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HIVE Stock Spikes as Bitcoin Miner Lands $220 million AI Infra Deal
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HIVE Digital Technologies stock climbed more than 7% on Thursday after the company announced a $220 million GPU cloud contract with Bell Canada and Toronto-based AI firm Cohere—its biggest deal yet and the clearest sign to date that the Bitcoin miner is now firmly in the AI infrastructure business.
Key facts
- Once the deployment goes live—expected between late 2026 and early 2027—HIVE expects roughly $70 million in new annual recurring revenue on top of the $35 million it already books from existing GPU
- HIVE expects the facility to generate roughly $360 million in annualized recurring revenue at full operation and has set a broader target of $660 million in annualized HPC revenue by the end of 2028
- Canada has pushed hard on this, with Ottawa committing over $2 billion to domestic AI compute as part of its Sovereign AI Compute Strategy and putting $240 million directly into Cohere
- For HIVE, which reported $278.3M Bitcoin mining revenue in its last quarter, this is the latest chapter in a pivot underway since 2022
Summary
HIVE's BUZZ HPC subsidiary closed a $220M, three-year GPU cloud contract with Bell Canada and Cohere, deploying 2,304 NVIDIA Grace Blackwell GPUs at Bell's Merritt, BC facility. The deal pushes HIVE's contracted high-performance computing revenue past $100 million, adding an expected $70M in new annual recurring revenue once the deployment goes live. HIVE stock climbed more than 7% on the TSX Thursday, as the company advances its long-running pivot from Bitcoin mining to AI infrastructure. The contract runs three years and is delivered through HIVE's subsidiary, BUZZ High Performance Computing.