Key Highlights
- HIVE Digital shares climbed 11.8% during Thursday’s premarket session following news of a $220M GPU cloud partnership
- The multi-year agreement involves Bell Canada and artificial intelligence company Cohere, utilizing 2,304 NVIDIA Grace Blackwell GPUs
- Hardware deployment will take place at Bell’s Merritt, British Columbia location, with operations beginning between late 2026 and early 2027
- This partnership contributes approximately $70M in yearly recurring revenue; total contracted HPC revenue now exceeds $100M
- Separately, HIVE purchased its 32 MW Boden, Sweden facility, converting from leaseholder to property owner after nearly a decade
HIVE Digital Technologies (HIVE) experienced a substantial premarket rally Thursday, gaining nearly 12% following the simultaneous release of two significant corporate developments.
HIVE Digital Technologies Ltd., HIVE
Shares traded near $3.97 ahead of the announcements. Before Thursday’s session, HIVE had already posted impressive gains of 125% throughout the previous twelve months.
The primary catalyst came through BUZZ High Performance Computing Inc., HIVE’s fully controlled subsidiary, which finalized a multi-year GPU cloud agreement valued at roughly $220 million alongside Bell Canada and artificial intelligence developer Cohere.
This arrangement combines Bell AI Fabric’s nationwide data infrastructure, Cohere’s commercial AI technology, and BUZZ HPC’s NVIDIA-powered GPU cloud computing systems.
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 complete infrastructure buildout will occur at Bell’s British Columbia location in Merritt. Full operational capability is anticipated sometime during the late 2026 to early 2027 timeframe.
The processing power will support Cohere’s enterprise-focused AI platforms, currently utilized by Canada’s federal administration and business customers. All computing infrastructure remains within Canadian borders.
Financial Implications
The incoming NVIDIA GB200 installation should generate approximately $70 million in yearly recurring revenue. With HIVE presently earning $35 million in ARR, this agreement essentially quadruples that metric.
HIVE’s total contracted HPC revenue projection has now crossed the $100 million threshold, demonstrating the company’s significant evolution beyond its cryptocurrency mining origins.
HIVE plans to finance the NVIDIA Grace Blackwell hardware acquisition through funds raised from its $115 million convertible note offering closed in April 2026.
The partnership with Bell and Cohere represents the strongest indication to date that HIVE’s transformation from digital currency mining operation to data center provider is achieving substantial momentum.
Swedish Property Acquisition
In a parallel development, the Municipal Council in Boden granted approval for HIVE’s purchase of the Big Boden 32 MW data center facility from Bodens Utvecklings AB located in Sweden.
HIVE has maintained operations at the Boden location since 2018. This transaction transitions the company from facility tenant to outright owner.
Throughout eight years, the organization has deployed over 960 million SEK — roughly $100 million — in capital investments throughout the Boden area. Additionally, it has contributed more than 575 million SEK, exceeding $60 million, in municipal tax payments during this period.
Complete ownership of the property provides HIVE with enhanced operational authority over a location that has served as fundamental to its business activities for almost ten years.
Both announcements — a significant North American artificial intelligence contract alongside a European data center purchase — arrived simultaneously, providing shareholders with substantial developments to evaluate.
HIVE’s total contracted HPC revenue has now surpassed $100 million, with the Bell Canada and Cohere GPU infrastructure scheduled for activation during the late 2026 or early 2027 period.
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