HIVE Digital Technologies (NasdaqCM:HIVE) Q3 2026 Earnings call February 17, 2026 08:00 AM ET Speaker4Hello, and welcome to today's webcast on HIVE Digital Technologies financial results for the quarter ended December 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE. I'll be your moderator for today's call. Before we get started on slide 2, would like to briefly note the disclosures for today's presentation. Except for statements of historical facts, this presentation contains fo ...

Core Insights - Bitcoin's price fell below $61,000, reversing gains since the 2024 election, attributed to limited liquidity and financial turmoil [1] - The average market depth of Bitcoin decreased from over $8 million in 2025 to approximately $5 million currently, indicating concerning liquidity patterns [2] - The article lists the 11 best Bitcoin and blockchain stocks to invest in, based on hedge fund interest and analysts' upside potential [4] Company Insights - **Bitdeer Technologies Group (NASDAQ:BTDR)**: - Number of hedge fund holders: 26 - Analysts' upside potential: 100.68% - Price target decreased from $40 to $30 by Roth Capital, maintaining a Buy rating [7] - B. Riley also maintained a Buy rating, lowering the price target from $29 to $22 due to decreased bitcoin prices [8] - Mined 668 bitcoins in January and aims to deploy more Sealminers in 2026, with a self-mining hashrate of 63 EH/s, up 14% from December 2025 [9][10] - **CleanSpark, Inc. (NASDAQ:CLSK)**: - Number of hedge fund holders: 34 - Analysts' upside potential: 87.24% - Macquarie maintained an Outperform rating, reducing the price objective from $27 to $18 [11] - Revenues for Q1 fiscal 2026 were $181.2 million, an 11.6% increase from $162.3 million year-over-year, but reported a net loss of $378.7 million [13][14]

Core Viewpoint - TeraWulf is gaining momentum as a crypto miner turned AI infrastructure stock, attracting investor interest due to its shift in business model and divestment from Bitcoin holdings, leading to a focus on future revenue and earnings growth potential [2]. Group 1: Company Performance - TeraWulf's stock has reached a fresh 52-week high, with a current price of $16.23 and a market cap of $6.8 billion, reflecting a significant increase from its 52-week low of $2.06 [3]. - The company has seen a positive shift in earnings expectations, with analysts projecting a loss of $0.17 in EPS for 2026, an improvement from the reported EPS of -$1.13 in the last quarter [6]. - Recent analyst upgrades have led to increased price targets from firms such as Oppenheimer and Cantor Fitzgerald, indicating a consensus that TeraWulf's fundamentals are expected to improve [7]. Group 2: Market Dynamics - The transition of TeraWulf from a crypto miner to an AI infrastructure provider aligns with broader market trends, which has contributed to the stock's recent performance and analyst optimism [8]. - The upcoming earnings report on February 26 is anticipated to provide further insights into the company's AI infrastructure developments and its potential to capture market share in a growing industry [6].

Core Viewpoint - Riot Platforms is experiencing significant attention from investors due to its substantial Bitcoin holdings and the volatility in Bitcoin prices, which directly impacts its stock performance [1][2]. Group 1: Financial Performance and Earnings - Riot Platforms holds over 18,000 Bitcoin, valued at more than $1.2 billion, which is a critical asset influencing its market position [1]. - The company is set to release its Q4 earnings and full-year financial results on February 24, which is anticipated to be a significant event for investors [4]. - There is ongoing speculation regarding the company's transition from a Bitcoin miner to a data center and AI infrastructure provider, with mixed market sentiment about this shift [5]. Group 2: Strategic Developments - Riot has entered into a land purchase and lease agreement for approximately 200 acres in Texas with Advanced Micro Devices (AMD), which could enhance its long-term earnings potential [6]. - This partnership with AMD is expected to support Riot's high-performance computing needs and may positively influence investor perceptions of the company's future earnings and EBITDA guidance [6]. Group 3: Market Sentiment - Investors are currently adopting a relatively bullish outlook on Riot Platforms as it approaches its upcoming financial report, despite the broader market weakness in AI-related stocks [7].

