HIVE Digital (NASDAQ: HIVE) adds $220m AI contract and 32 MW data center
Rhea-AI Filing Summary
HIVE Digital Technologies updated its equity distribution agreement, allowing it to sell up to US$300 million of common shares under an at-the-market program, with a new prospectus supplement covering an unused capacity of $214,696,023. The company also announced a three-year sovereign AI GPU cloud contract via its BUZZ subsidiary with a total value of about $220 million, powered by 2,304 NVIDIA Grace Blackwell GPUs at Bell’s Merritt, British Columbia facility. In Sweden, HIVE received approval to acquire the 32 MW “Big Boden” data center, which has supported its local operations since 2018, with plans to upgrade it toward Tier III standards. In Paraguay, a Columbia University research project showed HIVE’s A40 GPUs in Asunción could match normalized H100 performance for certain AI workloads, supporting plans for a 100 MW substation in Yguazú and a Tier III data center targeted for service in the second half of 2027.
Positive
- Landmark $220m AI GPU contract: BUZZ HPC signed a three-year GPU cloud deal worth approximately USD $220 million with Bell and Cohere, anchored by 2,304 NVIDIA Grace Blackwell GPUs, materially expanding contracted high-performance computing revenue and validating HIVE’s sovereign AI infrastructure positioning.
- Growing recurring revenue visibility: Management states contracted HPC revenue targets have surpassed $100m, with the NVIDIA GB200 deployment expected to add around $70m in annual recurring revenue once live, increasing multi-year revenue visibility from AI infrastructure.
- Strategic data center expansion: Approval to acquire the 32 MW Big Boden data center in Sweden and plans to upgrade it toward Tier III standards strengthen HIVE’s owned infrastructure base for AI and HPC workloads across its global renewable-powered footprint.
Negative
- None.
Insights
$220m AI contract plus data center expansion strengthens HIVE’s AI infrastructure story.
HIVE is pairing capital markets flexibility with tangible AI infrastructure wins. The updated at-the-market program leaves $214,696,023 of capacity, giving the company room to raise equity as it scales large GPU deployments and data centers.
The $220 million, three-year BUZZ sovereign AI GPU contract with Bell and Cohere, using 2,304 NVIDIA Grace Blackwell GPUs, is a substantial multi-year revenue commitment. Management indicates contracted HPC revenue targets above $100m and expects roughly $70m in additional ARR once the GB200 systems go live in late 2026 to early 2027.
Strategically, HIVE is deepening its footprint with the 32 MW Boden acquisition in Sweden and a planned 100 MW AI “Gigafactory” in Paraguay, tied to a substation expected to be energized in September 2026. Execution risk remains around deployment timelines, capital intensity, and demand durability, as highlighted in the forward-looking risk disclosures.
8-K Event Classification
Key Figures
Key Terms
at the market financial
automatic shelf registration statement regulatory
sovereign AI infrastructure technical
Tier III infrastructure standards technical
annual recurring revenue financial
NeurIPS technical
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
On June 16, 2026, HIVE Digital Technologies Ltd. a British Columbia corporation (the "Company" or "HIVE") amended and restated its existing Equity Distribution Agreement with Keefe, Bruyette & Woods, Inc., Cantor Fitzgerald & Co., Canaccord Genuity LLC, Roth Capital Partners LLC, B. Riley Securities, Inc., Northland Securities, Inc., and Rosenblatt Securities Inc. (the "U.S. Agents"), Stifel Nicolaus Canada Inc., Cantor Fitzgerald Canada Corporation, Canaccord Genuity Corp. and Roth Canada, Inc. (the "Canadian Agents" and, collectively together with the U.S. Agents, the "Agents") dated November 25, 2025 (such Equity Distribution Agreement, as amended and restated, is referred to herein as the "Equity Distribution Agreement"). Under the Equity Distribution Agreement, the Company may, from time to time at its option to or through any of the Agents, acting as agent and/or principal, offer and sell up to US$300,000,000 of shares of the Company's no par value common stock (the "Offering").
