- HIVE Digital Technologies (TSX/NASDAQ:HIVE) signed a letter of intent to lease its 32-MW data center in Boden, Sweden, to an investment-grade Swedish technology company for up to 10 years and up to 25 MW of high-performance computing (HPC) capacity.
- The company splits its efforts between Bitcoin mining and data center buildouts and operations.
- HIVE Digital stock has added 115.51 per cent year-over-year.
HIVE Digital Technologies (TSX/NASDAQ:HIVE) signed a letter of intent to lease its 32-MW data center in Boden, Sweden, to an investment-grade Swedish technology company for up to 10 years and up to 25 MW of high-performance computing (HPC) capacity.
The deal, subject to a definitive agreement, follows the Boden Municipal Council’s approval of the acquisition earlier this month, building upon HIVE’s strong foundation as the facility’s operator since 2018 encompassing more than 130,000 GPUs, as well as consistent investments, partnerships and support for community initiatives across the region.
HIVE’s diversification away from Bitcoin mining – where it made its name – into HPC has been accelerating as of late, as highlighted by a recent US$220 million deal with Bell, a landmark agreement to build one of Canada’s largest AI gigafactories, as well as a growing presence across the globe, with compute power now operational in Paraguay, proving the company to be squarely aligned with the world’s growing demand for AI and its promises of increased productivity.
The company’s shift away from crypto, while retaining meaningful exposure to the space, mining 2,885 Bitcoins in fiscal 2026, up by 104 per cent year-over-year (YoY), has done wonders to its income statements, improving gross operating margins by 14 per cent YoY and adjusted EBITDA by 29 per cent YoY, suggesting that leadership is on the right track when it comes to laying the groundwork for long-term shareholder value.
Leadership commentary
“The nations that control the compute will shape the next century. This LOI is a reflection of what patient, long-term infrastructure thinking produces,” Frank Holmes, Executive Chairman of HIVE Digital Technologies, said in Thursday’s news release. “We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to 10 years at this facility is the proof of what that patience delivers. The power is clean, the infrastructure is proven and the trust has been earned. At HIVE, we turn clean electrons into compute. That is the business. As we expand our global footprint from Canada to Paraguay to Sweden, each milestone reflects the same conviction: Sovereign AI infrastructure is one of the most important buildouts of our generation, and HIVE is building it.”
“We see this legacy site in Boden as a strategic long-term asset for the company. This site has evolved from a GPU compute facility supporting Ethereum and now comes full circle as a high-power-density, liquid-cooled GPU facility based on GB300 NVL72 architecture,” added Aydin Kilic, HIVE’s President and Chief Executive Officer. “We anticipate this to contribute significant annual recurring revenue and we look forward to securing a long-term colocation offtake lease with the client for this facility, which we believe could create long-term stable cashflows for HIVE as we make significant investments to upgrade it.”
About HIVE Digital Technologies
HIVE Digital Technologies, est, 2017, is one of the first publicly listed companies to focus on mining digital assets using clean energy. The company has since expanded into building and operating Tier-I and Tier-III data centers across Canada, Sweden and Paraguay.
HIVE Digital stock (TSX/NASDAQ:HIVE) is down by 10.36 per cent on the news trading at C$5.28 as of 10:33 am ET. The stock has added 115.51 per cent year-over-year.
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