Hive acquires 7.2-megawatt data centre in Toronto

Executive Summary

• Hive Digital Technologies Ltd. completed the acquisition of a 7.2-megawatt data center in Toronto, Canada, through its wholly owned subsidiary, Buzz High Performance Computing (Buzz).
• The facility will be upgraded from Tier 1 to Tier 3 standards to support Buzz’s High Performance Computing (HPC) and Artificial Intelligence (AI) expansion, complementing its existing partnership with Bell Canada.
• The total aggregate acquisition price is $17.25 million, consisting of $12 million in cash and one million common shares valued at $5.25 million.

Key Details

• Asset Acquired: A 7.2-megawatt data center located in Toronto, Canada.
• Strategic Purpose: To expand Buzz’s Canadian footprint and transform former Bitcoin mining facilities into Tier 3, AI-ready infrastructure to meet growing demand for AI, machine learning, and enterprise cloud solutions.
• Transaction Consideration:
  • Cash Component: $12 million paid to the vendor.
  • Equity Component: One million common shares issued to the vendor.
  • Share Valuation: Deemed price of $5.25 per share, totaling $5.25 million.
  • Total Aggregate Price: $17.25 million.
• Share Restrictions: All issued shares are subject to a hold period of four months and one day from the date of issuance.
• Regulatory Status: The acquisition is subject to acceptance by the TSX Venture Exchange as an expedited acquisition under Policy 5.3.
• Counterparties: Both the vendor and the principal are arm's-length parties.
• Operational Context: The acquisition supports Hive’s dual-engine growth strategy, which includes:
  • Bitcoin Mining: Achieved 18 exahashes per second (EH/s) as of Sept. 2, 2025, with a target of 25 EH/s by end of 2025.
  • HPC/AI: Scaling Buzz’s Tier 3 data centers and deploying advanced GPU infrastructure.
• Partnerships: Complements the preferred partnership with Bell Canada announced on Aug. 19, 2025.

Notable Quotes

• "Buzz is driving our HPC and AI strategy forward, and this acquisition marks a pivotal step in expanding our Canadian data centre portfolio. By transforming former bitcoin mining facilities into Tier 3, AI-ready infrastructure, we are capitalizing on one of the most exciting opportunities in the digital economy. Hive's investment in Buzz underscores our commitment to leading this transformation." — Frank Holmes, Executive Chairman of Hive