CoinDesk
HIVE Digital Technologies said Monday it spent $58 million on land in the Toronto area to develop an industrial-scale AI computing center, sending shares up as much as 45%. The project will be built through HIVE's BUZZ High Performance Computing subsidiary and is designed to support about 320 megawatts of capacity and more than 100,000 GPUs at full buildout, which HIVE described as one of Canada's largest compute "gigafactories."
The acquisition covers about 21 acres for $46 million and an adjacent 4-acre parcel for $12 million, placing the facility inside Canada's largest metro economy and one of North America's top tech and finance hubs. BUZZ HPC president Craig Tavares framed the build as a sovereignty play: "Compute is the new engine of the AI economy. If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home."
Why it matters
The land buy comes only two weeks after HIVE closed a $115 million raise earmarked for global data center and GPU expansion, marking the company's clearest pivot yet from pure bitcoin mining toward AI and high-performance computing. With more than 850 MW of total power across Canada, Sweden and Paraguay — 450 MW operating and a further 400 MW pipeline slated to come online in 2027 — HIVE is positioning its existing power and land bank as the moat it sells to AI tenants. The Toronto site is the largest single commitment in that strategy so far.
Market impact
HIVE shares hit $3.92 on Nasdaq before settling around $3.38, still up roughly 26% on the session. The 45% intraday spike is the sharpest reaction the stock has printed around an AI-infrastructure announcement to date, and it widens the gap between HIVE and peers that have stayed pure-play on bitcoin mining. Watch the next earnings call for capex guidance, the pace of GPU procurement, and any signed AI tenant — those are the metrics that will decide whether the Toronto site earns its 320MW price tag or joins the queue of underused miner-to-AI conversions.
Frequently asked questions
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How much did HIVE pay for the Toronto AI site?
HIVE spent $58 million in total — $46 million for the 21-acre main parcel and $12 million for an adjacent 4-acre site — through its BUZZ High Performance Computing subsidiary.
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How big will the Toronto AI facility be?
The planned facility is sized for about 320 megawatts of capacity and more than 100,000 GPUs at full buildout, which HIVE described as one of Canada's largest compute gigafactories.
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How did HIVE shares react to the announcement?
HIVE shares jumped as much as 45% intraday to $3.92 on Nasdaq, then settled around $3.38, still roughly 26% above the prior close at the time of publication.
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What is HIVE's total power capacity now?
HIVE said it now controls more than 850 MW of power globally, including 450 MW of operating data centers and a pipeline of 400 MW of additional capacity targeted to come online in 2027.
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How does this fit HIVE's broader strategy?
The Toronto land buy is HIVE's clearest pivot yet from pure bitcoin mining into AI and high-performance computing, following a $115 million raise two weeks earlier that was earmarked for global data center and GPU expansion.
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