Shares of HIVE Digital Technologies (HIVE) jumped 10% in premarket trading Thursday after the company announced a three-year, $220 million GPU cloud deal with Bell Canada and AI firm Cohere, as the company continues its transition into pure-play 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 the Canadian government and enterprise customers.
All infrastructure will remain on Canadian soil, supporting Ottawa’s broader efforts to reduce reliance on foreign-controlled AI technology.
The deployment is expected to be operational between late 2026 and early 2027, adding approximately $70 million in annual recurring revenue (ARR). Combined with approximately $35 million in ARR currently realized, HIVE’s contracted HPC revenue target now exceeds $100 million, a clear signal that its infrastructure pivot is gaining serious commercial momentum.
