# EDGAR Filing Document

**Accession Number:** 0001720424
**File Stem:** 0001062993-25-011163
**Filing Date:** 2025-6
**Character Count:** 73986
**Document Hash:** 23bf2f6a3b31cc97408dc922ef08c915
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-011163.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001062993-25-011163

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250515

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIVE Digital Technologies Ltd.
- **CENTRAL INDEX KEY:** 0001720424
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40398
- **FILM NUMBER:** 251032332

**BUSINESS ADDRESS:**
- **STREET 1:** 370-1095 WEST PENDER STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 2M6
- **BUSINESS PHONE:** (604) 664-1078

**MAIL ADDRESS:**
- **STREET 1:** 370-1095 WEST PENDER STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 2M6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIVE Blockchain Technologies Ltd.
- **DATE OF NAME CHANGE:** 20171023

------

**UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**Washington, D.C. 20549**

**FORM 6-K**

REPORT OF FOREIGN PRIVATE ISSUER<br>PURSUANT TO RULE 13a-16 OR 15d-16<br>UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of <u>**June, 2025**</u>

Commission File Number: <u>**001-40398**</u>

<u>**HIVE Digital Technologies Ltd.**</u><br>(Translation of registrant's name into English)

<u>**British Columbia, Canada**</u><br>(Jurisdiction of incorporation or organization)

**Suite 128, 7900 Callaghan Road** 

<u>**San Antonio, Texas 78229 United States of America**</u>

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

[ ] Form 20-F [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

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Exhibits 99.1, 99.2, 99.3, 99.4, 99.5 and 99.6 to this Report on Form 6-K are incorporated by reference into the Registration Statement on Form F-10 of the Registrant, which was originally filed with the Securities and Exchange Commission on September 30, 2024 (File No. 333-282395), as amended or supplemented.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [99.1](exhibit99-1.htm) | [Material Change Report dated May 15, 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Material Change Report dated May 15, 2025](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [News Release dated May 22, 2025](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Material Change Report dated May 22, 2025](exhibit99-4.htm) |
| [99.5](exhibit99-5.htm) | [News Release dated May 28, 2025](exhibit99-5.htm) |
| [99.6](exhibit99-6.htm) | [Material Change Report dated May 28, 2025](exhibit99-6.htm) |

---

**SIGNATURES**

**HIVE DIGITAL TECHNOLOGIES LTD.**

By: <u>/s/ Darcy Daubaras</u>

Name: Darcy Daubaras

Title: Chief Financial Officer

Date: June 6, 2025

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## Exhibit 99.1

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1 Name and Address of Company**

HIVE Digital Technologies Ltd. ("HIVE" or the "Company")

# 855 - 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2 Date of Material Change**

May 15, 2025.

**Item 3 News Release**

The press release attached as Schedule "A" was released on May 15, 2025 by a newswire company in Canada.

**Item 4 Summary of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 5 Full Description of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102**

Not applicable.

**Item 7 Omitted Information**

Not applicable.

**Item 8 Executive Officer**

Darcy Daubaras

Chief Financial Officer

T: 604-664-1078

**Item 9 Date of Report**

May 15, 2025.

------

Schedule "A"

**HIVE Digital Technologies Surpasses 8 EH/s of Bitcoin Hashrate and Secures ASIC Orders to 25 EH/s**

*This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025 to its short form base shelf prospectus dated September 11, 2024.*

San Antonio, Texas--(Newsfile Corp. - May 15, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, is pleased to announce it has surpassed 8.0 Exahash per second (EH/s) of global Bitcoin mining hashrate, marking another key milestone in the Company's strategic expansion toward its 25 EH/s target for in calendar Q4 2025. This rapid growth is being driven by the successful energization of HIVE's recently completed first 100 MW hydro-powered facility in Yguazu, Paraguay. As of today, HIVE reports a total operating hashrate of 8.3 EH/s and remains on track to reach its Phase 1 objective of 11.5 EH/s by the end of June 2025, with additional capacity expected to come online in the weeks ahead. Moreover, HIVE has now fully funded its ASIC orders to grow to 18 EHs in Q3 2025, strategically using it Bitcoin treasury for this rapid growth.

