HIVE stock rallies after $220M GPU deal, Sweden buy

HIVE Digital’s shares rose after BUZZ HPC, a wholly owned subsidiary, signed a three-year commercial contract worth about $220 million to deploy 2,304 Nvidia Grace Blackwell GB200 GPUs at Bell’s Merritt, British Columbia data center. The GPUs will be configured as GB200 NVL72 rack-scale systems and installed over the three-year term.

On June 18, HIVE received approval from the Boden Municipal Council to purchase the Big Boden 32 MW data center in Sweden. The company has operated at the site as a tenant since 2018; ownership will allow upgrades to Tier III reliability and support higher-density AI and enterprise cloud workloads.

Investors pushed HIVE shares to a year-to-date high near $5.30 in the first full trading session after the announcements. Cantor Fitzgerald maintained an “Overweight” rating and raised its price target to $7. The current analyst consensus is “Buy” with a mean price target of about $7.07.

Brett Knoblauch, an analyst at Cantor Fitzgerald, wrote that HIVE is moving from being viewed primarily as a Bitcoin miner toward operating as an “AI infrastructure landlord.” He noted a projected shortfall in compute and energy capacity through 2026 and 2027 and pointed to HIVE’s planned 320 MW AI gigafactory near Toronto and the newly acquired 32 MW Sweden site as sources of large-scale power commitments.

The BUZZ HPC contract represents a commercial revenue stream tied to AI and high-performance computing rather than cryptocurrency rewards. The scale of the deployment and the rack configuration increase HIVE’s hardware footprint in North America.

Technical indicators showed the stock’s relative strength index rose into the low 70s after the rally, a range often described as “overbought.” Analysts’ revisions over the weekend reflected expectations for further gains over the next 12 months tied to HIVE’s access to power and compute capacity.

Owning Big Boden removes third-party landlord constraints and allows HIVE to upgrade power and cooling systems to meet higher uptime and density requirements. HIVE plans to upgrade the site to host denser racks and to meet standards aimed at enterprise cloud customers and hyperscalers requiring sustained, high-density compute.