor and adviser to the project, publicly criticized the plan, calling it “one of the most absurd governance scams” he has encountered.

Sun said he holds roughly a 4% stake in World Liberty Financial, which is currently frozen. He also raised concerns about being unable to participate in the voting process due to restrictions on his tokens.

He further accused the platform of coercion, pointing to the indefinite lockup clause as a major red flag.

Wider Criticism From Industry Figures

Other voices in the crypto space have also pushed back against the proposal.

Simon Dedic, founder of Moonrock Capital, argued that early investors who believed they were holding profitable positions have effectively been “rugged” by the new terms.

He suggested the plan could be an attempt to extract more value from existing investors while aligning with broader political timelines.

Platform Defends Proposal

World Liberty Financial has not directly addressed the criticism but defended the proposal through a spokesperson, who said the changes are intended to better align participants in the ecosystem for long-term growth.

Voting on the proposal is expected to begin soon and will run for one week.

Token Performance Under Pressure

The controversy comes as WLFI’s price performance remains weak.

The token has traded flat at around $0.08 over the past 24 hours but is down more than 40% since the start of the year. It has also dropped over 75% from its all-time high of $0.33, recorded on its first day of public trading after becoming transferable.

Governance Concerns Grow

The situation highlights ongoing concerns around governance in crypto projects, particularly when major decisions directly impact investor access to funds.

With voting set to begin, the outcome of the proposal could play a significant role in shaping investor confidence in the platform moving forward.

Michael Saylor’s Strategy has added another major Bitcoin purchase to its balance sheet, bringing the company closer to holding 800,000 BTC.

According to an 8-K filing with the US Securities and Exchange Commission, the firm acquired 13,927 Bitcoin for approximately $1 billion between April 6 and April 12.

Holdings Approach 800,000 BTC

The latest purchase was made at an average price of $71,902 per Bitcoin, which is below Strategy’s overall average acquisition cost of $75,577.

With this addition, the company now holds 780,897 BTC, acquired for a total of $59.02 billion. Strategy needs just 19,103 more Bitcoin to reach the 800,000 BTC milestone, having already purchased over 107,000 BTC so far in 2026.

Purchase Funded Through STRC Share Sales

The $1 billion buy was funded through the company’s perpetual preferred equity offering, known as Stretch (STRC).

Strategy sold 10 million STRC shares during the period, generating roughly $1 billion in proceeds. No shares were issued from its other offerings, including STRF, STRK, STRD, or its common MSTR stock.

Data from STRC.live shows that last week marked the second-largest weekly issuance of STRC shares on record, significantly above the recent average. The surge follows changes to the company’s equity sale program introduced in early March.

Continued Accumulation Strategy

Saylor hinted at the purchase ahead of time in a post on X, sharing a chart of Strategy’s Bitcoin acquisition history. The company has now completed 105 Bitcoin purchases since 2020, maintaining a consistent accumulation strategy.

Despite its aggressive buying, Strategy is currently sitting on substantial unrealized losses. In its first-quarter 2026 report, the company disclosed $14.46 billion in unrealized losses on its digital asset holdings.

Market Momentum and Institutional Demand

Strategy’s continued accumulation comes amid broader institutional interest in Bitcoin.

Last week alone, US spot Bitcoin ETFs recorded inflows of $786 million, signaling strong demand from institutional investors.

Bitcoin’s price also saw upward momentum earlier in the week, climbing above $70,000 and briefly surpassing $73,000 before pulling back.

Analysts at Nomura’s Laser Digital pointed to Strategy’s buying activity as one of the key drivers behind the recent price movement, alongside ETF inflows and a rebound in US equities.

However, market volatility remains. Renewed geopolitical tensions, including developments related to a US-Iran situation, triggered a pullback toward $71,000, with analysts expecting continued price fluctuations in the near term.