HIVE Digital Technologies CEO Aydin Kilic discusses the upsizing of a convertible note from $100M to $115M (zero-coupon, five-year), which will fund GPU purchases for expanding their AI cloud business and converting their Swedish Boden facility into a tier-three HPC data center. He highlights a recent deal with Cohere for 2,300 NVIDIA GV200 GPUs (~$170M cluster), another large deal in the pipeline, and municipal approval to purchase the Boden land — a catalyst that unlocks the CapEx-intensive tier-three conversion. The core thesis: transitioning from cyclical Bitcoin mining toward stable, long-term HPC colocation contracts with investment-grade counterparties, which Wall Street prefers for predictable cash flows.
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Aydin Kilic, President and CEO of HIVE Digital Technologies, sits down with Proactive Investors to walk through two closely linked corporate developments: a recently upsized convertible note and the strategic pivot of the company's Swedish Boden facility toward high-performance computing (HPC). The financing began as a $100 million zero-coupon convertible note with a five-year term and was upsized to $115 million, with an additional greenshoe option that could expand it further. Kilic frames the zero-coupon, zero-interest structure as an exceptionally low cost of capital and a creative way to scale the business without immediate interest expense. …
The transcript is a single-company interview with no macro market commentary. Short-term macro bias is not applicable — this is corporate news, not a macro call.
The transcript is a single-company interview with no macro market commentary. Mid-term macro bias is not applicable — this is corporate news, not a macro call.
The transcript is a single-company interview with no macro market commentary. Long-term macro bias is not applicable — this is corporate news, not a macro call.
Hive's Boden facility converted to a tier-3 HPC data center can generate approximately $45 million per year in revenue from a long-term lease.
Speaker calculates indicative lease rate of ~$150/kW/month times 25 MW critical IT load equals $45M annual revenue.
Hive has a big deal in the pipeline for another GPU cluster beyond the Cohere deal.
Speaker states there is a forthcoming large GPU cluster deal, with proceeds from the convertible note helping finance the down payment.
Having ready and available data centers are the most valuable assets in the AI industry right now.
Speaker asserts that demand for compute is so high that pre-built data center capacity is the most prized asset class.
How does the $115 million exchangeable notes offering accelerate your AI and data center ambitions?
Aydin explained the notes are zero-coupon, zero-interest convertible bonds for five years, representing very low cost of capital. The proceeds will help finance GPU purchases for expansion — putting a 30% down payment on GPU clusters and financing the rest. Additionally, they were approved by the municipality in Boden, Sweden to purchase the site they had been leasing, which allows them to convert it to a tier-three HPC facility since you wouldn't spend ~$200M on a building you don't own. The funds will help preorder long-lead equipment like chillers, UPS, and generators.
What makes the Boden facility contract so attractive compared with your traditional mining business?
The Boden facility offers long-term stability — indicative rates are about $150/kW per month for a 25MW facility, which works out to roughly $45 million per year. On a ten-year term that could be worth $450 million locked in. Unlike mining which is cyclical and fluctuates, signing long-term leases with investment-grade counterparties yields stable cash flows that Wall Street can easily project. Data centers are seen as an asset class with enduring long-term value where the land and power are the scarce resources.
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