On June 17, 2026, the Company filed a prospectus supplement (the “Prospectus Supplement”) with the Securities and Exchange Commission (the “SEC”) as part of post-effective no. 1 on Form S-3ASR to the Company’s automatic shelf registration statement on Form F-3ASR (File No. 333-291676), originally filed with the SEC on November 20, 2025 (such registration statement, as amended, is referred to herein as the “Registration Statement”). Under the Prospectus Supplement, shares of the Company’s no par value common stock having an aggregate offering price of up to $214,696,023 may be sold, which reflects the unused portion of the previously authorized aggregate offering amount under the Equity Distribution Agreement as of the date of the Prospectus Supplement. The Prospectus Supplement supersedes and replaces, in its entirety, the Company’s prospectus supplement related to the Registration Statement and the Offering filed with the SEC on November 25, 2025.
Sales of the Common Shares under the Equity Distribution Agreement may be made by any method that is deemed to be an "at the market" offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the "Securities Act") or by any other method permitted by law. The Company may make sales of the Shares under the Equity Distribution Agreement in Canada to or through the Canadian Agents, subject to certain terms and conditions set forth therein including the filing of a prospectus in each of the provinces and territories of Canada qualifying the Shares in "at-the-market" offerings under Canadian securities laws. Each Agent will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices. The compensation payable to the Agents for sales of Shares pursuant to the Equity Distribution Agreement will be up to 3.0% of the gross proceeds for any Shares sold to or through them. The Equity Distribution Agreement may be terminated by the Company or the Agents in accordance with the terms therein.
The description of the Equity Distribution Agreement does not purport to be complete and is qualified in its entirety by reference to the Equity Distribution Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Item 7.01 Regulation FD Disclosure.
On June 18, 2026, the Company issued a press release (the "BUZZ PR") regarding the "BUZZ Agreement" (as defined below). A copy of the BUZZ PR is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
Also on June 18, 2026, the Company issued a press release (the "Boden PR") regarding the "Boden Acquisition" (as defined below). A copy of the Boden PR is furnished herewith as Exhibit 99.2 and is incorporated by reference herein.
On June 22, 2026, the Company issued a press release (the “Paraguay PR”) regarding the results of a research project studying the performance of HIVE’s A40 GPUs undertaken in collaboration with the Department of Industrial Engineering and Operations Research at Columbia University in New York, and providing an update regarding in progress on its facilities in Yguazú, Paraguay. A copy of the Paraguay PR is furnished herewith as Exhibit 99.3 and is incorporated by reference herein.
The information set forth in this Item 7.01, including Exhibits 99.1, 99.2 and 99.3 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall any such information or exhibits be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such a filing. This Current Report on Form 8-K (the "Report") will not be deemed an admission as to the materiality of any information in this Report that is required to be disclosed solely under Regulation FD.
Item 8.01 Other Events
On June 18, 2026, the Company announced that the Company's wholly-owned subsidiary, BUZZ High Performance Computing Inc. ("BUZZ") entered into an agreement with Bell Canada ("Bell") and Cohere Inc. ("Cohere") for the construction and implementation of Canadian sovereign AI infrastructure (the "BUZZ Agreement"). The Buzz Agreement contemplates that BUZZ will deploy a sovereign AI cloud and GPU cluster infrastructure at Bell's purpose-built facility in Merritt, British Columbia. The deployment is intended to provide a high-performance compute layer on which Cohere will operate its foundation models and enterprise AI solutions for government and corporate customers across Canada.
Also on June 18, 2026, the Company announced that the Boden Municipal Council in Boden, Sweden has approved the Company's acquisition of the Company's leased facility known as the "Big Boden 32 MW data center" from Bodens Utvecklings AB (the "Boden Acquisition"). The Big Boden facility has anchored HIVE's Swedish operations since 2018. The Company intends to advance the Big Boden data center toward Tier III infrastructure standards.
