HIVE Digital signs 10-year LOI for HPC colocation at its Boden, Sweden facility

HIVE Digital Technologies has spent the better part of a decade running Bitcoin miners in Sweden. Now it wants the same building to run AI instead.

On June 25, 2026, HIVE (NYSE: HIVE, TSX: HIVE) announced a non-binding letter of intent with a sovereign Swedish technology company to lease its 32 MW facility in Boden, Sweden. The deal targets roughly 25 MW of critical IT load for high-performance computing colocation, structured over a 10-year term.

The client is described as an investment-grade, sovereign Swedish technology firm.

What HIVE is actually building

The Boden facility is not just being leased as-is. HIVE plans to retrofit the site to accommodate up to 10,000 GB300 GPUs, Nvidia’s latest Blackwell-generation server chips, using a hybrid liquid and air cooling system capable of rack densities up to 150 kW.

For context, most traditional data centers operate at rack densities of 10 to 20 kW. Running AI workloads at 150 kW per rack requires fundamentally different infrastructure, which is why the retrofit is a meaningful capital commitment, not a cosmetic upgrade.

The finished facility is targeting Tier-III standards, the industry benchmark for data center reliability that requires redundant components and roughly 99.982% uptime.

The LOI itself is contingent on one key condition. Boden Municipal Council had to first approve HIVE’s acquisition of the site from Bodens Utvecklings AB. That approval came through on June 18, 2026, clearing the path for the LOI signed one week later.

The financing side of the equation

On the same day as the LOI announcement, HIVE also filed for a US$100 million offering of 0% exchangeable senior notes due 2031. The two announcements together sketch a clear picture: HIVE is trying to lock in a long-term revenue anchor on one hand while raising the capital to build it on the other.

Zero-percent notes are worth unpacking. Exchangeable senior notes at 0% interest do not pay a coupon. Investors accept that because the notes convert into equity under certain conditions, meaning the bet is on HIVE’s stock appreciating rather than collecting interest. It is a structure that signals confidence in share price growth while keeping cash interest costs at zero in the near term.

The longer pivot story

HIVE has operated the Boden site since 2018, originally as part of its Nordic Bitcoin mining footprint.

HIVE’s transition from mining to AI compute is not unique in the industry. The difference with HIVE’s Boden play is the scale of the commitment: a 10-year lease with an investment-grade counterparty is a fundamentally different revenue profile than the spot-market economics of mining.

What investors should watch

The LOI is non-binding, which is the first thing to keep in mind. The Boden council approval is already done, which removes one variable, but the retrofit buildout and final contract execution still lie ahead.

The GPU retrofit plan is also worth watching closely. Securing 10,000 GB300 units requires navigating Nvidia’s supply chain, which has been constrained for high-end AI chips across the industry.

On the capital structure side, the $100 million notes offering adds leverage to a company that is still generating revenue from crypto mining while building out a new business line. The notes mature in 2031, giving HIVE roughly five years to demonstrate that the HPC colocation model generates sufficient cash flow.

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