HIVE's second 100 MW in Yguazu, Paraguay, scheduled for completion this summer, will provide the infrastructure for growth from 11.5 EH/s to 18 EH/s. HIVE has further deposits and options to purchase in place for Bitcoin mining ASICs to reach 2025 target of 25 EH/s, with the third 100 MW of Bitcoin mining infrastructure coming online in calendar Q4 2025 in Valenzuela, Paraguay.

**Executive Commentary**

Frank Holmes, Co-Founder and Executive Chairman of HIVE, stated: "We are now well on our way to the 18 EH/s summer target; crossing the 8 EH/s threshold signals our bold momentum forward. Based on current Bitcoin mining rewards, at 18 EH/s, HIVE would be mining approximately 10 Bitcoin per day." Mr. Holmes continued "With Bitcoin over US$100,000, HIVE is positioned to do almost US$1,000,000 in daily revenue by this summer with our fully-funded growth plans. This achievement demonstrates HIVE's ability to responsibly scale operations with green energy while securing the Bitcoin network and driving long-term shareholder value. We are proud to lead the next wave of innovation in digital infrastructure."

Aydin Kilic, President and CEO of HIVE, added: "I am tremendously proud of our global team for executing at such a high level. Since our May 9, 2025 update, we have already added another 1.0 Exahash to bring our total hashrate to 8.3 EH/s. This pace of deployment underscores the strength of our infrastructure strategy and our commitment to operational excellence. We are also increasing our global fleet efficiency. We will be at 20 J/TH globally once we are at 11.5 EH/s before the end of June 2025, and 19 J/TH when we are at 18 EH/s by the end of summer 2025. Overall, this improvement in our global fleet efficiency means less energy will be required per Bitcoin mined, and as we execute on our 300 MW growth in Paraguay, our global cost of power is expected to decrease as well. HIVE estimates its average cost of Bitcoin production to decrease by 10-20% by autumn 2025, based on lower global average energy prices and improved global fleet efficiency."

**Strategic Use of Bitcoin Treasury**

During the quarter, HIVE strategically deployed a portion of its Bitcoin treasury to acquire next- generation ASIC mining equipment through a special agreement. The Company pledged Bitcoin to settle the purchase at a market price of US$87,000 per BTC and secured an option to repurchase the equivalent amount of Bitcoin at the same price-allowing HIVE a unique opportunity to capture potential upside in BTC price appreciation.

------

This arrangement enabled HIVE to grow its mining fleet without significant cash outlay or equity dilution, while maintaining Bitcoin exposure through this special agreement. The transaction was structured while Bitcoin prices were under pressure due to a global tariff war, positioning HIVE to continue its growth trajectory while markets stabilize. As of today, HIVE holds 610 BTC in its treasury. The Company's goal is to rebuild its HODL, along with growing its operating Bitcoin mining capacity to 25 EH/s. For context, Bitcoin averaged below US$66,000 for the 2024 calendar year and traded below US$30,000 as

recently as October 2023<sup>1</sup>. Management believes it is prudent to deploy BTC mined at lower prices during the past two Bitcoin cycles to fund strategic growth, while retaining the option to reclaim BTC holdings as prices appreciate.

**About HIVE Digital Technologies Ltd.**

For more information, visit <u>hivedigitaltech.com</u>, or connect with us on:

X: <u>https://x.com/HIVEDigitalTech</u>

YouTube: <u>https://www.youtube.com/@HIVEDigitalTech</u>

Instagram: <u>https://www.instagram.com/hivedigitaltechnologies/</u>

LinkedIn: <u>https://linkedin.com/company/hiveblockchain</u>

On Behalf of HIVE Digital Technologies Ltd.

