Shares of HIVE Digital Technologies (HIVE) rose 10% in pre-market trading on Thursday after the company announced a three-year, $220 million GPU cloud deal with Bell Canada and artificial intelligence firm Cohere, as the company continues its transition away from pure bitcoin mining.
The deal will see HIVE’s BUZZ high-performance computing unit deploy 2,304 Nvidia Grace Blackwell GPUs at Bell’s AI Fabric facility in Merritt, British Columbia, forming the dedicated compute layer for Cohere’s enterprise AI models serving Canadian government and corporate clients.
All infrastructure will remain on Canadian soil, supporting Ottawa’s broader push to reduce reliance on foreign-controlled AI technology.
The implementation is expected to go live in late 2026 to early 2027, adding approximately $70 million in annual recurring revenue (ARR). Combined with approximately $35 million of ARR currently realized, HIVE’s contracted HPC revenue target now exceeds $100 million, a clear sign that its infrastructure pivot is gaining major commercial momentum.
