HIVE Digital adds 79 Bitcoin in Q3, lifting its treasury to 269 BTC

HIVE Digital Technologies added 79 BTC to its balance sheet in the third quarter. That brings its total holdings to 269 BTC, a stack valued at around $20 million.

For a miner that dug up more than a thousand coins in the same stretch, that number tells you something. HIVE is keeping a bigger cushion than before, but it is still selling most of what it mines to pay the bills.

More coins, less money

The headline operating figure looks strong. HIVE mined 1,070 BTC in the quarter ending September 30, 2026, up 49% from 718 BTC in the same period a year earlier.

Revenue moved the other way. Mining revenue came in at $76 million, down from $82.1 million a year ago, a 7.4% decline.

The culprit is price. HIVE’s average realized Bitcoin price for the quarter was $71,003, compared with $114,382 in the prior-year period.

The squeeze showed up elsewhere on the income statement too. HIVE booked a $31.2 million non-cash impairment on its mining equipment, which signals that the machines are worth less on paper than they were.

The treasury math

Holdings reached 269 BTC as of September 30, 2026. That is up from 150 BTC as of March 31, 2026.

There is a small gap in how that stack gets valued. The $20 million figure circulating alongside the announcement reflects market estimates. On HIVE’s balance sheet, the holdings were valued at approximately $22.4 million, based on a Bitcoin price of $83,209 as of September 30.

Either way, the treasury is modest relative to production. HIVE sold digital assets for $70 million in cash during the quarter and recorded a realized gain of $1.8 million on those sales.

The second engine

The more interesting line item may be the smaller one. HIVE’s high-performance computing and AI hosting revenue jumped 71% to $8.8 million.

That business now makes up roughly 10.4% of total revenue.

HIVE frames this as a dual-engine strategy built on renewable energy resources. Mining provides the base, and HPC offers a revenue stream that does not rise and fall with the Bitcoin price.

The company plans to invest up to $493 million over the next 36 months as it builds out that strategy.

What this means

For investors, HIVE’s quarter is a study in two stories pulling in different directions. Operationally, production growth of 49% shows the company is scaling its fleet effectively. Financially, that growth was overwhelmed by a lower Bitcoin price.

The HPC business is where the long-term case gets built. A 71% growth rate is the kind of number that draws attention, and the $493 million planned investment suggests management sees this as more than a side project.

At 269 BTC, HIVE is not trying to become a corporate Bitcoin vault. It is building a reserve while still selling enough to fund operations and expansion.

Watch the revenue mix in coming quarters. If HPC and AI hosting keeps climbing from its current share of roughly 10.4%, HIVE starts to look less like a pure-play miner and more like a data center operator with a Bitcoin habit.

The other item to track is whether further impairments follow. A $31.2 million writedown in a single quarter is a signal that the mining hardware economics are strained.