Hive Stock Rallies 10% on $220M Canadian Sovereign AI Infrastructure Deal

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A GPU cloud contract with Bell and Cohere further reinforces HIVE’s strategic shift from bitcoin mining toward high-performance AI computing.

HIVE Digital Technologies (HIVE) shares rose 10% in pre-market trading on Thursday after the company secured a $220 million, three-year GPU cloud agreement with Bell Canada and AI firm Cohere, continuing its transition away from pure-play bitcoin mining.

Under the deal, HIVE’s BUZZ High Performance Computing division will deploy 2,304 Nvidia Grace Blackwell GPUs at Bell’s AI Fabric facility in Merritt, British Columbia. The infrastructure will power Cohere’s enterprise AI models, which are designed to serve Canadian government agencies and corporate clients.

The entire setup will be hosted domestically in Canada, aligning with Ottawa’s efforts to reduce dependence on foreign-controlled AI infrastructure.

The deployment is scheduled to go live between late 2026 and early 2027 and is expected to generate about $70 million in annual recurring revenue. Combined with roughly $35 million in existing ARR, HIVE’s contracted HPC revenue pipeline now exceeds $100 million, underscoring accelerating momentum in its shift toward AI-focused infrastructure.