HIVE Puts Two GPU Cloud Deals at $570 Million and Plans GTA Site

HIVE Digital Technologies is expanding its BUZZ HPC business with two GPU cloud agreements valued at a combined $570 million and plans a large data center in the Greater Toronto Area, adding enterprise computing commitments to its Bitcoin mining operations.

On June 18, 2026, BUZZ HPC announced a three-year GPU cloud contract with Bell Canada for Cohere, valued at about $220 million. The arrangement covers 2,304 NVIDIA Grace Blackwell GPUs at a Bell facility in Merritt, British Columbia. HIVE valued the Bell contract at about $220 million in June and about $225 million in its first-quarter results.

A second agreement, announced Aug. 17, is valued at about $350 million over five years. It is with an unnamed investment-grade enterprise customer and uses 2,016 NVIDIA Blackwell Ultra GPUs in GB300 systems.

Following the August deal, BUZZ HPC’s annualized revenue was about $180 million: approximately $35 million in active, realized annual recurring revenue and approximately $145 million in contracted annual recurring revenue expected to come online through the fourth quarter of 2026. Annual recurring revenue is an operating measure, not reported revenue.

HIVE announced its Greater Toronto Area data center plan on May 18. The proposed facility is designed for about 320 megawatts of utility capacity and more than 100,000 GPUs at full build-out. HIVE estimates the project will require CAD $3.5 billion in investment and targets operations in the second half of 2027; those figures describe planned capacity and timing.

BUZZ HPC acquired a contiguous 25-acre site for CAD $58 million, comprising a 21-acre parcel for CAD $46 million and an adjacent four-acre parcel for CAD $12 million. HIVE Executive Chairman Frank Holmes said the company had been “strategically land-banking by regional substations.”

HIVE’s mining and GPU cloud services generated combined average daily revenue above $1 million on Aug. 21, based on preliminary, unaudited management estimates. GPU cloud operations separately averaged about $100,000 in daily revenue since that date. The next stated milestone for the Greater Toronto Area plan is its targeted start of operations in the second half of 2027.