HIVE Upsizes US$115M 0% Exchangeable Notes Due 2031, Grants US$15M Option
HIVE•HIVE increased its offering to US$115M of 0% exchangeable notes due 2031 from US$100M and granted a US$15M overallotment option, pricing the notes at an exchange rate equal to US$4.83 per share (27.5% premium). Net proceeds of about US$110M (US$124.5M if exercised) will fund GPU acquisitions and data center development.
1. Offering Upsized to US$115M with US$15M Option
HIVE Bermuda 2026 Ltd. increased its exchangeable note issuance from US$100M to US$115M, granting initial purchasers a 13-day option to acquire an additional US$15M. The zero-coupon notes mature July 1, 2031, are exchangeable into common shares at a rate equivalent to US$4.83 per share and carry senior unsecured guarantees by HIVE.
2. Net Proceeds Allocation
The issuer expects to receive approximately US$110M in net proceeds, or US$124.5M if the option is fully exercised. Funds will support GPU acquisitions, data center development and general corporate purposes, and may reimburse HIVE for capped call transaction costs tied to the offering.
3. Insider Stock Sale
Board member Dave Perrill sold 175,000 vested shares for US$820,750 following option vesting, leaving him with zero vested holdings and 325,000 unvested options. The sale underscores insider liquidity while HIVE shifts focus toward AI data-center operations.
