HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) announced that its subsidiary BUZZ High Performance Computing (HPC) has contracted a new fibre optic network overbuild and carrier transport upgrade at its Grand Falls Data Centre in New Brunswick as part of plans to develop the site into a Tier III high-performance computing facility.
The company said the project represents a key infrastructure step in advancing the HIVE New Brunswick campus into a Tier III HPC-enabled data center. HIVE expects to commit approximately $3.1 million over five years toward the initiative.
The investment will be funded using proceeds from HIVE’s recent $115 million issuance of 0% exchangeable notes, which the company said are being directed toward expanding its GPU AI and Tier III HPC data center operations.
HIVE said the Grand Falls site is already energized at 70 megawatts gross load, with buildings and core electrical infrastructure in place. Through BUZZ, the company is converting the site into a 50 MW Tier III+ AI facility intended to support enterprise, government, and sovereign AI workloads.
As part of the upgrade, BUZZ is partnering with a Canadian telecommunications carrier to install dedicated high-capacity optical wavelength services, including multiple 100 Gbps and 400 Gbps connections.
Delivery of the fibre infrastructure is expected to begin in the third quarter of 2026. The unnamed carrier is also expected to make additional capital investments to complete the installation.
HIVE executive chairman Frank Holmes said the company views sovereign AI infrastructure as an important strategic priority for countries seeking greater control over data and computing capabilities.
“We are flourishing in the AI token economy, and our vision is to consume electrons and export tokens,” Holmes said. “The vision is to turn Canadian power into Canadian AI tokens of intelligence."
Aydin Kilic, HIVE CEO, said dedicated connectivity is essential for AI infrastructure development and that the upgraded network capacity will support enterprise and sovereign AI customers requiring high throughput and redundancy.
Kilic added that HIVE plans to expand its GPU AI cloud offering from 5,500 GPUs to 11,000 GPUs this year while also growing its HPC colocation business through the addition of 50 MW of Tier III HPC capacity at the Grand Falls site.
BUZZ President and COO Craig Tavares said the campus is being designed as a Canadian-owned and operated sovereign AI facility, with expansion potential across a 32-acre site.
Separately, HIVE announced that it has received final approval to list its common shares on the Toronto Stock Exchange. Trading on the TSX is scheduled to begin at market open on May 12, 2026, under the ticker symbol “HIVE.”
The company’s shares will cease trading on the TSX Venture Exchange after the close of trading on May 11 and will be delisted from the TSXV once trading begins on the TSX.
The company also disclosed that it issued approximately 15 million common shares during the quarter ended March 31, 2026, under its November 2025 at-the-market equity program, raising gross proceeds of C$56.5 million.
The shares were sold at an average price of C$3.77 each, and HIVE paid approximately $1.2 million in commissions to sales agents associated with the offering.