HIVE Inks $350M Deal for GPU Cloud Services, Shifts from Crypto Mining

HIVE Digital Technologies is shifting its focus from cryptocurrency mining to GPU cloud services. The company's subsidiary, BUZZ HPC, has signed a five-year agreement worth approximately $350 million with an unnamed investment-grade enterprise customer.

The deal involves the deployment of 2,016 NVIDIA Blackwell Ultra GPUs in GB300 NVL72 rack-scale systems with InfiniBand networking, generating around $70 million in annualized recurring revenue. This adds to BUZZ HPC's existing contracted ARR of approximately $110 million, bringing its total to $180 million.

HIVE has adopted a dual-engine strategy, using cash flow from Bitcoin mining to fund the build-out of GPU cloud infrastructure. The company is building a multi-phase AI gigafactory in the Greater Toronto Area and expanding substation capacity in Paraguay.