HIVE Digital lands $220 million AI deal with Bell, Cohere

HIVE Digital Technologies announced a major three-year GPU cloud contract valued at approximately $220 million with Bell Canada and AI firm Cohere, marking a significant step in the company's strategic shift from Bitcoin mining to artificial intelligence infrastructure. The deal, signed on Thursday, June 18, 2026, will see HIVE's subsidiary, BUZZ High Performance Computing, deploy 2,304 NVIDIA Grace Blackwell GPUs at a Bell data center in Merritt, British Columbia.

The infrastructure will form a dedicated compute layer for Cohere's large language models, serving enterprise and government clients in Canada. The arrangement supports the Canadian government's push for "sovereign AI," which emphasizes keeping AI infrastructure and data within national borders. Once operational, the deployment is expected to generate roughly $70 million in new annual recurring revenue for HIVE, pushing its total contracted high-performance computing revenue target past $100 million.

HIVE's stock climbed more than 7% on the Toronto Stock Exchange following the announcement. The company stated it will fund the hardware purchase using a portion of the proceeds from a $115 million convertible note...