HIVE books $220M AI deal as its BTC stack shrinks from 481 to 150 🐝

HIVE Digital Technologies said its AI subsidiary BUZZ HPC has signed a three-year GPU cloud contract worth approximately $220 million with Bell AI Fabric to supply compute for AI startup Cohere. Under the agreement, BUZZ HPC will deploy 2,304 NVIDIA Grace Blackwell GPUs at a Bell Canada data center in British Columbia, with the infrastructure dedicated to supporting Cohere's artificial intelligence models and services for enterprise and government customers.

Once the deployment is live, HIVE expects the project to contribute about $70 million in contracted annual recurring revenue, lifting the company's contracted HPC revenue target above $100 million. HIVE said it will fund the AI infrastructure purchase using part of the proceeds from the $115 million convertible note financing it completed in April. HIVE shares were up about 9% on the day and roughly 24% over the past month, according to Yahoo Finance, while the CoinShares Bitcoin Mining ETF (WGMI) gained 5.4% on the day and more than 30% over the month; HIVE is WGMI's eighth-largest holding.

The contract builds on HIVE's wider AI build-out. In May, the company said BUZZ HPC was planning a 320-megawatt AI data center campus near Toronto designed to support more than 100,000 GPUs. Earlier this month, HIVE reported that fiscal 2026 revenue from its HPC division rose to $19.5 million, nearly doubling year over year, while contracted annual recurring revenue from the segment reached $35 million, supported by Nvidia-powered GPU clusters and new enterprise contracts.

HIVE's Bitcoin ($BTC) treasury holdings declined to 150 BTC from 481 BTC a quarter earlier, according to BitcoinTreasuries.NET. Separately, The Energy Mag reported that Bitcoin mining difficulty fell 10.09% on June 14, one of the largest downward adjustments in the network's history, attributing the drop to weaker mining economics, BTC price weakness, seasonal power curtailment in Texas and broader power-market dynamics, and noting that miners shifting power to AI and HPC projects could weigh on future hashrate growth.