Key Takeaways
- HIVE Digital shares climbed 11.8% during Thursday’s premarket session following a $220M GPU cloud partnership announcement
- The company secured a three-year agreement with Bell Canada and Cohere to deploy 2,304 NVIDIA Grace Blackwell GPUs
- The new infrastructure will be housed at Bell’s Merritt, British Columbia location, with operations starting between late 2026 and early 2027
- This partnership contributes approximately $70M in annual recurring revenue, pushing total contracted HPC revenue beyond $100M
- HIVE completed the purchase of its 32 MW Boden, Sweden data center, becoming the owner after operating as a tenant for eight years
Shares of HIVE Digital Technologies (HIVE) surged nearly 12% during Thursday’s premarket session following a dual announcement that showcased the company’s evolving business strategy.
HIVE Digital Technologies Ltd., HIVE
The stock was hovering near $3.97 ahead of the announcement. Before Thursday’s session, HIVE had already posted impressive gains of 125% over the previous year.
The primary catalyst for the surge came through HIVE’s fully owned subsidiary, BUZZ High Performance Computing Inc., which finalized a three-year GPU cloud partnership valued at roughly $220 million with telecommunications giant Bell Canada and artificial intelligence firm Cohere.
This partnership combines Bell AI Fabric’s nationwide data center infrastructure, Cohere’s enterprise-focused AI technology, and BUZZ HPC’s GPU cloud capabilities powered by NVIDIA hardware.
BUZZ HPC has acquired 2,304 NVIDIA Grace Blackwell GPUs, organized within NVIDIA GB200 NVL72 rack-scale configurations. This represents a substantial investment in NVIDIA’s cutting-edge technology.
The entire infrastructure buildout will take place at Bell’s data center in Merritt, British Columbia. The system is projected to become operational sometime between the fourth quarter of 2026 and the first quarter of 2027.
The computational resources will power Cohere’s enterprise AI applications, which currently serve Canada’s federal government agencies and various corporate customers. The agreement ensures all computing infrastructure remains within Canadian borders.
Financial Implications
The NVIDIA GB200 infrastructure deployment is projected to generate approximately $70 million in recurring annual revenue. With HIVE’s current annual recurring revenue at $35 million, this agreement represents more than a threefold increase.
The company’s total contracted high-performance computing revenue has now crossed the $100 million threshold, demonstrating HIVE’s successful evolution beyond its original Bitcoin mining operations.
HIVE is financing the NVIDIA Grace Blackwell systems acquisition through capital raised from its $115 million convertible note offering that closed in April 2026.
The partnership with Bell and Cohere represents the strongest evidence to date that HIVE’s transformation from cryptocurrency mining to data center infrastructure is materializing into substantial business opportunities.
Swedish Facility Ownership
In a separate development, the Boden Municipal Council granted approval for HIVE’s purchase of the Big Boden 32 MW data center from Bodens Utvecklings AB in Sweden.
HIVE has maintained operations at the Boden location since 2018. This transaction transitions the company from a tenant arrangement to full property ownership.
Over the past eight years, the company has committed more than 960 million SEK — roughly $100 million — in capital investments throughout the Boden area. Additionally, HIVE has contributed over 575 million SEK, exceeding $60 million, in local tax payments during this period.
Direct ownership of the property provides HIVE with enhanced operational flexibility and control over a location that has served as a cornerstone of its operations for almost ten years.
The simultaneous announcements — a significant North American AI infrastructure contract and a European data center acquisition — arrived on the same trading day, providing substantial new information for market participants to evaluate.
With contracted high-performance computing revenue now surpassing $100 million and the Bell Canada and Cohere GPU infrastructure scheduled for deployment in late 2026 or early 2027, HIVE continues to demonstrate progress in its strategic repositioning.
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