Forward-Looking Statements
This Current Report on Form 8-K, including Exhibits 99.1, 99.2. and 99.3, contains forward-looking statements, including, but not limited to, all statements related to the planned upgrade of the construction and implementation of Canadian sovereign AI infrastructure, the acquisition of the Company's facility located in Boden Sweden, the performance of the BUZZ AI Cloud platform in Asunción, Paraguay, and the anticipated energization of the Yguazú substation . These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Do not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with market risks, trends and conditions. These and other risks and uncertainties relating to the Company and its business can be found under the caption "Risk Factors" and elsewhere in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the year ended March 31, 2026, as well as future filings and reports by the Company. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this Current Report on Form 8-K as a result of new information, future events or changes in its expectations.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number |
Description |
| 1.1 | Amended and Restated Equity Distribution Agreement dated as of June 16, 2026 by and among the Registrant and Keefe, Bruyette & Woods, Inc., Cantor Fitzgerald & Co., Canaccord Genuity LLC, Roth Capital Partners LLC, B. Riley Securities, Inc., Northland Securities, Inc., Rosenblatt Securities Inc., Stifel Nicolaus Canada Inc., Cantor Fitzgerald Canada Corporation, Canaccord Genuity Corp. and Roth Canada, Inc. (incorporated by reference to the Company's Post-Effective No. 1 to Form F-3 on Form S-3 (File No. 333-291676) filed with the Commission on June 16, 2026) |
| 99.1 | Press Release dated June 18, 2026 |
| 99.2 | Press Release dated June 18, 2026 |
| 99.3 | Press Release Dated June 22, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HIVE DIGITAL TECHNOLOGIES LTD. | |
| By: | /s/ Darcy Daubaras |
| Name: | Darcy Daubaras |
| Title: | Chief Financial Officer |
Date: June 22, 2026
Exhibit 99.1
HIVE'S BUZZ HPC CLOSES USD $220 MILLION SOVEREIGN AI GPU CONTRACT WITH BELL AI FABRIC FOR COHERE INC.
18 Jun 2026
HIVE's BUZZ HPC Closes USD $220 Million Sovereign AI GPU Contract with Bell AI Fabric for Cohere Inc.
This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated June 16, 2026 to its short form base shelf prospectus dated October 31, 2025.
Vancouver, BC, June 18, 2026 - HIVE Digital Technologies Ltd. (TSX: HIVE) (Nasdaq: HIVE) (FSE: YO0) (BVC: HIVECO) (the "Company" or "HIVE"), through its wholly owned subsidiary BUZZ High Performance Computing Inc. ("BUZZ HPC"), today announced a landmark sovereign AI infrastructure deal involving Bell Canada (TSX: BCE | NYSE: BCE) and Cohere Inc., marking a significant milestone in Canada's AI infrastructure ecosystem.
The collaboration brings together Bell AI Fabric's national data centre and connectivity platform, Cohere's security-first enterprise-grade AI solutions and large language model capabilities, and BUZZ HPC's NVIDIAaccelerated GPU cloud and AI factory expertise into a single, integrated Canadian AI stack. Together, the companies are delivering full-stack, production-grade sovereign AI infrastructure built in Canada, for Canadian enterprise and government customers.
BUZZ HPC has executed a three-year GPU cloud contract with a total contract value of approximately USD $220 million. Through BUZZ HPC, HIVE has procured NVIDIA AI infrastructure powered by 2,304 NVIDIA
Grace Blackwell GPUs as a part of NVIDIA GB200 NVL72 rack-scale systems interconnected with NVIDIA Quantum InfiniBand scale-out networking, built to NVIDIA reference architecture standards and utilizing advanced liquid cooling.
