Why HIVE Digital Technologies (TSX:HIVE) Is Up 26.8% After Major AI GPU Cloud Deal And Data Center Buy

June 22, 2026 - 01:41

HIVE Digital Technologies has seen its stock jump more than 26 percent after the company secured a major AI cloud contract and received approval to buy a data center in Sweden. The moves mark a clear shift for the firm, which started out in Bitcoin mining but is now pushing deeper into high-performance computing and artificial intelligence infrastructure.

The company got the green light to acquire the 32-megawatt Big Boden data center in Sweden. That facility will move HIVE from being a tenant to an owner of the site, giving it more control over operations and costs. At the same time, HIVE closed a three-year, US$220 million sovereign AI GPU cloud contract with Bell Canada and Cohere Inc. The deal runs through BUZZ HPC, a subsidiary focused on high-performance computing.

Together, these steps are reshaping HIVE's business mix. The long-duration AI compute revenues from the cloud contract provide a steady income stream that is less tied to the volatility of cryptocurrency prices. By owning the Boden data center, HIVE can also better manage its energy costs and expand its GPU hosting capacity.

The company is now positioning itself as a player in the AI infrastructure space, not just a crypto miner. With the expanded AI GPU capacity and the new revenue from the Bell Canada and Cohere deal, HIVE is betting that the demand for compute power for AI workloads will continue to grow. Investors have responded positively, pushing the stock up sharply as the market digests the strategic shift.