HIVE Digital Technologies ( HIVE ) shares rose 10% in premarket trading Thursday after the company announced a three-year, $220 million GPU cloud contract with Bell Canada and AI 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 business customers.
All infrastructure will remain on Canadian soil, supporting Ottawa’s broader efforts to reduce reliance on foreign-controlled AI technology.
The implementation is expected to go live from late 2026 to early 2027, adding about $70 million in annual recurring revenue (ARR). Combined with about $35 million of current realized ARR, HIVE’s contracted HPC revenue target now exceeds $100 million, a clear signal that its infrastructure pivot is gaining serious commercial momentum.