BUZZ HPC will deploy its sovereign AI cloud and GPU cluster infrastructure at Bell's purpose-built facility in Merritt, British Columbia. The deployment will provide the high-performance compute layer on which Cohere will operate its foundation models and enterprise AI solutions for government and corporate customers across Canada. BUZZ HPC's AI factories are powered by renewable energy and designed for ultra-low power usage effectiveness (PUE), bringing industrial-scale GPU capacity to one of Canada's most strategically important AI deployments.
Canada's federal AI strategy has a clear mandate: invest in Canadian technology sovereignty and keep Canadian data secure under Canadian control. This partnership directly supports that mandate by combining Canadian connectivity, Canadian compute infrastructure, and Canadian AI models into a secure national platform.
HIVE is funding the purchase of the NVIDIA Grace Blackwell rack-scale systems using a portion of the proceeds from its recent USD $115 million convertible note financing completed in April 2026. Hypertec, a Canadian 42-year OEM veteran in high-performance computing is delivering a bespoke GPU server solution, from hardware procurement and system integration through to installation, commissioning, and OEM support.
The partnership further strengthens BUZZ's position as a leading sovereign AI cloud provider in the Canadian market, alongside Bell AI Fabric's role as the connective tissue of Canada's sovereign AI ecosystem. Together, the platform integrates connectivity, data centres, compute, professional services, and cybersecurity into a unified national AI infrastructure platform. For enterprise and government customers, the combined stack provides enhanced control over compute sovereignty, model security, performance, and operational governance. The compute infrastructure will remain entirely within Canadian borders and operate under Canadian standards.
Executive Commentary
"Canada helped pioneer modern artificial intelligence. What we have lacked is not talent, it is industrial infrastructure to commercialize that talent at scale before others do it for us. This partnership with Bell and Cohere is a defining moment. BUZZ HPC is the GPU factory layer that transforms Canada's AI ambitions from political promises into productive national assets. Sophisticated investors understand that the companies building sovereign AI infrastructure today are positioning for a decade of asymmetric returns. HIVE is one of the very few companies in the world operating at the intersection of Tier-I data centers, AI compute, and sovereign infrastructure and this deal validates that thesis at the highest level of Canadian enterprise."
- Frank Holmes, Executive Chairman, HIVE Digital Technologies
"We are very pleased to announce that our contracted HPC revenue target has surpassed $100m. We expect this NVIDIA GB200 deployment to go live in late 2026 to early 2027, adding approximately contracted $70m ARR to our current realized $35m ARR. A technological revolution requires new infrastructure. The industrial revolution required factories. The internet required fibre networks and hyperscale data centres. Artificial intelligence requires AI Factories, Tier III data centers with AI optimized GPU compute clusters, that is what we are building.
This deployment brings together Canadian connectivity and compute, in Canadian data centres, running Canadian AI foundational models. The result is a unified platform capable of supporting some of the most demanding AI workloads in the world. Our objective is simple: convert clean energy into intelligence at scale and make Canada one of the most important sovereign AI jurisdictions on Earth. This partnership demonstrates that Canada is ready to lead."
- Aydin Kilic, President & CEO, HIVE Digital Technologies
"AI starts with great models and software, but it becomes transformative when powered by the right infrastructure. At BUZZ, we see AI as energy transformed into intelligence delivered at scale through a sovereign Canadian platform with Bell and Cohere. For years, Canada led the world in AI research while importing much of the infrastructure required to scale it. That changes now.
This partnership brings together a combination of capabilities that do not exist anywhere else in Canada today: Bell's national platform, Cohere's world-class enterprise AI solutions, Hypertec's Canadian-built GPU servers, and BUZZ's AI factory and sovereign AI cloud powered by NVIDIA's fullstack AI infrastructure. What we have built together is more than a technology partnership. We have built an AI manufacturing platform for Canada. These AI Factories convert renewable energy into one of the most valuable products in the world: intelligence.
