Shares of HIVE Digital Technologies (HIVE) soared 10% in pre-market trading on Thursday after the company announced a $220 million, three-year GPU cloud agreement with Bell Canada and AI company Cohere as it continues its transition away from pure Bitcoin mining.
Under the agreement, 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, forming a dedicated compute layer for Cohere’s enterprise AI models serving Canadian government and enterprise customers.
All infrastructure will remain in Canada, supporting Ottawa’s broader efforts to reduce reliance on foreign-controlled AI technology.
The deployment is expected to be operational in late 2026 to early 2027 and generate approximately $70 million in annual recurring revenue (ARR). Combined with the approximately $35 million in ARR currently being realized, HIVE’s contracted HPC revenue target now exceeds $100 million, and it’s clear that the company’s infrastructure axis is gaining serious commercial momentum.
