HIVE Digital Technologies (HIVE) shares climbed as much as 40% Monday after the bitcoin mining firm said it spent $58 million buying land in Toronto to develop an industrial-scale AI center.
The land, purchased through the company’s BUZZ High Performance Computing subsidiary, will support about 320 megawatts (MW) of capacity and more than 100,000 graphic processing units (GPUs) when fully equipped, becoming one of “Canada’s largest gigafactories,” the company said.
The investment comes amid a broader shift away from bitcoin mining and into AI data centers. Just two weeks ago, HIVE raised $115 million, with proceeds earmarked for expanding its global data center footprint and GPU capacity. The company has increasingly leaned into data centers across Canada, Sweden and Paraguay, positioning them for bitcoin mining, AI and high-performance computing (HPC) workloads.
“Compute is the new engine of the AI economy,” Craig Tavares, BUZZ HPC’s president, said in a statement. “If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home. Canada has the clean energy, network connectivity and research ecosystem to lead AI innovation around the world.”
Shares of the company surged to as high as $3.92 on Nasdaq, and were recently trading 26% higher at $3.38.
Canada-based BUZZ HPC completed the strategic acquisition of about 21 acres of land for $46 million and an adjacent 4-acre site for $12 million.
The transaction places massive industrial-scale compute directly inside Canada’s largest metropolitan economy and one of North America’s premier hubs for technology, financial services and artificial intelligence, according to HIVE, which is based in San Antonio, Texas.
HIVE now has over 850 MW of power globally, including 450 MW of operating data centers plus a pipeline of 400 MW of capacity, which it expects to bring online in 2027.