Core Viewpoint - Bitfarms Ltd. is transitioning from Bitcoin mining to high-performance computing and AI data centers, reflecting a strategic shift aimed at enhancing shareholder value [2][5]. Group 1: Company Transition - Bitfarms Ltd. has announced plans to move its operations from Canada to the US, forming a new entity under Delaware law, expected to be named Keel Infrastructure [1][2]. - The reincorporation is subject to shareholder and court approval, with a target completion date of April 1 [2]. Group 2: Strategic Implications - This transition is anticipated to open new sources of capital, improve eligibility for index inclusion, and simplify the investment thesis for US investors [5]. - The company's CEO, Ben Gagnon, emphasized that the new name reflects the company's vision for infrastructure and customer service [3]. Group 3: Market Position and Analyst Insights - Bitfarms operates Bitcoin mining and data centers across multiple countries, including the US, Canada, Paraguay, and Argentina [6]. - Analysts have a 12-month price target for Bitfarms that suggests a potential upside of over 176% from current levels, despite a Hold rating from KBW with a $3 price target [5].

分组1 - Options trading on the retail side focuses on narrowing uncertainty to improve success rates, akin to eliminating false answers on a test [1] - Volatility skew is a key mechanism for traders, allowing them to gauge smart money positioning through the premium structure of implied volatility (IV) [2] - The curvature of volatility skew across strike prices provides insights into hedging urgency among smart money traders [3] 分组2 - The Black-Scholes-derived Expected Move calculator, combined with IV fluctuations, helps predict where a target security is likely to land, with a 68% probability of landing within one standard deviation from the spot price [4] - The combination of skew and Black-Scholes assists in identifying distress signals and establishing a search radius for further analysis [5] - Cipher Mining (CIFR) is positioned in the cryptocurrency mining sector, facing challenges due to the current blockchain ecosystem but may benefit from a recent resurgence in the digital asset space [6] 分组3 - For the March 20 expiration date, downside hedging activity appears relaxed, with both put and call IV rising in lower strike price boundaries, indicating a lack of urgency in the upper boundaries [7]

Core Insights - The Valkyrie Bitcoin Miners ETF (WGMI) has shown an 86% return over the past year but has recently dropped 12.4% in the last month due to a 28% decline in Bitcoin's price [1] - Iren Ltd secured a $9.7 billion contract with Microsoft and aims for $3.4 billion in annual AI Cloud revenue by the end of 2026, indicating a strategic pivot towards AI infrastructure [1] - Cipher Mining, another significant holding in the ETF, missed revenue estimates and has a negative profit margin of 34.2%, raising concerns about its near-term prospects [1] Bitcoin Price Impact - Bitcoin's price correction from its October 2025 peak has created a challenging environment for miners, with current trading 28% below the year's start [1] - Prediction markets indicate only a 41% probability that Bitcoin will reach $100,000 by year-end, reflecting market uncertainty [1] - Riot Platforms, representing 4.8% of the ETF, recently reported revenue of $180.2 million, although its stock is trading 10% below previous levels [1] AI Infrastructure Transition - Iren Ltd, which constitutes 24% of the ETF, is focusing on AI infrastructure, emphasizing a cautious approach to capital deployment with payback periods of 24 to 30 months for GPU investments [1] - Cipher Mining, representing 18.3% of the ETF, has secured a $5.5 billion AWS lease but has shown operational challenges, including heavy insider selling, indicating management's uncertainty [1] - Investors are advised to monitor quarterly updates from Iren and Cipher for evidence of translating AI contracts into actual revenue and improved margins [1]

