HIVE Digital Technologies, the Nasdaq-listed digital infrastructure company, has signed a non-binding letter of intent to place up to 10,000 NVIDIA graphics processing units at a colocation facility in Boden, Sweden.
According to an announcement, the agreement was a significant step in the company's pivot from cryptocurrency mining toward AI compute infrastructure.
The Sweden Deal And The Capital Raise
Boden sits inside Sweden's northern power corridor. The region hosts multiple large-scale data centers because of its cold climate, which reduces cooling costs, and its access to cheap hydroelectric power. HIVE's LOI targets an as-yet-unspecified host site in that cluster.
The GPU deal coincides with a substantial capital raise. A filing from June 26 confirmed that HIVE upsized and priced a private offering of $115 million in 0% exchangeable senior notes due 2031. The notes carry no coupon. They are structured to convert into HIVE equity or cash at maturity, giving the company a zero-cost debt instrument to finance infrastructure without immediate interest payments.
At 10,000 GPUs, the Boden deployment would represent one of the larger single-site GPU buildouts announced by a crypto-origin company this year. For comparison, many AI inference deployments at hyperscaler scale begin at the 1,000 to 2,000 GPU range.
HIVE has not confirmed which specific NVIDIA GPU model the LOI references, though current enterprise GPU deployments in this class typically involve the H100 or H200 series.
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The BUZZ Canada Project And The Broader Pivot
In parallel, HIVE is building what it described as Eastern Canada's first sovereign AI factory under a subsidiary brand called BUZZ. NewsFileCorp published details of that initiative in a release from the past 24 hours, framing the project as a digital "superhighway" connecting AI compute capacity across the eastern Canadian grid.
The BUZZ project and the Sweden LOI together outline a two-geography AI infrastructure strategy. Canada provides sovereign compute for government and enterprise clients who require data residency within North America. Sweden provides lower-cost colocation at European scale. Neither project relies on HIVE's legacy GPU mining operations.
HIVE's mining roots go back to its founding as a Bitcoin (BTC) and Ethereum (ETH) miner. The company has progressively repositioned its GPU fleet away from proof-of-work mining as AI inference demand created a more attractive revenue model for the same hardware.
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Recent History
HIVE's pivot toward AI infrastructure accelerated in the months following Ethereum's transition to proof-of-stake, which eliminated GPU mining revenue from that chain. The company began redeploying its existing GPU clusters for AI training and inference workloads. The Sweden LOI and the $115M notes offering represent the most capital-intensive phase of that transition yet.
The zero-coupon structure of the notes is notable. HIVE is borrowing $115M at no interest cost, betting that its share price at conversion time will make the equity dilution acceptable. That structure works if HIVE's AI infrastructure revenues grow enough to justify a higher valuation by 2031. It is a high-conviction bet on the trajectory of the AI compute market over the next five years.
What to watch: whether HIVE converts the LOI into a binding contract, discloses the specific GPU model count, and confirms a timeline for the Boden facility going live. Any binding agreement would convert a letter of intent into a hard cost commitment, which will clarify the true capital intensity of the Sweden build.
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