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BTC HIVE Digital Technologies shares soar, AI trading becomes new momentum
On September 3, HIVE Digital Technologies (Nasdaq: HIVE) shares surged nearly 14%, climbing to US$3.10 from the previous trading day's closing price of US$2.72. HIVE is a Canada-based Bitcoin miner and data center operator that operates clean energy-powered facilities in Canada, Sweden and Paraguay.
On the same day, the entire cryptocurrency market rose sharply, and the Bitcoin trading price was close to US$81,000. Cryptocurrency-related stocks, especially miners 'stocks, tend to fluctuate in sync with Bitcoin prices because their core revenue-newly mined coins-is directly determined by the value of those coins.
US$350 million artificial intelligence transaction
In addition to the positive factors of the cryptocurrency market, HIVE has new company-level benefits. On August 17, its subsidiary BUZZ HPC announced that it had signed a $350 million, five-year artificial intelligence cloud service agreement with an unnamed investment-grade corporate customer. Under the agreement, BUZZ HPC will deploy a dedicated cluster at a facility in Merritt, British Columbia, Colombia, containing 2,016 NVIDIA Blackwell Ultra GPUs powered entirely by renewable hydropower.
The company said the contract is expected to add approximately $70 million in revenue annually, bringing BUZZ HPC's annualized total revenue operating rate to approximately $180 million. Capital expenditures for the deployment are expected to total approximately $185 million, with customers paying an advance payment of approximately 10% of the total contract value. HIVE said it will retain ownership of the infrastructure after the contract ends. CEO Aydin Kilic said the deal accelerates BUZZ HPC's goal of achieving US$200 million in annualized revenue from GPU cloud services by the end of the year.
Analysts continue to be bullish on
Wall Street responded positively to this. All four analysts covering HIVE reiterated their buy ratings. Canaccord Genuity has set a top price target of $10, which means there is about 225% room for upside from recent levels. Rosenblatt Securities raised its price target to $6 from $5.50, while Northland Securities and H.C. Wainwright reiterated its target prices of $6 and $7 respectively.
