The deal is expected to add approximately $70 million in annual recurring revenue as the company scales its AI-focused operations.
Canadian Bitcoin miner HIVE Digital Technologies said its AI subsidiary BUZZ HPC has signed a three-year GPU cloud contract worth approximately $220 million with Bell AI Fabric for AI startup Cohere, expanding the company's push into high-performance computing (HPC) and AI infrastructure.
The agreement calls for BUZZ HPC to deploy 2,304 NVIDIA Grace Blackwell GPUs at a Bell Canada data center in British Columbia, where the infrastructure will support Cohere's artificial intelligence models and services for enterprise and government customers.
After the deployment enters service, HIVE expects the project to contribute about $70 million in contracted annual recurring revenue, increasing its contracted HPC revenue target to more than $100 million, according to the company.
HIVE said it will fund the purchase of the AI infrastructure using a portion of the proceeds from the $115 million convertible note financing it completed in April.
The company's stock price was up around 9% at the time of writing and almost 24% in the past month, according to Yahoo Finance data. Sector tracking exchange-traded fund CoinShares Bitcoin Mining ETF (WGMI) was up 5.4% on the day, and up more than 30% in the past month. HIVE stock is the fund's eighth-biggest holding.
Related: Georgia targets illegal crypto mining in Mestia crackdown: Report
The deal is the latest move in HIVE's broader expansion into AI infrastructure. In May, the company said its BUZZ HPC subsidiary planned a 320-megawatt AI data center campus near Toronto, capable of supporting more than 100,000 GPUs.
Earlier this month, HIVE reported that revenue from its HPC division increased to $19.5 million in fiscal 2026, nearly doubling from a year earlier. The company also said contracted annual recurring revenue from the business reached $35 million, supported by deployments of Nvidia-powered GPU clusters and new enterprise contracts.
HIVE also reported a decline in its Bitcoin (BTC) treasury holdings, which fell to 150 BTC from 481 BTC a quarter earlier.
Related: Nvidia’s $20 billion debt boom reinforces Bitcoin miners' AI pivot
On Thursday, The Energy Mag (formerly The Miner Mag) noted that Bitcoin mining difficulty, a measure of how hard it is for miners to produce new blocks, fell 10.09% on June 14, one of the largest downward adjustments in the network's history.
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