- Hive Digital Technologies’ stock surged 26% to a 2025 high after announcing a massive AI data center project in Canada.
- The company’s subsidiary, Buzz High Performance Computing, is building a 320-megawatt “AI Gigafactory” in the Greater Toronto Area.
- The $2.55 billion “sovereign AI infrastructure” project aims to keep data and processing power within Canada to foster domestic tech dominance.
- The pivot to AI has coincided with a significant reduction in the company’s Bitcoin holdings, from 2,805 BTC a year ago to 481 BTC as of December 31.
Hive Digital Technologies saw its stock price jump 26% on Monday, hitting its highest point this year after the Bitcoin miner announced plans for a massive new AI data center in Ontario, Canada, as reported by Yahoo Finance. The company’s subsidiary, Buzz High Performance Computing, will construct a 320-megawatt “AI Gigafactory” designed to be a cornerstone of Canadian tech infrastructure.
Billed as a “sovereign AI infrastructure” project, the facility aims to keep data and processing power within the country. Buzz Executive Chairman Frank Holmes stated the goal is to provide “sovereign AI infrastructure that turns Canadian intelligence into Canadian dominance.”
The $2.55 billion facility is expected to come online in the second half of 2026 and will require 800 construction workers. Consequently, the project is designed with closed-loop cooling systems to minimize its environmental impact and address concerns over data center water usage.
This expansion will bring Hive’s total global power capacity to 850 megawatts, enough to support around 130,000 GPUs. Meanwhile, the company’s strategic shift into high-performance computing, which began in 2022, is rapidly accelerating.
Hive generated $88.2 million from digital asset mining in its last quarter, compared to $4.8 million from high-performance computing. However, this pivot has coincided with a dramatic reduction in its Bitcoin reserves, which fell from 2,805 BTC a year ago to 481 BTC as of December 31, a cache worth approximately $36.7 million as Bitcoin traded around $76,300 according to CoinGecko.
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