HIVE Digital Technologies Stock Surges 26% After Unveiling $2.55B AI Gigafactory in Ontario

Hive Shares Hit Highest Price This Year After Bitcoin Miner Unveils Ontario 'AI Gigafactory' - Decrypt

Billed as a "sovereign AI infrastructure" project, the facility is designed to keep data and processing power within Canada to foster domestic tech dominance. Hive Digital Technologies' stock price popped on Monday, touching its highest point of the year after the Bitcoin miner unveiled a massive data center buildout in Ontario, Canada. The company's shares changed hands around $3.39, a 26% increase on the day, according to Yahoo Finance. Shortly before Monday's opening bell, Hive's stock price soared to $3.92, temporarily extending gains beyond 35% year-to-date. Hive reported that subsidiary Buzz High Performance Computing plans to construct an "AI Gigafactory" in the Greater Toronto Area, which will have roughly 320 megawatts (MW) of utility capacity -- enough to power at least 200,000 average homes. The firm, which began its strategic pivot away from being a pure-play Bitcoin miner in 2022, indicated the facility for artificial intelligence is expected to be one of Canada's largest. The site will support fully vertically integrated AI supercomputers when fully built, Hive added. In a statement, Hive and Buzz Executive Chairman Frank Holmes portrayed the company's latest move as a way to accelerate Canada's tech boom, providing "sovereign AI infrastructure that turns Canadian intelligence into Canadian dominance." Buzz expects its Ontario facility to come online in the second half of next year, which will likely necessitate 800 construction workers. In total, the buildout is expected to require roughly $3.5 billion Canadian dollars ($2.55 billion), eventually leading to the creation of highly skilled roles. At the same time, Hive said Buzz's facility is built in a way that is designed to minimize water usage, featuring closed-loop cooling systems. Across North America, local residents are increasingly pushing back against the proliferation of data centers, which have the potential to spike electricity rates due to their massive power needs. At 320 MW, the Ontario site would bring Hive's total power capacity to 850 MW globally. Currently, the company is using 450 MW to power data centers. With the resources, Hive said it has enough land and power to create facilities that support around 130,000 GPUs. In the three-month period ended Dec. 31, Hive generated $88.2 million from mining digital assets compared to $26.6 million a year ago. High-performance computing revenue clocked in at $4.8 million and $2.5 million, respectively, representing a sliver of its overall business. As Hive has embraced AI, the company has pared its Bitcoin holdings. As of Dec. 31, the company held 481 Bitcoin on its balance sheet, a sum recently valued at $36.7 million as the digital asset traded around $76,300, according to CoinGecko. A year ago, Hive controlled 2,805 Bitcoin, a cache worth $214.5 million today

Bitcoin Miner HIVE Expands Into AI Infrastructure in Canada

The move expands the Bitcoin miner's BUZZ HPC infrastructure with deployment targeted for 2027. HIVE Digital Technologies said its BUZZ HPC subsidiary plans to develop a 320-megawatt AI data center campus near Toronto capable of supporting more than 100,000 GPUs at full build-out. The company said the project is expected to cost about CAD $3.5 billion with target deployment in the second half of 2027. HIVE said BUZZ acquired roughly 25 acres of land tied to a 320-MW power allocation in the Toronto-Waterloo technology corridor. HIVE currently operates about 5,500 GPUs for AI computing and said its broader infrastructure pipeline could support roughly 130,000 GPUs. The company already has more than 850 MW of global power capacity across operating data centers and development projects, including sites in Canada, Sweden and Paraguay. Existing operations include both Bitcoin (BTC) mining and AI-focused computing infrastructure. The planned facility would use Ontario's electricity grid and closed-loop cooling systems designed to reduce water usage. HIVE said the project could create more than 800 construction jobs and additional permanent technical roles. Shares of HIVE were up more than 27% on Monday, bringing year-t0-date gains to about 33%, according to Yahoo Finance data. Several publicly traded Bitcoin miners reported steep quarterly losses in recent weeks as depressed Bitcoin prices and post-halving mining economics weighed on profitability. CleanSpark posted a $378 million first-quarter loss, while MARA Holdings reported a roughly $1.3 billion net loss for the same period. Still, some miners are reporting growing contributions from AI and high-performance computing (HPC) operations. TeraWulf, which posted a $427 million net loss for Q1 2026 as Bitcoin mining revenue fell 50% year-over-year, saw HPC lease revenue rise 117% from the prior quarter to $21 million, accounting for about 60% of total quarterly revenue. Despite the weaker earnings, shares of the top publicly traded miners have continued to rise this year. Data from BitcoinMiningStock.io shows most of the top 10 publicly traded mining companies by market capitalization are up double digits year-to-date, with shares of Hut 8 rising more than 112%, while Riot Platforms, TeraWulf and Core Scientific have each gained more than 60%.

HIVE Rallies On Plans For Large-Scale AI Compute Facility In Canada - HIVE Digital Technologies (NASDAQ:H

Hive shares are powering higher. What's behind HIVE gains? Buzz Advances Planned AI Gigafactory In Toronto Area The planned industrial-scale AI infrastructure facility, also referred to as an AI gigafactory, is expected to become one of Canada's largest AI gigafactories and support more than 100,000 GPUs at full build-out. Buzz acquired approximately 21 acres of land for $46 million, along with an adjacent four-acre parcel for $12 million. The combined site benefits from a 320 MW power allocation, according to the company. The company said the project is targeted to come online in the second half of 2027 and is expected to involve approximately CAD $3.5 billion in capital investment. Buzz also said the project is expected to create more than 800 construction jobs and hundreds of permanent high-skill roles. Frank Holmes, executive chairman of HIVE and Buzz, said the facility will deploy more than 100,000 GPUs at full build-out and create one of North America's largest domestically controlled AI clusters. President and CEO Aydin Kilic said HIVE now has more than 850 MW of power globally, including 450 MW of operating data centers and a 400 MW capacity pipeline expected to come online in 2027. Kilic also said the company currently has 5,500 GPUs online performing AI compute workloads. Hive Shares Charge Higher HIVE Price Action: At the time of publication, Hive shares are trading 40.52% higher at $3.78, according to data from Benzinga Pro. Photo via Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.