The significance of this goes beyond a single contract. Every industry will be rebuilt around AI over the next decade. The countries that own the infrastructure will capture the economic value. The countries that don't will rent it. We chose to build. This deployment creates sovereign Canadian compute at industrial scale, capable of running, fine-tuning, and serving advanced AI systems entirely within Canadian borders. The future isn't something that happens to us. The future is something we build. Today, Canada takes a major step toward building its own."
- Craig Tavares, President & COO, BUZZ HPC
About HIVE
Founded in 2017, HIVE Digital Technologies Ltd. was among the first publicly listed companies to prioritize mining digital assets powered by green energy. Today, HIVE builds and operates next-generation Tier-I and
Tier-III data centers across Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing clients. HIVE's dual engine infrastructure-driven by hashrate services and GPU-accelerated AI computing-delivers scalable, environmentally responsible solutions for the digital economy. For more information, visit hivedigitaltech.com.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast, Director of Marketing and Branding Frank Holmes, Executive Chairman Aydin Kilic, President & CEO
Tel: (604) 664-1078
About BUZZ HPC
BUZZ High Performance Computing (BUZZ), a wholly owned subsidiary of HIVE Digital Technologies Ltd. (TSX: HIVE, NASDAQ: HIVE) (the "Company" or "HIVE"), delivers enterprise-grade cloud services and largescale GPU clusters in vertically integrated data centres. Proudly Canadian, BUZZ is building sovereign AI factories while operating across 9 time zones and 3 continents. The platform supports a suite of managed services, including Kubernetes, Slurm, virtual machines, and bare-metal deployments optimized for AI, machine learning, and scientific workloads. Headquartered in Canada with a global reach, BUZZ is one of the first and few Canadian sovereign AI platforms operating at scale. Since 2017, it has deployed supercomputing environments across Canada and the Nordics. Its AI Factories are powered entirely by renewable energy and engineered with ultra-low Power Usage Effectiveness (PUE) host thousands of industrialgrade GPUs across North America, South America and Europe used for AI model training, fine-tuning and inference.
Through its Green GPU initiative, BUZZ combines AI innovation with sustainability, offering localized expertise and global infrastructure. For more information, visit buzzhpc.ai
About Bell
Bell is Canada's largest communications company¹, leading the way in advanced fibre and wireless networks, enterprise services and digital media.
By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we're keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca.
¹ Based on total revenue and total combined customer connections.
About Cohere
Cohere, founded 2019, is a security-first enterprise AI leader building foundation models and end-to-end products to solve business problems. We partner with organizations to deliver seamless integration, customization and user-friendly solutions. Our all-in-one platform provides maximum security, privacy and deployment flexibility across clouds, private environments and on-premises. Headquartered in Toronto and San Francisco, Cohere operates additional offices in London, New York, Montreal, Paris, and Seoul, serving customers worldwide.
The company has raised ~$1.6BUSD from strategic tech investors (AMD Ventures, Salesforce Ventures, Oracle, Cisco), institutional investors (Radical Ventures, Inovia Capital, PSP Investments, HOOPP, BDC, Nexxus), and AI pioneers including Geoffrey Hinton, Fei-Fei Li, Pieter Abbeel and Raquel Urtasun. For more information, visit cohere.com.
About Hypertec Group
Founded in 1984, Hypertec's mission is to bring expertise, innovation,and strong partnerships to transform challenges into opportunities for sustainable growth through technology solutions. Trusted by industry leaders across AI, financial services, healthcare, public sectors and others, we serve clients in over 80 countries and empower them to push boundaries and lead their industries through transformative technology. For more information, please visit www.hypertec.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: statements regarding deployment timelines, projected annual recurring revenue, anticipated utilization, capital expenditures, operating costs, future GPU capacity, the Company's objective to scale its HPC GPU AI cloud business, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: delays in equipment delivery or commissioning, changes in customer demand, counterparty credit risk, fluctuations in power and operating costs, competitive pricing pressures, regulatory developments, capital availability, and geopolitical conditions, and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
Exhibit 99.2
HIVE DIGITAL TECHNOLOGIES TO ACQUIRE 32 MW DATA CENTER IN BODEN, DEEPENING AN EIGHT-YEAR COMMUNITY PARTNERSHIP IN NORTHERN SWEDEN
18 Jun 2026
HIVE Digital Technologies to Acquire 32 MW Data Center in Boden, Deepening an Eight-Year Community Partnership in Northern Sweden
This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated June 16, 2026 to its short form base shelf prospectus dated October 31, 2025.
