Toronto, May 18, 2026, 08:06 EDT
- HIVE’s BUZZ HPC division is planning a 320 MW AI infrastructure facility in the Greater Toronto Area and says first operations could start in the second half of 2027.
- HIVE traded at $3.58 in the Nasdaq pre-market, a 33.09% jump over Friday’s $2.69 close. Pre-market covers trades ahead of the regular 9:30 a.m. open.
- Toronto Stock Exchange is shut Monday for Victoria Day, so traders in Canada won’t price the news until Tuesday.
HIVE Digital Technologies Ltd. jumped in U.S. pre-market trade Monday after its BUZZ HPC unit said it plans a 320 MW AI infrastructure project in the Greater Toronto Area. The move is the latest sign the former bitcoin miner wants to be seen as a data center play.
HIVE’s shift to the main Toronto Stock Exchange from the TSX Venture Exchange hit last week, but with the TSX closed for Victoria Day on Monday, its first clear read is showing up in Nasdaq trading ahead of the regular U.S. open.
HIVE traded at $3.58 on Public.com at 8:00 a.m. Eastern, an $0.89 jump from Friday’s $2.69 close. Pre-market prices were between $3.56 and $3.60, according to Public. Nasdaq lists normal hours as 9:30 a.m. to 4:00 p.m. Eastern and pre-market from 4:00 a.m. to 9:30 a.m.
BUZZ said the planned facility will have around 320 MW of utility capacity with space for more than 100,000 GPUs when fully built. GPUs are the chips used for AI model training and running. The company pegged the capital spend at about C$3.5 billion and is aiming for an online date in the second half of 2027.
BUZZ picked up a 21-acre parcel for $46 million and added a 4-acre lot next to it for $12 million, the company said. That puts the 320 MW power allocation on a single block. In the AI rush, power is now just as tight as chips.
Executive Chairman Frank Holmes called AI “the new industrial base” in the statement. Holmes said the site might turn into one of the biggest domestically controlled AI clusters in North America. hivedigitaltechnologies.com
HIVE’s CEO Aydin Kilic said the company now has over 850 MW of total power worldwide, made up of 450 MW in active data centers plus another 400 MW that HIVE expects to add in 2027. Kilic said BUZZ currently has 5,500 GPUs running and room for about 130,000 GPUs in the infrastructure.
HIVE is now moving further into the tight race among bitcoin miners looking to rebrand as AI infrastructure plays. Hut 8 inked a $9.8 billion, 15-year lease for a Texas data-center campus earlier this month, according to Reuters. Other miners like MARA and Riot are also being tracked as investors consider how much mining infrastructure could shift to support AI.
HIVE didn’t start from nothing. In February, the company posted record fiscal Q3 revenue of $93.1 million, up 219% from the prior year. Of that, $88.2 million came from digital-currency hashrate revenue and $4.9 million from BUZZ HPC. Hashrate is the computing power used to secure a blockchain and get mining rewards.
HIVE wrapped up a private sale of $115 million in 0% exchangeable senior notes in April, saying the funds will go toward general corporate uses, buying GPUs, and building out data centers. Exchangeable notes are a type of debt that holders can convert into shares at agreed terms. The balance sheet is part of the story.
But the risk isn’t minor. HIVE’s forward-looking statement pointed to possible deployment timeline changes, cost overruns, weaker AI demand than planned, GPU procurement snags, and network delays. Bitcoin was also down, trading close to $77,303, adding pressure for the mining business.
Stocks look weak across the board. According to Reuters, U.S. stock-index futures ticked lower Monday, with rising Treasury yields and oil prices leaning on sentiment. That mix can pressure smaller growth and infrastructure stocks if funding stays expensive.
TSX reopens Tuesday after the holiday, and traders will be watching to see if Canadian stocks follow the Nasdaq higher or stay on the sidelines. The main issue is still the wait on HIVE—investors want to see if the company can actually use its land, energy and capital to secure AI contracts, or if the market loses patience with the construction narrative before real money comes in.
