Bitcoin miner HIVE inks $220 million AI GPU deal with Bell, expects $70 million annual revenue

Bitcoin miner-turned-AI infrastructure provider HIVE Digital Technologies has finalized a three-year sovereign cloud infrastructure contract valued at approximately $220 million to provide high-performance compute capacity within the Canadian market.

The agreement was executed by HIVE's wholly owned BUZZ High Performance Computing unit and combines Bell AI Fabric's data center and connectivity network, Cohere's enterprise AI models and BUZZ HPC's GPU cloud infrastructure into a Canadian AI stack designed for enterprise and government customers, according to a company statement on Thursday.

HIVE said the infrastructure comprises 2,304 Nvidia Grace Blackwell GPUs as part of Nvidia GB200 NVL72 rack-scale systems, interconnected with Nvidia Quantum InfiniBand networking and utilizing liquid cooling. 

BUZZ HPC will deploy the sovereign AI cloud and GPU cluster at Bell's facility in Merritt, British Columbia. The AI factories are powered by renewable energy and designed for ultra-low power usage effectiveness, per the statement. 

The company said it is funding the acquisition of the Blackwell systems with a portion of the proceeds from its $115 million convertible note financing completed in April. HIVE added that the partnership aligns with Canada's federal AI strategy by combining domestic connectivity, compute infrastructure and AI models while keeping data under Canadian control.

"This deployment brings together Canadian connectivity and compute, in Canadian data centres, running Canadian AI foundational models," HIVE Chairman Frank Holmes said in the statement. "Our objective is simple: convert clean energy into intelligence at scale and make Canada one of the most important sovereign AI jurisdictions on Earth."

Holmes stated that he expects the deployment to enter service between late 2026 and early 2027, adding about $70 million in contracted annual recurring revenue to the company’s current $35 million realized ARR.

Expansion beyond bitcoin mining

The agreement marks HIVE's latest effort to diversify beyond its legacy bitcoin mining business and expand its artificial intelligence and high-performance computing operations.

Earlier Thursday, the company announced that the Boden Municipal Council approved its acquisition of the Big Boden 32-megawatt data center in Sweden. HIVE has operated at the facility as a tenant since 2018, investing over 960 million SEK ($100 million) in the region, and plans to upgrade the site to Tier III infrastructure standards to support enterprise-scale AI workloads.

HIVE recently reported fiscal 2026 revenue of $297.8 million, up 158% from a year earlier, including a record $19.5 million from its HPC business.

Shares of HIVE rose over 11% in pre-market trading on Thursday to $4.40, up from its previous close of $3.97, according to Yahoo Finance data.