Key Highlights
- HIVE Digital shares rose 11.8% during Thursday’s premarket session following news of a $220M GPU cloud partnership
- The agreement spans three years and involves Bell Canada alongside artificial intelligence company Cohere, featuring 2,304 NVIDIA Grace Blackwell GPUs
- Hardware deployment will occur at Bell’s British Columbia location in Merritt, with operations commencing between late 2026 and early 2027
- The partnership is projected to generate approximately $70M in annual recurring revenue; total contracted HPC revenue now exceeds $100M
- HIVE completed the purchase of its 32 MW Boden, Sweden data center facility, becoming the owner after operating as a tenant for eight years
HIVE Digital Technologies (HIVE) shares experienced a significant premarket surge Thursday, climbing nearly 12% following the simultaneous release of two substantial corporate developments.
HIVE Digital Technologies Ltd., HIVE
Shares were changing hands at approximately $3.97 ahead of the announcements. Before Thursday’s session, HIVE stock had already appreciated 125% during the preceding twelve-month period.
The primary catalyst came through HIVE’s complete subsidiary, BUZZ High Performance Computing Inc., which finalized a three-year GPU cloud services agreement valued at roughly $220 million with telecommunications giant Bell Canada and artificial intelligence enterprise Cohere.
The arrangement combines Bell AI Fabric’s nationwide data center infrastructure, Cohere’s business-focused AI technology, and BUZZ HPC’s NVIDIA-powered GPU cloud computing capabilities.
BUZZ HPC has secured 2,304 NVIDIA Grace Blackwell GPUs, organized within 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 British Columbia campus in Merritt. The system is scheduled to become operational sometime during the late 2026 to early 2027 timeframe.
The processing power will support Cohere’s enterprise-grade AI platforms, which currently service Canada’s federal government agencies and commercial enterprises. The entire infrastructure remains within Canadian borders.
Financial Implications
The NVIDIA GB200 infrastructure deployment is anticipated to contribute approximately $70 million in annual recurring revenue. With HIVE’s current ARR standing at $35 million, this agreement would more than triple existing figures.
HIVE’s total contracted HPC revenue projections have now crossed the $100 million threshold, highlighting the company’s substantial transformation away from its original Bitcoin mining operations.
The NVIDIA Grace Blackwell systems acquisition will be financed through capital raised from HIVE’s $115 million convertible note offering that closed in April 2026.
The partnership with Bell and Cohere represents the most concrete evidence to date that HIVE’s strategic pivot from cryptocurrency mining to data center operations is achieving meaningful momentum.
Swedish Property Acquisition
In a separate transaction, the Boden Municipal Council granted approval for HIVE’s purchase of the Big Boden 32 MW data center from Bodens Utvecklings AB located in Sweden.
HIVE has maintained operations at this Boden location since 2018. This transaction transitions the company from lessee to property owner.
The organization has committed over 960 million SEK — roughly $100 million — in capital investments throughout the Boden region across eight years. Additionally, the company has contributed more than 575 million SEK, exceeding $60 million, in municipal tax payments throughout this period.
Full ownership provides HIVE with enhanced operational control over a property that has served as a cornerstone facility for almost ten years.
Both announcements — a significant North American artificial intelligence partnership and a European data center property acquisition — were revealed simultaneously, providing substantial information for market participants to evaluate.
HIVE’s total contracted HPC revenue has surpassed $100 million, with the Bell Canada and Cohere GPU infrastructure scheduled to commence operations during late 2026 or early 2027.
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