HIVE secures $220M AI infrastructure contract with Bell and Cohere
HIVE Digital Technologies’ AI unit BUZZ HPC signed a three-year, about $220 million GPU cloud contract with Bell AI Fabric for Cohere. The deal will deploy 2,304 NVIDIA Grace Blackwell GPUs at a Bell data center in British Columbia to support Cohere’s enterprise and government AI services. HIVE expects the project to add roughly $70 million in annual recurring revenue and lift contracted HPC revenue above $100 million. The company plans to fund the infrastructure with proceeds from its $115 million convertible note raised in April. The agreement underscores HIVE’s shift from Bitcoin mining toward AI and HPC, alongside other expansion plans such as a 320-megawatt AI campus near Toronto. HIVE’s HPC revenue recently nearly doubled to $19.5 million, while its Bitcoin treasury dropped from 481 BTC to 150 BTC.
