HIVE Digital Technologies has announced two separate AI cloud contracts through its subsidiary BUZZ High Performance Computing in 2026: a $220 million, three-year deal with Bell Canada and Cohere reported in June, and a $350 million, five-year deal reported in August. Both are described as adding about $70 million in annualized revenue, which is the coincidence that makes them easy to conflate — but the evidence behind each is very different in kind.
The June 2026 deal: independently reported, with market reaction
Decrypt reported on 18 June 2026 that HIVE’s BUZZ HPC subsidiary had closed a $220 million, three-year GPU cloud contract with Bell Canada and Toronto-based AI firm Cohere. Per Decrypt, the contract calls for 2,304 NVIDIA Grace Blackwell GPUs to be installed at Bell’s data center in Merritt, British Columbia, with Cohere using the compute to run its enterprise and government AI platform for Canadian clients. Decrypt reported that the deal was expected to add $70 million in new annual recurring revenue once deployment goes live, pushing HIVE’s contracted high-performance computing revenue past $100 million. Decrypt also reported that HIVE shares climbed more than 7% on the Toronto Stock Exchange the day of the announcement. In a statement carried by Decrypt, HIVE executive chairman Frank Holmes described the arrangement as building what he called the "GPU factory layer" underpinning Canada’s AI ambitions.
The August 2026 deal: a headline and an unverified lead, not yet independent reporting
The Block reported in a headline published 17 August 2026 that HIVE’s BUZZ HPC had signed a five-year, $350 million AI cloud contract adding $70 million in annualized revenue. This publication holds only that headline for The Block’s article — not the body text — so nothing beyond those two figures and the five-year term can be attributed to The Block’s own reporting.
A same-day item carrying HIVE’s name also appeared on the Globe and Mail’s site, distributed through Newsfile Corp, a wire service that syndicates company-submitted announcements; the Globe and Mail’s own disclaimer on that page states it has not reviewed the content. This desk treats that item as a lead only, not as confirmation of anything in it. No specific figure, deployment detail, or executive statement from that item is reported here as verified fact. Its broad claim — a five-year, roughly $350 million agreement with an unnamed customer it calls "investment-grade," involving a GPU cluster at Bell’s Merritt, BC facility — is directionally consistent with The Block’s headline. Consistency between a headline and a company-submitted wire item is not independent verification, and this page does not treat it as such.
Where the two deals sit relative to HIVE’s targets
Separately, TheStreet Crypto has reported that HIVE is targeting $200 million in yearly contracted revenue by 31 March 2027, with an aim of a 75% profit margin on new long-term contracts, and has cited strategic assets in New Brunswick and near Toronto. This publication holds only a search-index summary of that article, so no further TheStreet Crypto detail beyond those figures can be cited.
| Deal | Announced | Term | Total contract value | ARR added | Customer named | Sourcing |
|---|---|---|---|---|---|---|
| Bell Canada / Cohere | 18 Jun 2026 (Decrypt) | 3 years | $220 million | ~$70 million | Yes — Cohere, via Bell | Decrypt, full article |
| Unnamed enterprise customer | 17 Aug 2026 (The Block headline) | 5 years | ~$350 million | ~$70 million | No — described only as "investment-grade enterprise customer" | The Block, headline only; unverified company item via Newsfile/Globe and Mail treated as a lead, not confirmation |
The common misreading
Because both contracts are described as adding roughly $70 million in annualized revenue, a reader skimming headlines from June and August 2026 could mistake them for the same deal restated, or assume the two figures simply combine into one larger total. Based on the reporting held here, they are separate contracts with separate customers, separate GPU deployments, and different total contract values.
What this page does not tell you
This page does not confirm the identity of the customer in the $350 million August 2026 deal; no independent outlet held for this page has named it, and the unverified item circulating under HIVE’s name does not either. It does not verify any dollar figure beyond the headline totals for the August deal — this desk has deliberately excluded detailed claims (deposit size, capital expenditure, total annualized revenue, projected daily revenue) that appear only in a company-submitted wire item the Globe and Mail says it has not reviewed. Because this page holds only the headline of The Block’s article, it cannot say what sourcing, caveats or additional reporting that article contains beyond the two headline figures. It does not assess whether HIVE’s targets, including the $200 million ARR goal cited by TheStreet Crypto for 31 March 2027 or the 75% margin target, are on track to be met; those are forward-looking company statements, not outcomes. Finally, this page does not track any SEC or SEDAR filing tied to either contract — none was available in the evidence reviewed — so a reader wanting regulatory-grade confirmation of contract terms will need to check HIVE’s own filings directly.
Sources
Every fact above is attributed to one of these reports. Where they disagree, the article says so.
- TheStreet Crypto (reported; full article not available to us)
- The Block (headline only)
- Decrypt