*"Frank Holmes"*

Executive Chairman

For further information, please contact:

**Nathan Fast, Director of Marketing and Branding**

**Frank Holmes, Executive Chairman**

**Aydin Kilic, President & CEO**

Tel: (604) 664-1078

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

***Forward-Looking Information***

*Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the growth in mining hashrate; the performance and potential of the newly constructed Paraguay site; the merits of the Bitcoin equipment payments and option; the Bitcoin treasury management strategy; the business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.*

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*Factors that could cause actual results to differ materially from those described in such forward- looking information include, but are not limited to: an inability to meet growth targets; an inability to expand, optimize and sustain the Paraguay operation, the failure of the equipment vendor to honour the BTC option for any reason in the event of exercise by the Company; an inability of the Bitcoin treasury management strategy to achieve the desired results; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at <u>www.sec.gov/EDGAR</u> and <u>www.sedarplus.ca</u> .*

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*The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.* 

*____________________*

<sup>1</sup> References to prices of Bitcoin have been accessed from <u>www.finance.yahoo.com/quote/BTC-USD/</u>.

![](exhibit99-1xu001.jpg)

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/252224</u>

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## Exhibit 99.2

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1 Name and Address of Company**

HIVE Digital Technologies Ltd. ("HIVE" or the "Company")

# 855 - 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2 Date of Material Change**

May 14, 2025.

**Item 3 News Release**

The press release attached as Schedule "A" was released on May 14, 2025 by a newswire company in Canada.

**Item 4 Summary of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 5 Full Description of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102**

Not applicable.

**Item 7 Omitted Information**

Not applicable.

**Item 8 Executive Officer**

Darcy Daubaras

Chief Financial Officer

T: 604-664-1078

**Item 9 Date of Report**

May 15, 2025.

------

Schedule "A"

**HIVE Digital Technologies Announces Upsized ATM Under the Existing Base Shelf**

**This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025 to its short form base shelf prospectus dated September 11, 2024.**

San Antonio, Texas--(Newsfile Corp. - May 14, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, is pleased to announce that it has entered into an amended and restated equity distribution agreement (the "**Amended Equity Distribution Agreement**") among Keefe, Bruyette & Woods, Inc., Stifel Nicolaus Canada Inc., Canaccord Genuity, Roth Canada, Inc., B. Riley Securities, Inc., and Northland Securities, Inc. (collectively, the "**Agents**"). The Amended Equity Distribution Agreement restates and supersedes the previous equity distribution agreement, dated October 3, 2025 (the "**October Agreement**"), among the Company and the Agents, pursuant to which the Company sold common shares of the Company (the "**Common Shares**") for aggregate proceeds of US$180,773,096. Pursuant to the Amended Equity Distribution Agreement, the Company may sell up to US$119,226,903 of Common Shares (the "**ATM Program**").

The Common Shares will be issued by the Company to the public from time to time, through the Agents, at the Company's discretion. The Common Shares sold under the ATM Program, if any, will be sold at the prevailing market price at the time of sale.

Under the Amended Equity Distribution Agreement, sales of Common Shares will be made by the Agents through "at-the-market distributions" as defined in National Instrument 44-102 - *Shelf Distributions* on the TSX Venture Exchange and the Nasdaq Stock Market. The Company is not obligated to make any sales of Common Shares under the Amended Equity Distribution Agreement. The Company has the flexibility to terminate the Amended Equity Distribution Agreement prior to reaching the US$119,226,903 in gross proceeds.

The Company intends to use the net proceeds of the ATM Program, if any, principally for general corporate and working capital requirements, funding ongoing operations, to repay indebtedness outstanding from time to time, to complete future acquisitions, or for other corporate purposes.