San Antonio, TX, June 18, 2026 - HIVE Digital Technologies Ltd. (TSX: HIVE) (Nasdaq: HIVE) (FSE: YO0.F) (BVC: HIVECO) (referred to as the "Company" or "HIVE"), a global leader in sustainable digital infrastructure and AI compute, today announced that the Boden Municipal Council has approved the Company's acquisition of the Big Boden 32 MW data center from Bodens Utvecklings AB, the facility that has anchored HIVE's Swedish operations since 2018.
With this approval, HIVE transitions from tenant to owner, securing full authority over the site's future and converting nearly a decade of community partnership into permanent commitment.
Built in Boden: Eight Years of Local Investment
Over eight years, HIVE has invested more than 960 million SEK (approximately $100 million USD) in the Boden region through local contractors and renewable energy procurement, and has paid more than 575 million SEK (over $60 million USD) in taxes to the Swedish Tax Authority.
HIVE is a long-standing sponsor of the Boden Hockey League, supporting 12 youth teams and the club's newly established women's teams, and is the naming partner of HIVE Arena. The Company continues to work alongside Boden Municipality and Research Institute of Sweden ("RISE") to explore recovering heat generated by the data center for broader community use, a model that transforms energy infrastructure into a civic asset.
"We chose Boden in 2018 because the municipality understood, before most did, what sustainable digital infrastructure could look like," said Johanna Thörnblad, Country Site President, Sweden. "This acquisition is HIVE's clearest signal yet that Sweden is part of our long-term global strategy to build sovereign AI compute."
"This is an investment in Boden's future," said Béatrice Öman, Mayor of Boden Municipality. "HIVE has already shown that they want to be a longterm player here, and through this deal, the company is creating conditions for continued development in the municipality. It strengthens both our business community and Boden's position as a place for technologically advanced establishments."
From the Jungles of South America to the Edge of the Arctic Circle: Infrastructure That Gives Back
For HIVE, community partnership is not layered on top of operations. It is built into how the Company enters every market, with the intention to build infrastructure that serves the region, not just the balance sheet.
In Paraguay, HIVE has invested directly in the communities surrounding its data center campuses. That work includes electrical system upgrades, improved power infrastructure, and air conditioning installations across 18 schools in Valenzuela. The Company has also built playgrounds at four local schools, improved city blocks with LED street lighting, upgraded the municipal soccer field with a new locker room, and sponsored the community's youth soccer program with new jerseys and equipment.
In Canada, HIVE participates in heat reuse initiatives that redirect thermal energy from its data centers back into local use, and supports the British Columbia Honey Producers Association, advancing environmental stewardship alongside its renewable-powered operations.
From South America to Northern Europe to Canada, the commitment is the same: enter a community as a long-term partner and help accelerate human progress.
"Sweden, Paraguay, Canada: the thread connecting all of our operations is the same," said Frank Holmes, Executive Chairman of HIVE. "The communities that host our infrastructure are partners in what we are building. Boden has been an exceptional partner for nearly eight years, and this acquisition is our commitment to continue earning that relationship. Clean power, local investment, and long-term presence: that is how technology can genuinely advance human progress."
Advancing Tier III Infrastructure Across a Global Renewable Footprint
Upon closing, HIVE will advance the Big Boden data center toward Tier III infrastructure standards, the benchmark for the security, redundancy, and uptime required to support enterprise-scale AI and HPC workloads, including support for NVIDIA's latest GPU architectures for AI training and inference. The Boden site joins HIVE's broader buildout spanning Canada, Sweden, and Paraguay, where the Company is developing sovereign, renewable-powered AI infrastructure at a moment when the world's demand for trusted compute has never been greater.
