Hive shares jumps 10% on $220m Canada sovereign AI infrastructure deal
CoinDesk 2026-06-18 11:49:41
Context: HIVE Digital Technologies, a company transitioning from bitcoin mining to high-performance AI computing, has secured a $220 million, three-year GPU cloud contract with Bell Canada and AI firm Cohere. The deal will see HIVE deploy over 2,300 Nvidia GPUs in Merritt, British Columbia, to provide sovereign AI computing infrastructure in Canada. This move aligns with Ottawa's push to reduce reliance on foreign-controlled AI technology.
Key Facts
- HIVE Digital Technologies has secured a $220 million, three-year GPU cloud contract with Bell Canada and AI firm Cohere to provide sovereign AI computing infrastructure in Canada.
- The deal involves deploying 2,304 Nvidia Grace Blackwell GPUs at Bell's AI Fabric facility in Merritt, British Columbia, which will form the dedicated compute layer for Cohere's enterprise AI models serving Canadian government and corporate clients.
- The deployment is expected to add roughly $70 million in annual recurring revenue, pushing HIVE's contracted HPC revenue above $100 million, with all infrastructure remaining on Canadian soil.
- The agreement strengthens HIVE's shift from bitcoin mining to high-performance AI computing, marking a significant milestone in the company's infrastructure pivot.
- The deployment is expected to go live from late 2026 to early 2027, supporting Ottawa's broader push to reduce reliance on foreign-controlled AI technology.