Key Highlights
- HIVE Digital stock surged 11.8% during premarket hours Thursday following the announcement of a $220M GPU cloud partnership
- The agreement spans three years and involves Bell Canada alongside AI company Cohere, featuring deployment of 2,304 NVIDIA Grace Blackwell GPUs
- Equipment will be installed at Bell’s British Columbia location in Merritt, with operations expected to commence between late 2026 and early 2027
- The partnership is projected to generate approximately $70M in yearly recurring revenue; total contracted HPC revenue now exceeds $100M
- Simultaneously, HIVE finalized the purchase of its 32 MW Boden, Sweden data center, converting from lessee to property owner after eight years of operations
Shares of HIVE Digital Technologies (HIVE) experienced a substantial premarket rally Thursday, climbing nearly 12% as the company simultaneously unveiled two significant business developments.
HIVE Digital Technologies Ltd., HIVE
The stock was hovering near $3.97 ahead of the announcements. Before Thursday’s session, HIVE had already delivered impressive returns, gaining 125% throughout the previous 12-month period.
The primary catalyst for the surge was an announcement from BUZZ High Performance Computing Inc., HIVE’s fully owned subsidiary, which finalized a three-year GPU cloud services agreement valued at roughly $220 million with telecommunications giant Bell Canada and artificial intelligence firm Cohere.
This partnership connects Bell AI Fabric’s nationwide data center infrastructure, Cohere’s corporate AI technology, and BUZZ HPC’s NVIDIA-powered GPU cloud capabilities.
BUZZ HPC has secured 2,304 NVIDIA Grace Blackwell GPUs, assembled into NVIDIA GB200 NVL72 rack-scale configurations. This represents a substantial allocation of NVIDIA’s cutting-edge technology.
The entire infrastructure buildout will take place at Bell’s Merritt, British Columbia facility. The system is projected to become operational sometime between the end of 2026 and the beginning of 2027.
The computational resources will power Cohere’s enterprise-grade AI platforms, currently utilized by Canadian federal agencies and business clients. Importantly, all infrastructure remains within Canadian borders.
Financial Implications
The newly announced NVIDIA GB200 installation is anticipated to contribute approximately $70 million in annual recurring revenue. With HIVE’s current ARR standing at $35 million, this contract represents more than a threefold increase.
HIVE’s total contracted HPC revenue commitments have now crossed the $100 million threshold, demonstrating the company’s successful transformation beyond its original Bitcoin mining operations.
Funding for the NVIDIA Grace Blackwell systems will come from HIVE’s $115 million convertible note offering that closed in April 2026.
This partnership with Bell and Cohere provides compelling evidence that HIVE’s strategic pivot from cryptocurrency mining to data center services is achieving meaningful commercial success.
Swedish Property Acquisition
In a separate but simultaneous 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 this Boden location since 2018. This transaction transforms the company’s status from tenant to property owner.
Over its eight-year presence in the Boden area, the company has committed capital investments exceeding 960 million SEK — roughly $100 million. Additionally, HIVE has contributed more than 575 million SEK, approximately $60 million, in local tax payments throughout this period.
Direct ownership of this facility provides HIVE with enhanced operational control over a location that has served as a cornerstone of its business for almost ten years.
The dual announcements — a substantial North American AI infrastructure contract paired with a European data center purchase — arrived simultaneously, providing shareholders with considerable positive developments to evaluate.
With contracted HPC revenue now surpassing $100 million and the Bell Canada and Cohere GPU deployment scheduled for late 2026 or early 2027, HIVE’s business transformation continues to accelerate.
