HIVE Digital shares rose after the company announced a 23% year-over-year increase in its bitcoin reserves.

Canadian crypto mining company HIVE Digital has released its February production results, revealing that its Bitcoin (BTC) holdings have increased by more than 20% year-over-year. In a March 9 press release, the Vancouver-based company said it mined 89 BTC, increasing its HODL portfolio to 2,620 BTC, valued at approximately $220 million.

While the company's Bitcoin holdings jumped 23% year-over-year, its monthly holdings of the cryptocurrency declined, but HIVE Digital did not provide data on the amount of Bitcoin it sold for the month.

“[…] on a month-on-month basis, BTC holdings declined as HIVE strategically sold some of its BTC to invest in core assets, including Bitfarms’ 200-megawatt hydroelectric assets for bitcoin mining in Paraguay.”

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Following the news, HIVE Digital shares rose 4.76% to $2 in after-hours trading, according to Nasdaq data. The gain also came after Rosenblatt updated its HIVE Digital forecast, calling for a range of $4.80 low to $7.13 high. The average price target implies nearly 200% upside, according to the company.

HIVE Digital CEO Aydin Kilic said the company is aiming for a “transformational year” to become “one of the largest and most efficient Bitcoin miners in the world,” adding that HIVE’s 300 MW expansion in Paraguay to quadruple its hashrate from 6 EH/s to 25 EH/s by September 2025 “remains on track.” HIVE said it aims to complete the strategic acquisition of Bitfarms Yguazú’s 200 MW facility in Q1 2025.

Read more: HIVE Digital acquires Paraguayan site Bitfarms for $56 million, aiming for 25 EH/s by Q3

Source: cryptonews.net