HIVE Digital Technologies (HIVE) shares rose as much as 40% on Monday after the Bitcoin mining company announced it spent $58 million to buy land in Toronto to develop an industrial-scale AI center.
The land, purchased through the company’s BUZZ High Performance Computing subsidiary, will support approximately 320 megawatts (MW) of capacity and more than 100,000 graphics processing units (GPUs) when fully equipped, making it one of “Canada’s largest gigafactories,” the company said.
The investment comes amid a broader shift from Bitcoin mining to AI data centers. Just two weeks ago, HIVE raised $115 million, with the proceeds going toward expanding its global data center footprint and GPU capacity. The company is increasing its focus on data centers in Canada, Sweden, and Paraguay, positioning them for Bitcoin mining, AI, and high-performance computing (HPC) workloads.
“Computing is the new engine of the AI economy,” Craig Tavares, president of BUZZ HPC, said in a statement. “If Canada wants to lead in AI, we need to build intelligence factories right here at home. Canada has the clean energy, connectivity and research ecosystem to lead in AI innovation around the world.”
The company’s stock soared to $3.92 on the Nasdaq and was recently trading at $3.38, up 26%.
Canada-based BUZZ HPC has completed a strategic acquisition of approximately 21 acres of land for $46 million and an adjacent four-acre site for $12 million.
San Antonio, Texas-based HIVE said the deal will bring large-scale, industrial-scale computing directly to Canada’s largest metropolitan economy and one of North America’s premier technology, financial services and artificial intelligence hubs.
HIVE currently has over 850 MW of power worldwide, including 450 MW of operational data centers and a pipeline with 400 MW of capacity scheduled to come online in 2027.
