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HIVE Digital Technologies Ltd (NASDAQ:HIVE) dropped a bold valuation argument on its second quarter earnings call — one that turned heads even in a market obsessed with AI multiples. Executive chairman Frank Holmes told investors that if HIVE were priced like other data-center operators, the stock wouldn't be anywhere near current levels. As he put it: "If we were valued at other data centers… HIVE would be a $20 [stock]"
With shares trading around $3.52, that's a theoretical upside of more than 460%, and Holmes made it clear he thinks the gap reflects a misunderstanding of HIVE's shift into high-performance AI infrastructure.
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Holmes spent much of the call arguing that HIVE isn't just a Bitcoin (CRYPTO: BTC) miner anymore — it's becoming a sovereign-grade AI compute provider. From converting facilities in Canada and Sweden into Tier-3 GPU data centers to tapping Paraguay's massive hydro grid, HIVE is racing to scale.
"The AI boom is for real," Holmes said, while calling the recent sentiment pullback "short-term" and driven by analysts who "do not really understand what is driving the secular market."
He also highlighted HIVE's infrastructure lead: "We know what it is to build data centers… we know what it takes to build Tier 3, and we are scaling."
The company's plan to expand its AI cloud fivefold over the next year is aimed at bridging the exact valuation gap Holmes is frustrated with.
If management thinks HIVE is mispriced, one billionaire seems to agree. Steven Cohen — through Point72 Asset Management— initiated a new long position in HIVE during the July-September quarter. Cohen is famously selective in small-cap tech exposure, which makes the move notable given HIVE's size and volatility.
Two other hedge fund giants also remain in the picture: Israel Englander increased his stake in HIVE this previous quarter, while Ken Griffin took some profits but still holds a sizable position.
Holmes' $20 claim isn't just a soundbite — it's an open challenge to the market: value HIVE like a Bitcoin miner, or value it like an AI data-center builder. If the company succeeds in repositioning itself, Cohen may have gotten in before the narrative catches up to the numbers.
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