HIVE secures $220M GPU cloud deal with Bell, Cohere

HIVE Digital Technologies’ AI unit BUZZ HPC agreed to a three-year, approximately $220 million GPU cloud contract with Bell AI Fabric to support Cohere. The work calls for deployment of 2,304 NVIDIA Grace Blackwell GPUs at a Bell Canada data center in British Columbia.

Under the agreement, BUZZ HPC will build and operate the GPU cluster at the Bell facility. The infrastructure will host Cohere’s artificial intelligence models and services for enterprise and government customers. Deployment will be phased over the three-year term and the hardware will be hosted in Bell AI Fabric’s leased British Columbia site.

HIVE expects the project to contribute about $70 million in contracted annual recurring revenue once the deployment is in service, raising its contracted high-performance computing revenue target to more than $100 million. The company plans to fund the GPU purchases with part of the proceeds from a $115 million convertible note financing completed in April.

The contract is part of HIVE’s expansion into AI infrastructure. In May the company disclosed plans for a 320-megawatt AI data center campus near Toronto designed to support more than 100,000 GPUs. HIVE’s HPC division reported revenue of $19.5 million for fiscal 2026, nearly double the prior year, and reported contracted annual recurring revenue from the business of $35 million.

HIVE has reduced its Bitcoin holdings as it reallocates capital and power capacity to computing projects, with treasury holdings falling to about 150 BTC from 481 BTC a quarter earlier. The Bell–Cohere contract will add to the company’s backlog of contracted GPU capacity.

Market trading reflected the announcement: HIVE shares rose about 9% on the day the deal was disclosed and were up roughly 24% over the previous month. A sector exchange-traded fund that holds HIVE also recorded gains over the same period.

Industrywide, Bitcoin mining difficulty fell about 10.09% on June 14, a large downward adjustment attributed to weaker mining economics, a decline in Bitcoin’s price and seasonal power curtailments in some regions. Several mining companies have shifted development and power toward AI and high-performance computing projects; recent activity includes acquisitions and new development sites announced by other miners aimed at expanding AI and HPC capacity.