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$HIVE Digital Technologies:

Why Did Leopold Aschenbrenner Buy HIVE Digital Stock?

Posted on June 4, 2026 by Financhill Editor

German Tech Investor Leopold Aschenbrenner’s Situational Awareness fund recently opened a new position in HIVE Digital Technologies (NASDAQ:HIVE), purchasing 3.4 million shares at an average price of $2.24. Though HIVE makes up only about 0.2 percent of the Situational Awareness portfolio, it represents part of a larger play on a category of stocks that could be underappreciated for their value in the evolving AI landscape.

Why did Leopold Aschenbrenner buy HIVE Digital stock, and how do HIVE’s prospects look in today’s market?

A Bit About Aschenbrenner’s Investment Strategy

Formerly a researcher at OpenAI, Leopold Aschenbrenner made the jump to the finance world in 2024.
Since then, he has been aggressively investing in a variety of plays on AI, including energy, land and the physical hardware required to build the vast number of data centers required for the growth of artificial intelligence.
Aschenbrenner contends that artificial general intelligence could be achieved within this decade, with superintelligence to follow.
As a result of the massive demand for data center space and computing power that this cycle will generate, Aschenbrenner has focused on the pick-and-shovel businesses behind AI, rather than on the businesses that actually develop models and generate revenue with chatbot subscriptions.

Though unorthodox and heavy on risk and leverage, it’s difficult to argue with the results Aschenbrenner’s investment strategy has yielded. Starting with only about $225 million, Situational Awareness has grown to a US equity exposure reported at over $13 billion.

While quite a lot of additional capital has been poured into the fund since Aschenbrenner started it, several of his top holdings have been among the stocks posting triple-digit returns as the market has turned to new plays on AI infrastructure over the past year.

How Does HIVE Fit In?

$HIVE is one of a group of Bitcoin Miners and high-performance computing hosts that Aschenbrenner has shown an interest in.
These Businesses, having set themselves up with enormous amounts of Computing Power and the Infrastructure needed to support it in order to Mine Bitcoin, are looking increasingly interesting as potential sources of Computing Capacity for AI.
Another prominent example of such a business that can be found in the Situational Awareness portfolio is Core Scientific (NASDAQ:CORZ), a Bitcoin miner that has pivoted rapidly toward offering GPU cloud capacity.

Right now, the vast majority of HIVE’s revenues still come from Mining Bitcoin. In its 2026 fiscal year, for example, revenue grew 158 percent year-over-year to $297.8 million, of which $278.3 million was produced by Bitcoin Mining activities.
High-Performance Computing made up the remaining $19.5 million and experienced year-over-year growth of 94 percent. ARR in the high-performance computing segment also grew to $35 million.

This growth in High-Performance Computing (HPC) could prove to be the real story behind HIVE. Management foresees ARR of $660 million by 2028, a huge increase compared to the full-year revenues for FY2026.
Much of this growth will be fueled by a massive new 320MW AI Facility being built in Canada, which management says is positioned to become the largest privately-owned AI Infrastructure Project in the Country.

With such large revenue gains possible within only a couple of years, it’s quite likely that HIVE shares will experience further upward pressure as the Business leans more heavily into AI Infrastructure.

Although HIVE is still posting net losses on a GAAP basis, the business has a respectable gross operating margin of 24 percent. Of the $83.3 million in net losses the business posted last year, $74.7 million was non-cash. Adjusted EBITDA for the fiscal year of 2026 was positive at $72.9 million, though it turned slightly negative in Q4.

How Does HIVE Stock Look Now?

Surprisingly, HIVE shares are trading at a relatively low valuation for a High-growth Business engaged in building AI Infrastructure. Shares of the stock are currently priced at 3.5 times sales and 2.2 times book value, both modest for AI businesses in today’s market. At the current price of $4.54, the consensus price target of $5.80 gives HIVE an implied upside of 27.8 percent.

At the moment, HIVE carries six buy ratings, one hold rating and no sell ratings from analysts.

It’s worth keeping in mind, though, that HIVE, like most of Aschenbrenner’s holdings, appears to be a high-risk, high-reward proposition. With a market cap that’s currently just over $1 billion, HIVE is a play on AI Infrastructure that hasn’t yet come online and the large amounts of Revenue growth that could result from it. As of right now, HIVE doesn’t have a particularly strong moat and could be subject to downside risk if delays or a period of slower growth begin to weigh on it.

Why Did Leopold Aschenbrenner Buy HIVE Digital

At the end of the day, Situational Awareness seems to have bought HIVE digital as part of its broader play on Bitcoin Miners that already have the Computing Capacity, Power Contracts and Real Estate needed to develop AI Infrastructure. As these businesses increasingly pivot toward AI, Aschenbrenner seems to reason, their potential upside in a market that features more demand for AI Infrastructure than existing Supply could be quite large.

In HIVE’s case, pricing likely also played a role. With a small market cap and a modest P/S ratio relative to the Revenues it could be generating in just a few years when its new Canadian AI facility comes online, HIVE could present a good long-term value for a Growth Investor like Aschenbrenner. With the stock making up a small portion of his portfolio, HIVE could have the potential to produce disproportionate upside without tying up too much of the capital Situational Awareness manages.

To some extent, this feature of HIVE has already been proven in the relatively short time that Aschenbrenner has owned the stock. With an initial purchase price of $2.24, Aschenbrenner’s position in HIVE has more than doubled in value since he bought it. With more upside potentially ahead, HIVE could prove to be yet another Major Multi-bagger for the Situational Awareness Portfolio.

The author has no position in any of the stocks mentioned. Financhill has a disclosure policy.

$HIVE Digital Technologies
Jul 9
2025:
- HIVE tripled revenue to ~$300M running Tier 1 hydro Bitcoin mines.
- Claimed 2% of the global BTC network.

Clean energy → hardest money on Earth.

2026:
- Same operators, same discipline
- now stacking Tier 3 AI Factories with NVIDIA GPUs.

Two revenue engines. Exponential compounding.