The ATM Program is being established pursuant to an amended and restated prospectus supplement dated May 14, 2025 (the "**Prospectus Supplement**"), which has been filed with the securities regulatory authorities in each of the provinces and territories of Canada, supplementing the Company's short form base shelf prospectus dated September 11, 2024 (the "**Base Shelf Prospectus**") and included in the Company's registration statement on Form F-10 filed with the U.S. Securities Exchange Commission (the "**Registration Statement**").

Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on SEDAR+ at <u>www.sedarplus.ca</u> and copies of the Registration Statement, which includes the Prospectus Supplement, are available on EDGAR at <u>www.sec.gov</u>. Copies of such documents may also be obtained from: Stifel Nicolaus Canada Inc., Attention: 161 Bay Street, Suite 3800, Toronto, ON M5J

2S1; Keefe, Bruyette & Woods, Inc., Attention: 787 Seventh Avenue, 4<sup>th</sup> Floom, New York, New York 10019; or by email at <u>USCapitalMarkets@kbw.com</u>. These documents contain important information about the ATM Program. Prospective investors should read the offering documents before making an investment decision.

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This news release does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of these Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction**.**

**About HIVE Digital Technologies Ltd.**

On Behalf of HIVE Digital Technologies Ltd.

*"Frank Holmes"*

Executive Chairman

For further information, please contact:

**Nathan Fast, Director of Marketing and Branding**

**Frank Holmes, Executive Chairman**

**Aydin Kilic, President & CEO**

Tel: (604) 664-1078

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

***Forward-Looking Information***

*Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: statements with respect to the future issuance of Common Shares sold under the ATM Program; the aggregate gross proceeds of the ATM Program; and the use of proceeds from any sales of Common Shares under the ATM Program; business goals and objectives of the Company; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.*

------

*Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: an inability to meet growth targets; an inability to expand, optimize and sustain the Paraguay operation, the failure of the equipment vendor to honour the BTC option for any reason in the event of exercise by the Company; an inability of the Bitcoin treasury management strategy to achieve the desired results; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.*

*The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.*

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To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/252175</u>

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## Exhibit 99.3

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**HIVE Digital Technologies Celebrates Record 9.5 EH/s Milestone, Driving Shareholder Value on Path to 25 EH/s by 2025**

*This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025 to its short form base shelf prospectus dated September 11, 2024.*

San Antonio, Texas--(Newsfile Corp. - May 22, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE)

(NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, proudly announces a new all-time high of 9.5 Exahash per second (EH/s) in Bitcoin mining hashrate. This achievement positions HIVE above 1% of the global Bitcoin network and marks a pivotal milestone in a transformative journey dedicated to delivering long-term value for shareholders while advancing toward an ambitious 25 EH/s goal by the end of 2025.

**A Journey of Milestones for Shareholders**

HIVE's ascent to 9.5 EH/s reflects a series of strategic victories that underscore its commitment to growth and sustainability. From energizing its first 100 MW hydro-powered data center in Yguazú, Paraguay, to surpassing 1% of the global Bitcoin network's hashrate, HIVE's team has exceeded expectations. This milestone translates to mining over 4.5 Bitcoin daily, capturing a meaningful share of the network's rewards and reinforcing HIVE's position as a top-tier player in the blockchain ecosystem.

The Company's progress is driven by a clear vision: to scale responsibly while maximizing shareholder returns. By leveraging 100% renewable energy and state-of-the-art technology, HIVE is building a foundation for sustained growth. The recent acceleration in hashrate, adding roughly 1 EH/s weekly, surpassing earlier projections, demonstrates the team's operational excellence and dedication to delivering results.

**Building Momentum for the Future**

Achievable, value-driven milestones mark HIVE's roadmap. By June 2025, the Company expects to reach 11.5 EH/s, completing the first phase of its expansion with enhanced energy efficiency. This progress is fueled by ongoing deployments at the Yguazú facility, where new Bitcoin mining equipment is being installed to boost capacity.

