HIVE Stock Spikes as Bitcoin Miner Lands $220M AI Infra Deal
HIVE Digital Technologies rose over 7% after announcing a $220 million, three-year GPU cloud contract with Bell Canada and Cohere, its largest deal so far and a major step in its shift from Bitcoin mining to AI infrastructure. Through BUZZ High Performance Computing, HIVE will supply 2,304 NVIDIA Grace Blackwell GPUs at Bell’s data center in Merritt, British Columbia, to support Cohere’s AI services for Canadian customers. The deal fits Canada’s push for “sovereign AI,” with domestically controlled compute for sensitive government and enterprise use. HIVE has been pivoting since 2022 by redirecting GPU capacity, investing in hardware, and raising capital for expansion. The company expects the deployment to begin in late 2026 or early 2027 and add about $70 million in annual recurring revenue, lifting contracted HPC revenue above $100 million. It is also developing a larger GTA data center aimed at more than $660 million in annualized HPC revenue by 2028.
