HIVE Digital secures $129 million loan for NVIDIA AI cluster

HIVE Digital Technologies, through its subsidiary BUZZ Alpha Cloud, has secured an approximately $129 million credit facility to fund a $165 million NVIDIA GB200 GPU cluster. The financing carries a 9% fixed annual interest rate over a three-year term.

The new infrastructure is intended to fulfill a three-year, $225 million contract with Cohere. HIVE plans to use the revenue generated from the Cohere agreement to repay the loan. The facility is structured as approximately 80% loan-to-cost and is secured by the GPUs and related assets. Notably, the financing is non-dilutive, as no new common shares will be issued; HIVE is covering the remaining costs using proceeds from previously issued 0% interest convertible bonds.

The GPU cluster, consisting of 2,303 units, is expected to be delivered toward the end of Q4 2026. This move marks a continued transition for the company from Bitcoin mining toward providing high-performance computing and AI infrastructure.