Looking ahead, HIVE is preparing to launch a second 100 MW facility in Yguazú by summer 2025, targeting 18 EH/s and aiming to capture 2% of the global network. The journey will culminate with a third 100 MW campus in Valenzuela, Paraguay, set to drive HIVE to its 25 EH/s target by Q4 2025. Each step forward strengthens HIVE's competitive edge, ensuring greater efficiency and profitability for shareholders.

**Leadership Perspectives**

Frank Holmes, Co-Founder and Executive Chairman of HIVE, stated: "Our journey is about creating lasting value for our shareholders. The team, led by Country President Gabriel Lamas in Paraguay, has outperformed expectations, scaling our operations at an unprecedented pace. These milestones are not just numbers-they represent our commitment to building a sustainable, high-growth company. We're setting the stage for an extraordinary 2025."

Aydin Kilic, President and CEO of HIVE, added: "Hitting 9.5 EH/s is a testament to our strategic focus and execution. We're mining a significant share of Bitcoin's daily rewards, and our growth trajectory positions us to double our network share by the end of summer. For our shareholders, this means a stronger, more resilient HIVE, ready to thrive in a dynamic market."

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**About HIVE Digital Technologies Ltd.**

HIVE Digital Technologies Ltd. is a sustainability-driven leader in digital infrastructure, mining Bitcoin using 100% renewable energy. Operating data centers across Canada, Sweden, and Paraguay in nine time zones and five languages, HIVE is dedicated to advancing the blockchain ecosystem while strategically managing digital assets to deliver long-term shareholder value.

For more information, visit <u>hivedigitaltech.com</u>, or connect with us on:

X: <u>https://x.com/HIVEDigitalTech</u>

YouTube: <u>https://www.youtube.com/@HIVEDigitalTech</u>

Instagram: <u>https://www.instagram.com/hivedigitaltechnologies/</u>

LinkedIn: <u>https://linkedin.com/company/hiveblockchain</u>

On Behalf of HIVE Digital Technologies Ltd.

*"Frank Holmes"*

Executive Chairman

For further information, please contact:

**Nathan Fast, Director of Marketing and Branding**

**Frank Holmes, Executive Chairman**

**Aydin Kilic, President & CEO**

Tel: (604) 664-1078

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

***Forward-Looking Information***

*Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.*

------

*Factors that could cause actual results to differ materially from those described in such forward- looking information include, but are not limited to: the inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at <u>www.sec.gov/EDGAR</u> and <u>www.sedarplus.ca</u> .*

*The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.*

------

To view the source version of this press release, please visit <br><u>https://www.newsfilecorp.com/release/253031</u>

------

## Exhibit 99.4

------

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1 Name and Address of Company**

HIVE Digital Technologies Ltd. ("HIVE" or the "Company")

# 855 - 789 West Pender Street <br>Vancouver, BC V6C 1H2

**Item 2 Date of Material Change**

May 22, 2025.

**Item 3 News Release**

The press release attached as Schedule "A" was released on May 22, 2025 by a newswire company in Canada.

**Item 4 Summary of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 5 Full Description of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102**

Not applicable.

**Item 7 Omitted Information**

Not applicable.

**Item 8 Executive Officer**

Darcy Daubaras

Chief Financial Officer

T: 604-664-1078

**Item 9 Date of Report**

May 22, 2025.

------

Schedule "A"

**HIVE Digital Technologies Celebrates Record 9.5 EH/s Milestone, Driving Shareholder Value on Path to 25 EH/s by 2025**

*This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025 to its short form base shelf prospectus dated September 11, 2024.*

San Antonio, Texas--(Newsfile Corp. - May 22, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, proudly announces a new all-time high of 9.5 Exahash per second (EH/s) in Bitcoin mining hashrate. This achievement positions HIVE above 1% of the global Bitcoin network and marks a pivotal milestone in a transformative journey dedicated to delivering long-term value for shareholders while advancing toward an ambitious 25 EH/s goal by the end of 2025.

