Key Highlights
- HIVE Digital shares surged 11.8% during Thursday’s premarket session following announcement of a $220M GPU cloud agreement
- The partnership spans three years with Bell Canada and artificial intelligence 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 beginning between late 2026 and early 2027
- The agreement contributes approximately $70M in yearly recurring revenue; total contracted HPC revenue now exceeds $100M
- HIVE additionally purchased its 32 MW Boden, Sweden facility, converting from lessee to property owner following eight years of operation
HIVE Digital Technologies (HIVE) shares experienced a sharp rally of nearly 12% during Thursday’s premarket hours, reacting positively to a dual announcement from the company.
HIVE Digital Technologies Ltd., HIVE
Shares were hovering near $3.97 ahead of the news release. Leading up to Thursday’s session, HIVE had already delivered impressive returns of 125% throughout the previous year.
The primary catalyst came from BUZZ High Performance Computing Inc., HIVE’s fully owned division, which finalized a three-year GPU cloud agreement valued at roughly $220 million alongside Bell Canada and artificial intelligence firm Cohere.
This partnership combines Bell AI Fabric’s nationwide data center network, Cohere’s corporate AI technology, and BUZZ HPC’s NVIDIA-powered GPU cloud capabilities.
BUZZ HPC has secured 2,304 NVIDIA Grace Blackwell GPUs, arranged 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 projected to become operational somewhere between late 2026 and the beginning of 2027.
The computational power will support Cohere’s enterprise artificial intelligence platforms, which serve Canada’s government agencies and business customers. The entire infrastructure remains domestically located within Canada.
Financial Implications
The fresh NVIDIA GB200 installation is projected to generate approximately $70 million in yearly recurring revenue. With HIVE currently recording $35 million in ARR, this contract would effectively triple that metric.
HIVE’s total contracted HPC revenue projection has now crossed the $100 million threshold, demonstrating the company’s successful evolution beyond its cryptocurrency mining origins.
HIVE plans to finance the NVIDIA Grace Blackwell hardware acquisition through capital raised from its $115 million convertible note offering finalized in April 2026.
The partnership with Bell and Cohere represents the strongest evidence to date that HIVE’s transformation from digital currency miner to enterprise data center provider is achieving meaningful commercial success.
Swedish Property Acquisition
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 located in Sweden.
HIVE has maintained operations at the Boden location since 2018. This transaction transitions the company from renter to property owner.
The organization has committed over 960 million SEK — roughly $100 million — in capital investments throughout the Boden area across eight years. Additionally, it has contributed more than 575 million SEK, exceeding $60 million, in regional tax payments throughout that period.
Direct ownership of this property provides HIVE with enhanced operational authority over a location that has served as a cornerstone of its business for close to ten years.
Both announcements — a significant North American artificial intelligence contract alongside a European data center purchase — arrived simultaneously, providing market participants with substantial positive developments to evaluate.
HIVE’s total contracted HPC revenue has now surpassed $100 million, with the Bell Canada and Cohere GPU infrastructure scheduled to commence operations during late 2026 or the start of 2027.
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