Toronto, May 19, 2026, 04:04 (EDT)
- HIVE ended Monday up 28.6% at $3.46 on Nasdaq and was last seen at $3.59 in after-hours trading.
- BUZZ HPC’s plan for a 320 MW AI data center in Greater Toronto, aiming for over 100,000 GPUs, prompted the move.
- Nasdaq pre-market hours are 4:00 a.m. to 9:30 a.m. ET. TSX regular trading starts at 9:30 a.m. and closes at 4:00 p.m. ET. Both follow Monday’s Victoria Day closure.
HIVE Digital Technologies Ltd. shares caught a strong bid overnight heading into Tuesday after the crypto miner and data-center operator laid out plans for a bigger artificial-intelligence buildout.
Shares closed at $3.46 on Nasdaq Monday, jumping 77 cents, or 28.6%. After hours, the stock picked up another 3.8% to $3.59, market data show.
HIVE wants to be seen less as just a bitcoin miner and more as a power-and-compute play. That’s key as investors look for firms that can convert low-cost or locked-in power to AI workloads, not just rely on what bitcoin does.
HIVE said its BUZZ High Performance Computing arm is moving ahead with a facility in the Greater Toronto Area and about 320 MW of utility capacity. The company calls it an AI gigafactory—basically a big data center set up for industrial-scale artificial intelligence jobs. GPUs will handle most of the AI compute work.
Data Center Dynamics says the planned data center will be built on around 25 acres of land purchased for C$58 million. The total investment is about C$3.5 billion, or $2.55 billion. Developers expect it to go live in the second half of 2027 and plan to install over 100,000 GPUs once it’s fully built out.
Frank Holmes, executive chairman of HIVE and BUZZ, described AI as “the new industrial base.” Aydin Kilic, president and CEO of HIVE, said the company was “strategically land-banking by regional substations.” Craig Tavares, president and COO of BUZZ HPC, called compute “the new engine.” Hive Digital Technologies
HIVE has over 850 MW of power worldwide, with 450 MW running data centers now and another 400 MW planned for 2027, Kilic said. The company has 5,500 GPUs live for AI compute and says it holds enough land and power in Canada for about 130,000 GPUs.
HIVE said less than two weeks after it switched to the main Toronto Stock Exchange from the TSX Venture Exchange, its common shares started trading on the TSX on May 12. Shares still traded under HIVE on both the Nasdaq and TSX.
MARA closed at $12.18, off around 2.2%. RIOT finished at $23.18, slipping about 1.3%. Hut 8 dropped 6.2% to $96.20. Bitcoin traded near $77,142, having dipped to $76,056 earlier. The gap with other miners stood out.
Stocks had a weak session. The Nasdaq Composite dropped 0.51% on Monday and the S&P 500 shed 0.07%. Higher oil prices and rising Treasury yields weighed on tech stocks. “Oil prices were the one issue” shifting markets, Burns McKinney, portfolio manager at NFJ Investment Group, told Reuters. Reuters
The risks are clear. HIVE’s project won’t start delivering until 2027 and still needs to get through execution, permits, power hookups, GPUs, and prove out customer demand. Financing is still a factor: HIVE said earlier this month it moved almost 15 million shares in an at-the-market sale during the first quarter, bringing in C$56.5 million before costs.
Nasdaq’s pre-market interest faces an early test Tuesday after the after-hours move. In Toronto, markets reopen following the holiday, with investors set to get their first shot at pricing the AI-factory plan in regular TSX trading.
Related articles: NASDAQ:HIVE