**A Journey of Milestones for Shareholders**

HIVE's ascent to 9.5 EH/s reflects a series of strategic victories that underscore its commitment to growth and sustainability. From energizing its first 100 MW hydro-powered data center in Yguazú, Paraguay, to surpassing 1% of the global Bitcoin network's hashrate, HIVE's team has exceeded expectations. This milestone translates to mining over 4.5 Bitcoin daily, capturing a meaningful share of the network's rewards and reinforcing HIVE's position as a top-tier player in the blockchain ecosystem.

The Company's progress is driven by a clear vision: to scale responsibly while maximizing shareholder returns. By leveraging 100% renewable energy and state-of-the-art technology, HIVE is building a foundation for sustained growth. The recent acceleration in hashrate, adding roughly 1 EH/s weekly, surpassing earlier projections, demonstrates the team's operational excellence and dedication to delivering results.

**Building Momentum for the Future**

Achievable, value-driven milestones mark HIVE's roadmap. By June 2025, the Company expects to reach 11.5 EH/s, completing the first phase of its expansion with enhanced energy efficiency. This progress is fueled by ongoing deployments at the Yguazú facility, where new Bitcoin mining equipment is being installed to boost capacity.

Looking ahead, HIVE is preparing to launch a second 100 MW facility in Yguazú by summer 2025, targeting 18 EH/s and aiming to capture 2% of the global network. The journey will culminate with a third 100 MW campus in Valenzuela, Paraguay, set to drive HIVE to its 25 EH/s target by Q4 2025. Each step forward strengthens HIVE's competitive edge, ensuring greater efficiency and profitability for shareholders.

**Leadership Perspectives**

Frank Holmes, Co-Founder and Executive Chairman of HIVE, stated: "Our journey is about creating lasting value for our shareholders. The team, led by Country President Gabriel Lamas in Paraguay, has outperformed expectations, scaling our operations at an unprecedented pace. These milestones are not just numbers-they represent our commitment to building a sustainable, high-growth company. We're setting the stage for an extraordinary 2025."

Aydin Kilic, President and CEO of HIVE, added: "Hitting 9.5 EH/s is a testament to our strategic focus and execution. We're mining a significant share of Bitcoin's daily rewards, and our growth trajectory positions us to double our network share by the end of summer. For our shareholders, this means a stronger, more resilient HIVE, ready to thrive in a dynamic market."

------

**About HIVE Digital Technologies Ltd.**

HIVE Digital Technologies Ltd. is a sustainability-driven leader in digital infrastructure, mining Bitcoin using 100% renewable energy. Operating data centers across Canada, Sweden, and Paraguay in nine time zones and five languages, HIVE is dedicated to advancing the blockchain ecosystem while strategically managing digital assets to deliver long-term shareholder value.

For more information, visit <u>hivedigitaltech.com</u>, or connect with us on:

X: <u>https://x.com/HIVEDigitalTech</u>

YouTube: <u>https://www.youtube.com/@HIVEDigitalTech</u>

Instagram: <u>https://www.instagram.com/hivedigitaltechnologies/</u>

LinkedIn: <u>https://linkedin.com/company/hiveblockchain</u>

On Behalf of HIVE Digital Technologies Ltd.

*"Frank Holmes"*

Executive Chairman

For further information, please contact:

**Nathan Fast, Director of Marketing and Branding**

**Frank Holmes, Executive Chairman**

**Aydin Kilic, President & CEO**

Tel: (604) 664-1078

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

***Forward-Looking Information***

*Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.*

------

*Factors that could cause actual results to differ materially from those described in such forward- looking information include, but are not limited to: the inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at <u>www.sec.gov/EDGAR</u> and <u>www.sedarplus.ca</u> .*

*The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new nformation, future events or otherwise, other than as required by law.*

------

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/253031</u>

------

## Exhibit 99.5

------

**HIVE Digital Technologies Surpasses 10 EH/s of Bitcoin Hashrate as Expansion in Paraguay Accelerates**

*This news release constitutes a "designated news release for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025, to its short form base shelf prospectus dated September 11, 2024.*

San Antonio, Texas--(Newsfile Corp. - May 28, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE)

(NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, is pleased to announce it has surpassed 10 Exahash per second (EH/s) of global Bitcoin mining hashrate, and in the process has added 1 EH/s each week for the last month.

