HIVE Digital shares climb 11% on rise in Bitcoin holdings

Cryptocurrency mining firm HIVE Digital has released its October production results, showcasing a 51% year-over-year growth in its Bitcoin portfolio value.

Global Bitcoin (BTC) mining firm HIVE Digital reported that it mined 117 BTC in October, marking a 1% increase month-over-month and bringing its HODL portfolio to 2,624 BTC, a 51% increase compared to the previous year.

In a Friday press release on Nov. 8, Frank Holmes, executive chairman of HIVE Digital, credited the firm’s portfolio growth to the team’s “prudent capital management,” which allowed the firm to “minimize dilution and cover operational expenses.”

Commenting on the recent U.S. election results, HIVE Digital described them as a “positive shift for the digital asset sector,” expecting favorable outcomes from an anticipated crypto-friendly administration in the White House.

“With President Trump’s administration and a Republican Congress, the company anticipates policies that will benefit both the Bitcoin ecosystem and capital markets.”

HIVE Digital

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HIVE Digital issues new shares as Paraguay facility construction begins

During October, the firm issued 2,442,000 restricted share units to its staff and qualified consultants, stating that these shares are meant to “align long-term incentives with shareholder interests.” The shares will vest over two years in accordance with TSX Venture Exchange guidelines and are locked for a minimum of one year, according to the press release.

Following the report, HIVE Digital shares rose by 11%, reaching $4.52, based on Nasdaq data.

The firm also confirmed that construction has commenced on its new 100 MW facility in Paraguay, aligning with its goal to “capture 2% of global Bitcoin mining capacity.” HIVE Digital first unveiled plans to expand resources in Paraguay in July, stating that the new mining site would generate “over $100 million” in stable U.S. dollar revenue for the country’s government-owned utility company.

Read more: HIVE Blockchain stock upgraded to ‘Buy’: here’s why

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