HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) announced the pricing of $100 million in exchangeable senior notes due 2031 through its subsidiary HIVE Bermuda 2026 Ltd. The offering was increased from the previously announced $75 million.

The notes carry a 0% interest rate and will mature on April 15, 2031. They can be exchanged for HIVE common shares at an initial rate of 389.5029 shares per $1,000 principal amount of notes, equivalent to an exchange price of approximately $2.57 per share. This represents a 17.5% premium above HIVE's closing price of $2.185 on the Nasdaq Capital Market on April 16, 2026.

Initial purchasers received an option to purchase an additional $15 million of notes within 13 days of issuance. The sale is expected to close on April 21, 2026.

HIVE estimates net proceeds of approximately $95 million, or $109.5 million if the purchaser option is exercised in full. The company plans to use proceeds for general corporate purposes, capital investment including graphics processing units purchases, and data center development.

The notes will be exchangeable under certain conditions prior to January 15, 2031, and at any time thereafter until maturity. HIVE may settle exchanges with cash, common shares, or a combination at its discretion.

The company entered into capped call transactions with financial institutions with a cap price of $4.92 per common share, representing a 125% premium to the April 16 closing price. These transactions are designed to reduce potential dilution from note exchanges.

HIVE has received conditional approval to list its common shares on the Toronto Stock Exchange, with trading expected to commence around April 30, 2026, subject to meeting TSX requirements by June 30, 2026.