New York, May 25, 2026, 12:01 EDT
- HIVE shares on Nasdaq finished Friday at $4.07, gaining roughly 51% from where they ended the previous Friday.
- Nasdaq doesn’t trade Monday because of Memorial Day. HIVE was last at about C$5.78 in Toronto.
- HIVE shares jumped after the company said it plans a C$3.5 billion AI data center near Toronto and Cantor Fitzgerald lifted its price target.
HIVE Digital Technologies heads into this shortened U.S. trading week coming off a sharp rally. Investors are watching to see if its planned artificial intelligence buildout near Toronto can help shift the bitcoin miner into more of a data-center name.
Nasdaq-listed shares finished at $4.07 on Friday, rising 5.71% for the session. That’s a gain of about 51% since the May 15 close at $2.69, StockAnalysis.com data shows. U.S. markets are shut Monday for Memorial Day, with Nasdaq set to reopen Tuesday at 9:30 a.m. Eastern.
HIVE is in focus now after a quick turn in its story. Last week, the company announced its BUZZ High Performance Computing unit is working on a planned 320-megawatt AI “gigafactory” in the Greater Toronto Area. The data center would run GPUs, chips used for training and running AI models. HIVE Digital Technologies
HIVE traded near C$5.78 on the Toronto Stock Exchange Monday after switching its Canadian listing to the main board. That’s up from C$5.63 at last close, per Investing.com. With U.S. markets shut for the holiday, only the Canadian shares and bitcoin prices were active as sentiment measures.
HIVE said it is aiming for the Ontario project to come online in the second half of 2027, with capital costs expected to be around C$3.5 billion. The plan could see more than 100,000 GPUs installed when finished. BUZZ paid about C$58 million for 25 acres, according to the company. The site comes with a 320 MW power allocation, HIVE said.
Executive Chairman Frank Holmes called AI “the new industrial base” in the company’s release. Chief Executive Aydin Kilic said HIVE has been “strategically land-banking by regional substations” and now holds over 850 MW of power worldwide. HIVE Digital Technologies
Wall Street coverage gave the stock a boost. Cantor Fitzgerald lifted its HIVE target to $4.60 from $3.00, keeping an Overweight, which typically suggests the firm expects HIVE to beat its sector, Investing.com said. Cantor pointed to possible compute shortages in 2026 and 2027 that might make HIVE’s energy and compute a draw for a big cloud player.
Hut 8 signed a 15-year lease for a Texas AI data-center campus valued at $9.8 billion earlier this month, Reuters said. The move is part of a trend where former crypto miners look to repurpose existing power, land, and cooling setups for AI clients. The sector remains competitive.
Bitcoin is still in play for HIVE, which relies on bitcoin mining as a key part of its business. Hashrate tracks the computing used to secure the network and mint new bitcoin. The token hovered near $77,200 early Monday, according to CoinDesk, holding above the 50-day moving average. But analysts pointed to over $2 billion in spot bitcoin ETF outflows over the last two weeks as a warning.
HIVE’s latest quarterly numbers cut both ways. Revenue jumped 219% from last year to $93.1 million as the company pointed to a 25 EH/s mining base and stronger BUZZ platform demand. GAAP net loss was $91.3 million, mainly from faster depreciation and non-cash valuation items.
Another balance-sheet point: Earlier this month, HIVE raised C$56.5 million through an at-the-market (ATM) equity program, allowing it to sell new shares into the open market as needed. The deal backs growth spending, but brings dilution for current shareholders.
Execution is the main risk. HIVE has flagged deployment schedules, cost overruns, soft AI demand, GPU buying holdups and slow network builds as possible reasons results might miss current projections. Shares surged 51% on Nasdaq this week. Now, even minor delays or a bitcoin dip could have an outsized impact.
Nasdaq trading resumes Tuesday and HIVE is set to trade in Toronto, so those are the main things on traders’ radar for the week ahead. Bitcoin holding around the mid-$77,000 mark is another signal people are watching. HIVE still needs to show the Ontario project has funding or a big tenant—without that, the rally is mostly tied to bets that power will be worth more than the bitcoin HIVE mined with it.
