HIVE Digital stock rallies over 9% as Bitcoin miner bolsters crypto reserves to 2.5k BTC

Canadian Bitcoin mining company HIVE Digital has released a June financial report, revealing it has increased its reserves to 2,503 BTC stored on the balance sheet.

HIVE Digital Technologies, the Vancouver-based Bitcoin mining company, seems unaffected by the recent miner capitulation that caused Bitcoin (BTC) to plunge below the $56,000 mark.

In a Jul. 8 press release, the company revealed that as of Jul. 7, its crypto holdings on the balance sheet had increased to 2,503 BTC, a more than 2% increase compared to the prior month. In total, HIVE Digital mined 119 BTC in June, keeping the same performance as in May.

Despite recent market turbulence that saw Bitcoin plunge below the $56,000 mark, HIVE Digital appears unaffected. CEO Aydin Kilic addressed the firm’s operational expansion, noting that the remaining batch of Bitmain S21 orders “are ready to ship, and in fact have been upgraded to S21 Pro, representing approximately 1,150 S21 Pro miners from HIVE’s original order in December.” Kilic added that the latest acquisition of 1,000 S21 Pro Miners revealed in May is now “ready to ship,” with the total fleet of new rigs expected to be installed by the end of July.

“Therefore, we expect the total 2,150 pending S21 Pro miners to ship in the next week, bringing HIVE’s total operational hashrate to 5.5 EH/s once fully installed, with a global fleet efficiency of 24.5 J/TH. HIVE expects these machines to be installed before the end of July.”

Aydin Kilic

Following the release of the positive report, HIVE Digital’s shares (HIVE) soared by over 9.5% on Nasdaq, jumping to $3.34, according to data from Google Finance.

HIVE Digital’s reserve boosting comes despite massive capitulation among its rivals. As QCP analysts noted in a research report, Bitcoin miners are showing “signs of capitulation” as the cryptocurrency’s price slid below $56,000 late Jul. 5. Amid the deteriorating landscape, the hashprice mark neared “its all-time low,” a level last seen during the bear market.