HIVE Digital stock soars 35% after announcing Toronto AI data center plan

Shares of Bitcoin mining firm HIVE Digital surged more than 35% in early trading after the company announced plans to build a 320 MW AI gigafactory in Toronto, Canada. The company stated that upon completion, the project will operate as a large-scale AI data center capable of housing over 100,000 GPUs, with a total investment of approximately 3.5 billion Canadian dollars ($2.55 billion). The target operational date is the second half of 2027. HIVE has recently been focusing on expanding its AI infrastructure business, including converting part of its BTC ASIC mining facility in Sweden into an AI data center and pursuing the development of a GPU cluster in Paraguay. The company is reported to have secured approximately 850 MW of global power capacity across its operational and planned facilities.