HIVE (HIVE): from Bitcoin miner to AI power plant

The thesis

HIVE is trying to turn its Bitcoin mining data centers into money‑making machines for the AI boom, and the numbers are starting to show up. In fiscal 2026, HIVE brought in about $298 million in revenue, up 158% from the year before, mostly from Bitcoin mining but with a fast‑growing AI and high‑performance computing arm called BUZZ HPC that did $19.5 million, up 94% year over year[5][4]. They raised $115 million in zero‑interest notes due 2031 to fund expansion, including a planned 320‑megawatt AI “Gigafactory” near Toronto and a 32‑megawatt data center acquisition in Sweden[4][9]. Recent deals with Bell Canada and other partners to build “sovereign AI” cloud services give HIVE real customers and a path for BUZZ HPC to become much more than a side project[9][11].

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💡 Why this matters

If you believe AI will keep needing huge amounts of computing power, companies that own and run large, efficient data centers become very interesting. HIVE started as a Bitcoin miner, but now it’s re‑using that infrastructure to rent out high‑end chips and servers to AI and cloud customers through BUZZ HPC[5][4]. That means HIVE’s future isn’t tied only to crypto prices; it has a shot at tapping into the same megatrend powering the biggest tech names today. For a regular investor, it’s a way to get exposure to both Bitcoin and AI infrastructure in one stock, without having to guess which single AI app will win[5][10].

▲ Catalysts

+ Full‑year FY2026 results released June 2, 2026: $297.8M revenue, BUZZ HPC $19.5M, sets fresh baseline for growth[5].
+ Planned 320MW AI Gigafactory in Greater Toronto Area could attract major AI cloud customers once construction milestones hit[4][11].
+ 32MW Swedish data center acquisition and HPC colocation letter of intent with a local tech firm announced in June 2026[9].
+ Bell Canada, Cohere, Hypertec and BUZZ HPC deal to advance “sovereign AI in Canada” announced June 18, 2026[9].
+ Estimated next earnings report around mid‑August 2026; any BUZZ HPC customer or revenue updates will be closely watched[8][11].

▼ Risks

! Most revenue still comes from Bitcoin; a sharp BTC drop can hit cash flow and profits hard[5][11].
! HIVE lost about $148M in FY2026, partly from heavy depreciation, showing the business is still not consistently profitable[9][11].
! AI data center build‑out needs huge capital; delays, overruns or failed customer sign‑ups could drag returns[4][11].
! Raising $115M in notes and potential future equity could dilute existing shareholders if more funding is needed[4][9].

🎯 One thing to take away

If you only remember one thing: HIVE is a Bitcoin miner trying to turn itself into an AI infrastructure player. It already has big server farms and is now using them to sell high‑powered computing through its BUZZ HPC business, which nearly doubled revenue to $19.5 million last year, while total company sales jumped to about $298 million[5][4]. They’ve raised $115 million, bought a 32MW Swedish site, and announced a massive 320MW AI Gigafactory near Toronto plus a “sovereign AI” cloud partnership with Bell Canada and others[4][9][11]. The upside is clear if AI demand and Bitcoin stay strong, but losses are still large and the spending needs are heavy. It’s a story worth watching if you like both crypto and the picks‑and‑shovels side of AI.

Data sources & methodology

All figures derive from official, public-domain government filings. Read our methodology for how we collect, process and score this data. See the methodology →

TZ Researched & published by TradesZ Research

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Not investment advice. We share research and analyses for educational purposes. Investing in stocks involves risk, including possible loss of capital. Always do your own research.