HIVE Digital Technologies Ltd. has amended its Equity Distribution Agreement to authorize the sale of up to $300 million in common stock. The agreement, dated November 25, 2025, was amended and restated on June 16, 2026, with several U.S. and Canadian agents acting as sales agents or principals. This move provides the company with flexibility to raise capital through an at-the-market offering.

The company filed a prospectus supplement with the Securities and Exchange Commission (SEC) on June 17, 2026, as part of its automatic shelf registration statement on Form F-3ASR. The supplement allows for the sale of shares with an aggregate offering price of up to $214,696,023, representing the unused portion of the previously authorized amount under the Equity Distribution Agreement. This filing supersedes the previous prospectus supplement filed on November 25, 2025.

The Equity Distribution Agreement involves multiple agents, including Keefe, Bruyette & Woods, Inc., Cantor Fitzgerald & Co., Canaccord Genuity LLC, Roth Capital Partners LLC, B. Riley Securities, Inc., Northland Securities, Inc., and Rosenblatt Securities Inc. as U.S. agents. Canadian agents include Stifel Nicolaus Canada Inc., Cantor Fitzgerald Canada Corporation, Canaccord Genuity Corp., and Roth Canada, Inc.

The offering is part of HIVE Digital's broader strategy to access capital markets efficiently. The company's shelf registration statement, originally filed on November 20, 2025, under File No. 333-291676, provides a framework for future securities offerings. The prospectus supplement filed on June 17, 2026, specifically addresses the remaining capacity under the $300 million authorization.

Key Details of the Offering

The amended agreement and prospectus supplement provide HIVE Digital with the mechanism to sell shares at market prices, subject to market conditions and the company's discretion. The involvement of both U.S. and Canadian agents reflects the company's cross-border investor base and its commitment to maintaining liquidity in its stock.

HIVE Digital Technologies Ltd. has announced the successful completion of its inaugural AI research project, conducted in collaboration with the Department of Industrial Engineering and Operations Research at Columbia University in New York. The project utilized HIVE GPUs located in Asunción, Paraguay, and the resulting research has been submitted to The Conference on Neural Information Processing Systems (NeurIPS), one of the three primary high-impact conferences in machine learning and artificial intelligence globally, held annually in December.

Intercontinental AI Training: A Proof of Concept

The research establishes a proof of concept for intercontinental AI training, with researchers based in New York City successfully executing iterative training runs on GPUs physically located in Asunción, Paraguay — more than 5,000 miles away. A key finding of the study was that, following code optimizations developed by the Columbia team, HIVE's A40 GPUs matched the performance of newer-generation H100 GPUs after normalizing for each hardware platform's raw performance.

The Columbia research team focused on neural network pretraining using optimization theory over general geometry and under large noise, designing and analyzing an accelerated algorithm that matches the performance of the current leading method, Muon, in both theory and practice. The team tested their approach on large language model (LLM) pretraining workloads of up to 1.4B parameters.

Key aspects of the research and performance benchmarking are summarized below:

Foundation for Paraguay HPC/AI Gigafactory

Using the measured token-per-second, latency, and bandwidth data as a baseline, HIVE has established a foundation for an HPC/AI Gigafactory in Yguazú, Paraguay. The Company has a 100 megawatt (MW) substation under construction at the site, with civil works already complete.

The key infrastructure milestones for the Yguazú development are outlined below:

Leadership and Academic Commentary

Frank Holmes, Executive Chairman of HIVE, described the milestone as an important step in the Company's mission to bring advanced AI computing infrastructure to Paraguay. He highlighted that the collaboration demonstrates high-performance computing need not be limited by geography, and noted that Paraguay possesses the power, strategic location, and now a validated proof point for participation in the global AI economy.

Aydin Kilic, President and CEO of HIVE, emphasized the significance of the engineering outcome, stating that the results on HIVE's A40 nodes — after normalizing for each hardware platform's raw performance — matched those observed on H100 systems. He also referenced HIVE's broader engineering history, including building the BuzzMiner in collaboration with Intel Corporation and becoming one of the largest demand-response participants in Sweden.

An Assistant Professor in the Department of Industrial Engineering and Operations Research at Columbia University noted that the work advances understanding of modern neural network optimization, including matrix-aware optimizers such as Muon and related scale-invariant methods, and highlighted the potential relevance of these findings for future LLM pretraining.