HIVE's $220M AI deal has it buzzing louder than a GPU on full load 🐝

HIVE Digital Technologies (HIVE) shares climbed roughly 10% in pre-market trading on Thursday after the company disclosed a three-year, $220 million GPU cloud agreement with Bell Canada and AI firm Cohere, marking another step in its pivot from bitcoin mining into high-performance computing. Under the arrangement, HIVE's BUZZ High Performance Computing unit will deploy 2,304 Nvidia Grace Blackwell GPUs at Bell's AI Fabric facility in Merritt, British Columbia, where the infrastructure will serve as the dedicated compute layer for Cohere's enterprise AI models used by Canadian government and corporate clients.

All hardware and operations will remain on Canadian soil, aligning with Ottawa's stated objective of reducing reliance on foreign-controlled AI technology. The deployment is slated to go live between late 2026 and early 2027 and is projected to contribute about $70 million in annual recurring revenue (ARR).

Combined with approximately $35 million of currently realized ARR, the new contract pushes HIVE's contracted HPC revenue target above $100 million. HIVE has not characterized the agreement as a replacement of its bitcoin mining operations; the company continues to operate its existing crypto infrastructure alongside the HPC business. The news was reported on June 18, 2026, by James Van Straten and edited by Jamie Crawley.