Hive Gains 10% After Securing $220 Million Canada Sovereign AI Contract

DATA & FIGURES

The $220 million deal involves the deployment of 2,304 Nvidia Grace Blackwell GPUs, with HIVE expecting to add roughly $70 million in annual recurring revenue. This will push HIVE's contracted HPC revenue above $100 million, combining with approximately $35 million of current realised ARR.

THE SCENARIO

The deal is part of HIVE's transition away from pure-play bitcoin mining and towards high-performance AI computing. This move supports Ottawa's broader push to reduce reliance on foreign-controlled AI technology, with all infrastructure remaining on Canadian soil.

DIRECT QUOTE

"The deployment is expected to go live from late 2026 to early 2027, adding roughly $70 million in annual recurring revenue." — James Van Straten, Reporter, CoinDesk

BBN INSIGHT

The deal marks a significant shift for HIVE towards high-performance AI computing, diversifying its revenue streams away from bitcoin mining. This move is expected to provide HIVE with a more stable and predictable revenue base, reducing its reliance on the volatile cryptocurrency market.

MARKET REACTION

HIVE shares jumped 10% in pre-market trading on Thursday, following the announcement of the $220 million deal.