HIVE Shares Rise After $220 Million Canada AI Infrastructure Deal

HIVE Digital Technologies shares jumped 10% in pre-market trading Thursday after the company announced a three-year, $220 million GPU cloud contract with Bell Canada and AI firm Cohere. The agreement will support sovereign AI computing infrastructure in Canada through HIVE's BUZZ High Performance Computing unit.

The deal matters because it strengthens HIVE's move beyond pure-play bitcoin mining and into high-performance computing, a business line increasingly tied to AI demand. For crypto-market readers, it highlights how mining-linked infrastructure companies are seeking revenue streams outside block production and bitcoin price exposure.

Under the contract, HIVE will deploy 2,304 Nvidia Grace Blackwell GPUs at Bell's AI Fabric facility in Merritt, British Columbia. The compute capacity is intended to support Cohere's enterprise AI models for Canadian government and corporate clients.

CoinDesk reported that the infrastructure will remain on Canadian soil, aligning with Ottawa's broader effort to reduce reliance on foreign-controlled AI technology. The deployment is expected to begin operating from late 2026 to early 2027.

The agreement is expected to add about $70 million in annual recurring revenue. Together with roughly $35 million in current realized ARR, the contract lifts HIVE's targeted high-performance computing revenue above $100 million, signaling further commercial traction for its infrastructure pivot.