Announcement
HIVE Digital Technologies Ltd (NASDAQ:HIVE) reported that its shares rose 11.8% in pre‑market trading on Thursday following two major developments: a three‑year GPU cloud services contract valued at approximately $220 million and the approved acquisition of a 32 MW data centre in Boden, Sweden.
Contract Details
The contract was signed by HIVE’s wholly‑owned subsidiary BUZZ High Performance Computing Inc. with Bell Canada (TSX:BCE, NYSE:BCE) and Cohere Inc. It combines Bell AI Fabric’s national data‑center platform, Cohere’s enterprise AI solutions, and BUZZ HPC’s NVIDIA‑accelerated GPU cloud infrastructure. BUZZ HPC will deploy 2,304 NVIDIA Grace Blackwell GPUs as part of NVIDIA GB200 NVL72 rack‑scale systems. The deployment will be installed at Bell’s facility in Merritt, British Columbia and is expected to become operational between late 2026 and early 2027.
Financial Impact
HIVE disclosed that its contracted high‑performance computing (HPC) revenue target has already exceeded $100 million. The NVIDIA GB200 deployment is projected to generate roughly $70 million of annual recurring revenue (ARR), adding to the currently realized $35 million ARR.
Funding
The purchase of the NVIDIA Grace Blackwell systems is being financed with proceeds from a $115 million convertible note financing that closed in April 2026.
Acquisition of Boden Data Centre
The Boden Municipal Council approved HIVE’s acquisition of the Big Boden 32 MW data centre from Bodens Utvecklings AB. HIVE has been operating the facility since 2018 and will transition from tenant to owner. Over the eight‑year period, HIVE has invested more than 960 million Swedish kronor (approximately $100 million) in the Boden region and has paid over 575 million Swedish kronor (more than $60 million) in taxes. The acquisition remains subject to customary closing conditions.
Overall Significance
The combined contract and acquisition reinforce HIVE’s strategic expansion in GPU‑accelerated cloud services and data‑center ownership, while the financing structure leverages recent convertible note proceeds.