Core Viewpoint - Bitdeer Technologies Group (BTDR) reported significant revenue growth of 225.8% year-over-year for the quarter ended December 2025, with revenue reaching $224.84 million, surpassing analyst expectations [1] Financial Performance - The company reported an EPS of -$0.73, an improvement from -$3.22 in the same quarter last year, indicating a positive trend in earnings despite still being in the negative [1] - The reported revenue exceeded the Zacks Consensus Estimate of $209.85 million by 7.14%, while the EPS fell short of the consensus estimate of -$0.14 by 430.91% [1] Stock Performance - Bitdeer Technologies Group's shares have declined by 18.8% over the past month, contrasting with a minor decline of 0.3% in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Revenue Breakdown - Bitcoin mined (self-mining only) was reported at 1,673, matching the average estimate from two analysts [4] - Revenue from self-mining was $168.6 million, slightly above the average estimate of $163.91 million from three analysts [4] - Membership hosting revenue reached $16.3 million, exceeding the average estimate of $11.75 million based on two analysts [4] - Revenue from SEALMINERs and Accessories was $23.4 million, below the average estimate of $32.25 million from two analysts [4] - General hosting revenue was reported at $7.6 million, slightly below the average estimate of $8.25 million from two analysts [4]

Group 1: Robinhood - Robinhood shares fell approximately 8% in after-hours trading due to a fourth-quarter revenue miss, reporting net revenues of $1.28 billion, below Wall Street's expectation of $1.34 billion [2] - The revenue shortfall was primarily driven by a 38% year-over-year decline in crypto transaction revenue to $221 million, with trading volumes on the core app dropping 52% [2] - Bernstein analysts maintained an Outperform rating with a $160 price target, viewing the revenue weakness as temporary "crypto jitters" and highlighting record predictions markets and plans for tokenization [2] Group 2: Canaan - Canaan's shares dropped roughly 7% despite reporting its strongest quarter in three years, with revenue surging 121% year-over-year to $196.3 million [3] - The revenue increase was driven by a 60% rise in computing power sales and a 98.5% jump in mining revenue, while the company holds a record 1,750 bitcoin in its treasury [3] - Concerns about a potential Nasdaq delisting were exacerbated as the stock price slid to 56 cents, with a warning to raise the share price above $1 by July 13 to remain compliant [3] Group 3: Institutional Adoption - Goldman Sachs reduced its bitcoin ETF holdings by 40% in Q4, indicating a recalibration in its approach to digital assets [4] - Franklin Templeton and SWIFT executives emphasized the future of banking as "24/7 and natively on-chain," with a focus on tokenizing money market funds to lower operational costs [4] - Danske Bank opened access to bitcoin and ether ETFs from BlackRock and WisdomTree for its clients, marking a shift from its previous restrictive stance [4]

Core Insights - Bitdeer Technologies Group reported significant revenue growth in Q4 2025, with a year-over-year increase of 225.8% to $224.8 million, driven by self-mining and AI infrastructure initiatives [4][7] - Despite the revenue surge, gross profit fell to $10.6 million, reflecting a gross margin of 4.7%, down from 24.1% in the previous quarter, primarily due to lower Bitcoin prices, increased electricity costs, and a change in depreciation methodology [3][7] Financial Performance - The company posted an adjusted EBITDA of $31.2 million for Q4 2025, down from $39.6 million in Q3 2025 [3] - Self-mining revenue reached $168.6 million, significantly up from $41.5 million in Q4 2024 and $130.9 million in Q3 2025, attributed to a higher average operating hash rate [8] - Bitdeer reported a net operating cash outflow of $599.5 million, driven by supply chain costs, electricity expenses, and corporate overhead [5][17] Operational Developments - Bitdeer is expanding its self-mining capacity, exiting 2025 with over 55 EH/s and reaching over 63 EH/s in January 2026 [6][9] - The company commenced mass production of the SEALMINER A3 series and plans to begin production of SEAL04-1 in Q1 2026, with a focus on improving energy efficiency [10][12] - Bitdeer is prioritizing colocation services for AI and HPC at larger sites, with over 1.66 GW of capacity online and a total pipeline of 3 GW [12][14] Strategic Focus - The firm is pivoting towards AI/HPC colocation and GPU-as-a-Service, with plans to expand its cloud platform in Malaysia and the U.S. [5][14] - Management emphasized that significant U.S. GPU deployments will be backed by committed revenue from enterprise contracts, avoiding speculative capacity [15] - The company plans to switch to GAAP reporting in Q1 2026, moving away from IFRS [20]