As of today, HIVE reports a total operating hashrate of over 10 EH/s and is ahead of schedule to reach its Phase 1 objective of 11.5 EH/s by the end of June 2025, with a global fleet efficiency of 20 Joules per Terahash.

HIVE continues to execute on its strategic expansion toward its 25 EH/s target for calendar Q4 2025 and is working hard to maintain the cadence of its rapid scaling. The Company notes that this growth is fully funded.

**BUZZ HPC Surpasses Growth Milestone in HPC Cloud, Achieves $20M ARR Ahead of Schedule**

The Company is proud to announce that its high-performance computing ("HPC") subsidiary, **Buzz HPC**, has surpassed a key growth milestone-reaching a $20 million annualized run-rate revenue in its GPU cloud business. This achievement comes one month ahead of the Company's target of June 2025, underscoring the successful execution of HIVE's aggressive HPC expansion strategy.

Buzz HPC's rapid scale-up reflects strong operational momentum, with over 5,000 cutting-edge GPUs now actively deployed. This milestone not only validates the Company's vision for HPC growth but also reinforces its position as an emerging leader in GPU cloud infrastructure.

**Executive Commentary**

Frank Holmes, Co-Founder and Executive Chairman of HIVE, commented: "Our HPC growth has outpaced expectations-from early projections to now reaching $20M in annualized revenue. With approximately 5,000 GPUs powering AI workloads, we believe our GPU cloud business is a high-value asset, potentially worth 10 to 20 times its annualized cash flows."

Aydin Kilic, President & CEO of HIVE, stated: "It is a monumental accomplishment for HIVE to reach 10 EH/s, and we are now producing over 5 Bitcoin per day. I am very proud of our team for executing. What is remarkable is we have added approximately 1 EH/s of Bitcoin mining capacity on a weekly basis, exceeding our previous guidance to bring on 1 EH/s every 2 weeks. We have done so consecutively for the last month. Our Country President Gabriel Lamas has been consistently executing on his targets, embodying the high-performance work culture at HIVE."

**About HIVE Digital Technologies Ltd.**

------

For more information, visit <u>hivedigitaltech.com</u>, or connect with us on:

X: <u>https://x.com/HIVEDigitalTech</u>

YouTube: <u>https://www.youtube.com/@HIVEDigitalTech</u>

Instagram: <u>https://www.instagram.com/hivedigitaltechnologies/</u>

LinkedIn: <u>https://linkedin.com/company/hiveblockchain</u>

On Behalf of HIVE Digital Technologies Ltd.

*"Frank Holmes"*

Executive Chairman

For further information, please contact:

**Nathan Fast, Director of Marketing and Branding**

**Frank Holmes, Executive Chairman**

**Aydin Kilic, President & CEO**

Tel: (604) 664-1078

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

***Forward-Looking Information***

*Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.*

------

*Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at <u>www.sec.gov/EDGAR</u> and <u>www.sedarplus.ca</u> .*

*The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.*

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/253635</u>

------

## Exhibit 99.6

------

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1 Name and Address of Company**

HIVE Digital Technologies Ltd. ("HIVE" or the "Company")

# 855 - 789 West Pender Street<br>Vancouver, BC V6C 1H2

**Item 2 Date of Material Change**

May 28, 2025.

**Item 3 News Release**

The press release attached as Schedule "A" was released on May 28, 2025 by a newswire company in Canada.

**Item 4 Summary of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 5 Full Description of Material Change**

The material change is described in the press release attached as Schedule "A".

**Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102**

Not applicable.

**Item 7 Omitted Information**

Not applicable.

**Item 8 Executive Officer**

Darcy Daubaras

Chief Financial Officer

T: 604-664-1078

**Item 9 Date of Report**

May 28, 2025.

------

Schedule "A"

**HIVE Digital Technologies Surpasses 10 EH/s of Bitcoin Hashrate as Expansion in Paraguay Accelerates**

*This news release constitutes a "designated news release for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025, to its short form base shelf prospectus dated September 11, 2024.*

San Antonio, Texas--(Newsfile Corp. - May 28, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE)

(NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure, is pleased to announce it has surpassed 10 Exahash per second (EH/s) of global Bitcoin mining hashrate, and in the process has added 1 EH/s each week for the last month.

As of today, HIVE reports a total operating hashrate of over 10 EH/s and is ahead of schedule to reach its Phase 1 objective of 11.5 EH/s by the end of June 2025, with a global fleet efficiency of 20 Joules per Terahash.

HIVE continues to execute on its strategic expansion toward its 25 EH/s target for calendar Q4 2025 and is working hard to maintain the cadence of its rapid scaling. The Company notes that this growth is fully funded.

**BUZZ HPC Surpasses Growth Milestone in HPC Cloud, Achieves $20M ARR Ahead of Schedule**

The Company is proud to announce that its high-performance computing ("HPC") subsidiary, **Buzz HPC**, has surpassed a key growth milestone-reaching a $20 million annualized run-rate revenue in its GPU cloud business. This achievement comes one month ahead of the Company's target of June 2025, underscoring the successful execution of HIVE's aggressive HPC expansion strategy.

Buzz HPC's rapid scale-up reflects strong operational momentum, with over 5,000 cutting-edge GPUs now actively deployed. This milestone not only validates the Company's vision for HPC growth but also reinforces its position as an emerging leader in GPU cloud infrastructure.

**Executive Commentary**

Frank Holmes, Co-Founder and Executive Chairman of HIVE, commented: "Our HPC growth has outpaced expectations-from early projections to now reaching $20M in annualized revenue. With approximately 5,000 GPUs powering AI workloads, we believe our GPU cloud business is a high-value asset, potentially worth 10 to 20 times its annualized cash flows."

Aydin Kilic, President & CEO of HIVE, stated: "It is a monumental accomplishment for HIVE to reach 10 EH/s, and we are now producing over 5 Bitcoin per day. I am very proud of our team for executing. What is remarkable is we have added approximately 1 EH/s of Bitcoin mining capacity on a weekly basis, exceeding our previous guidance to bring on 1 EH/s every 2 weeks. We have done so consecutively for the last month. Our Country President Gabriel Lamas has been consistently executing on his targets, embodying the high-performance work culture at HIVE."

**About HIVE Digital Technologies Ltd.**

------

For more information, visit <u>hivedigitaltech.com</u>, or connect with us on:

X: <u>https://x.com/HIVEDigitalTech</u>

YouTube: <u>https://www.youtube.com/@HIVEDigitalTech</u>

Instagram: <u>https://www.instagram.com/hivedigitaltechnologies/</u>

LinkedIn: <u>https://linkedin.com/company/hiveblockchain</u>

On Behalf of HIVE Digital Technologies Ltd.

*"Frank Holmes"*

Executive Chairman

For further information, please contact:

**Nathan Fast, Director of Marketing and Branding**

**Frank Holmes, Executive Chairman**

**Aydin Kilic, President & CEO**

Tel: (604) 664-1078

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

***Forward-Looking Information***

*Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the acquisition of the newsite in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.*

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*Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at <u>www.sec.gov/EDGAR</u> and <u>www.sedarplus.ca</u> .*

*The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.*

To view the source version of this press release, please visit<br><u>https://www.newsfilecorp.com/release/253635</u>

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