HIVE Shares Jump After BUZZ HPC Unveils 320 MW AI Facility Near Toronto

CryptoProwl

Mon, May 18, 2026 at 12:40 PM EDT 2 min read

HIVE Digital Technologies Ltd. (NASDAQ: $HIVE) shares climbed over 24 percent Monday after its BUZZ HPC unit unveiled a planned 320-megawatt AI infrastructure campus in the Greater Toronto Area, giving the former crypto miner a larger footprint in the public-market race for compute capacity.

The company said BUZZ acquired about 25 acres across two adjacent parcels for a combined $58 million. The site includes a 21-acre main parcel purchased for $46 million and a four-acre parcel purchased for $12 million, creating a contiguous property tied to a 320 MW power allocation.

HIVE is positioning the facility as one of Canada’s largest AI gigafactories, with the capacity to host more than 100,000 GPUs at full buildout. The project is expected to come online in the second half of 2027 and represents roughly C$3.5 billion in planned capital investment.

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The announcement extends a shift already taking place across the listed bitcoin mining sector. Companies with power access, data center experience and industrial sites are trying to convert those assets into AI infrastructure demand, where investor attention has been stronger than the mining economics that shaped the last cycle.

HIVE said its global power base now stands at over 850 MW, including 450 MW of operating data centers and another 400 MW of pipeline capacity expected in 2027. CEO Aydin Kilic said the company has 5,500 GPUs online today for AI compute, with land and power to support about 130,000 GPUs across its Canadian operations.

The Toronto-area site also gives HIVE a more direct position in Canada’s domestic AI infrastructure buildout. Executive Chairman Frank Holmes said the facility could become “one of North America’s largest domestically controlled AI clusters” once fully built.

HIVE Digital Technologies Ltd. (NASDAQ: HIVE) is currently trading at $3.41 U.S. per share.