Jul. 4 at 1:42 PM
$HIVE
Offering size: The raise was upsized because investor demand was strong. It’s the cheapest capital they’ve ever raised and avoids dilution until 125% above the reference price.
“Still need
$2.7B”: That number assumes HIVE self‑funds the entire 400 MW buildout. In reality, Bell, Hypertec, and other partners shoulder capex. HIVE only funds GPU infrastructure, not the whole campus.
Meta entering AI cloud: Meta is not a sovereign AI provider. They don’t compete with Bell AI Fabric or BUZZ HPC for Canadian government, banking, telecom, or regulated workloads. Different market entirely.
Director sales: These were mandatory window sales tied to vesting, tax obligations, and pre‑scheduled trading plans. Directors sell when the window opens — it’s procedural, not a signal.
“Sold everything”: Operator selling is meaningful; director selling is not.
No explanation: Insider sales rarely come with explanations because they’re pre‑planned under compliance rules. Silence is normal.
