HIVE shares jump on Toronto AI expansion

HIVE Digital Technologies shares climbed as much as 45% after the company announced a $58 million land acquisition in the Toronto area to develop a large-scale artificial intelligence computing facility.

The project, being developed through HIVE’s BUZZ High Performance Computing subsidiary, is expected to support roughly 320 megawatts of power capacity and more than 100,000 GPUs, positioning it among Canada’s largest AI compute “gigafactories.”

“Compute is the new engine of the AI economy,”

Said Craig Tavares, adding:

“If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home.”

The acquisition included approximately 21 acres purchased for $46 million alongside an adjacent four-acre property acquired for another $12 million, giving HIVE a significant footprint inside Canada’s largest metropolitan technology and financial hub.

The expansion follows HIVE’s recent $115 million capital raise, with proceeds earmarked for increasing the company’s global AI data center and GPU infrastructure across Canada, Sweden and Paraguay.

HIVE has increasingly shifted beyond its traditional Bitcoin mining business toward AI and high-performance computing workloads as crypto mining companies seek more stable and diversified revenue streams tied to rising enterprise demand for AI infrastructure.

The company now controls more than 850MW of global power capacity, including 450MW of active data centers and another 400MW pipeline expected to come online by 2027, while HIVE shares recently traded around 26% higher at $3.38 on Nasdaq after earlier surging to $3.92.