The acquisition remains subject to completion of customary closing conditions. Further details will be provided as the transaction progresses.
About HIVE Digital Technologies Ltd.
Founded in 2017, HIVE Digital Technologies Ltd. was among the first publicly listed companies to prioritize mining digital assets powered by green energy. Today, HIVE builds and operates next-generation Tier-I and Tier-III data centers across Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing clients. HIVE's dual engine infrastructure-driven by hashrate services and GPU-accelerated AI computing-delivers scalable, environmentally responsible solutions for the digital economy.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, which may include but is not limited to statements regarding: the reorientation of the Swedish facilities to HPC standards; the expected deployment, timing, capacity, and expansion of the Company's GPU-accelerated infrastructure in general; and any other futureoriented statements. Forward-looking information is based on current expectations, estimates, forecasts, and projections, as well as management's beliefs and assumptions, including that infrastructure will be deployed on the expected timelines and within budget across all sites, demand for AI computing will continue to grow, and regulatory requirements will remain consistent with current expectations, and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to the following risks: deployment timelines may change; costs may exceed expectations; performance expectations may not be achieved; demand for AI infrastructure may be lower than anticipated; partnerships or regulatory approvals may not materialize as expected; and the risk factors described in the Company's continuous disclosure documents available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.
Exhibit 99.3
HIVE DIGITAL TECHNOLOGIES LTD.
HIVE's Paraguay AI Infrastructure Performance Validated in Columbia
University Study, Research Heads to NeurIPS
This news release constitutes a "designated news release" for the purposes of the Company's amended
and restated prospectus supplement dated June 16, 2026 to its short form base shelf prospectus dated
October 31, 2025.
San Antonio, Texas, June 22, 2026 - HIVE Digital Technologies Ltd. (TSX: HIVE) (Nasdaq: HIVE) (FSE: YO0) (BVC: HIVECO) (the "Company" or "HIVE"), today announces the successful completion of its inaugural research project using HIVE GPUs for AI research purposes in Asunción, Paraguay, in collaboration with the Department of Industrial Engineering and Operations Research at Columbia University in New York.
This research has been submitted to The Conference on Neural Information Processing Systems ("NeurIPS"), one of the leading machine learning and computational neuroscience conference held annually in December. Along with ICLR and ICML, it is one of the three primary conferences of high impact in machine learning and artificial intelligence research globally.
This establishes a proof of concept for intercontinental AI training, where researchers in New York City successfully ran iterative training runs on GPUs located in Asunción, Paraguay. With this data, HIVE now has a reference point for the performance of AI workloads using GPUs in Asunción. Using code optimizations developed by the Columbia team, the research found that HIVE's A40 GPUs matched the performance of newer-generation H100 GPUs.
A researcher from the Department of Industrial Engineering and Operations Research at Columbia University said:
"We study neural network pretraining using optimization theory over general geometry and under large noise. We design and analyze an accelerated algorithm that matches the performance of the current leading method, Muon, in both theory and practice.
As shown in the paper, our work on these nodes focuses on the performance of pretraining algorithms. Over the past two months, we optimized our code for the A40s and tested the throughput and latency of Muon and our variants. In our use case of pretraining LLMs of up to 1.4B parameters, our results match those of H100s after normalizing for each hardware's raw performance.
Additionally, we tested the serving throughput and latency of our 1.4B model, which has not yet been heavily optimized, and included standard throughput and latency tests for LLaMA models as well."
Using the measured token-per-second, latency, and bandwidth data as a baseline, HIVE has established a foundation for an HPC/AI Gigafactory in Yguazú, Paraguay, where the Company has a 100 megawatt ("MW") substation under construction. Civil works are complete, with commissioning expected this summer. The substation is expected to be energized in September 2026, with construction on a new Tier-III data center beginning Fall 2026 and a ready-for-service date in H2 2027.
Leadership Commentary
Frank Holmes, Executive Chairman of HIVE, stated:
"This proof-of-concept is an important step in HIVE's mission to help bring advanced AI computing infrastructure to Paraguay. Seeing professors from Columbia University in New York City remotely utilize our AI-optimized GPU cluster in Asunción, more than 5,000 miles away, demonstrates the power of distributed AI infrastructure. It shows that high-performance computing does not need to be limited by geography. Our vision is to bring the right power, data center design, software stack, and execution, so through HIVE, Paraguay can participate directly in the global AI economy. This milestone further validates the commercial potential of HIVE's AI platform and our ability to deliver compute across borders. This is also an important moment for Paraguay. Paraguay has the power, the strategic location, and now the proof point. HIVE is proud to help bring that future online."
Aydin Kilic, President and CEO of HIVE, added:
"At HIVE, innovation is in our DNA. That is why this work with the AI researchers at Columbia University has been so exciting. Their research is focused on next-generation neural network pretraining. In simple terms, they are working on making AI training smarter, faster, and more efficient by improving the mathematical engine behind how neural networks learn.
Over the past two months, the Columbia team optimized their code for HIVE's A40 GPU nodes in Asunción across advanced AI workloads. In their specific use case, after normalizing for each hardware platform's raw performance, the results on HIVE's A40 nodes matched those observed on H100 systems. That is a powerful result.
For HIVE, this validates a core belief: great engineering can unlock significant value. Our history includes building the BuzzMiner in collaboration with Intel Corporation and also becoming one of the largest demand-response participants in Sweden, helping balance the national electrical grid. We will continue to invest in communities, while bringing the advancements and innovations in our tech stack to our data centers globally. We see a bright future for AI in Paraguay."
An Assistant Professor in the Department of Industrial Engineering and Operations Research ("IEOR") at Columbia University added:
"We are grateful for the support that made this research possible. This work advances our understanding of modern neural network optimization, including matrix-aware optimizers such as Muon and related scale-invariant methods. By clarifying their theoretical foundations and evaluating them in practical neural network training settings, this research highlights their potential relevance for future LLM pretraining. We look forward to sharing these findings with the broader research community."
About HIVE
Founded in 2017, HIVE Digital Technologies Ltd. was among the first publicly listed companies to prioritize mining digital assets powered by green energy. Today, HIVE builds and operates next-generation Tier-I and Tier-III data centers across Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing clients. HIVE's dual engine infrastructure-driven by hashrate services and GPU-accelerated AI computing-delivers scalable, environmentally responsible solutions for the digital economy. For more information, visit hivedigitaltech.com.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO
Tel: (604) 664-1078
Neither the TSX, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, which may include but is not limited to statements regarding: the performance of the BUZZ AI Cloud platform in Asunción, Paraguay; the ability to replicate and scale this performance; the benefits and advantages of power supply and Internet connectivity in Paraguay; the anticipated energization of the Yguazú substation in September 2026; the anticipated commencement of construction on a Tier-III data center in Yguazú in Fall 2026; the anticipated ready-for-service date of such data center in H2 2027; the expected deployment, timing, capacity, and expansion of BUZZ HPC's GPU-accelerated infrastructure in general; and any other future-oriented statements.
Forward-looking information is based on current expectations, estimates, forecasts, and projections, as well as management's beliefs and assumptions, including that the benefits of the operations in Paraguay can be replicated and scaled, infrastructure will be deployed on the expected timelines and within budget across all sites, demand for AI computing will continue to grow, and regulatory requirements will remain consistent with current expectations, and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to the following risks: deployment timelines may change; costs may exceed expectations; performance expectations may not be achieved; demand for AI infrastructure may be lower than anticipated; partnerships or regulatory approvals may not materialize as expected; and the risk factors described in the Company's continuous disclosure documents available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.
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