HIVE Digital Technologies (Nasdaq: HIVE) has secured a long-term commitment from a Swedish government-backed technology company to lease its data center in Boden, Sweden, a facility the compa
HIVE Digital Technologies (Nasdaq: HIVE) has secured a long-term commitment from a Swedish government-backed technology company to lease its data center in Boden, Sweden, a facility the company has operated since 2018 and is now preparing to transform into a high-performance AI computing hub.
HIVE announced on June 25 that it has signed a letter of intent with an investment-grade, sovereign Swedish technology client for a lease of up to 10 years at its 32 megawatt Boden facility. The deal is non-binding and subject to a final agreement, but represents one of the most significant commercial milestones in the company's history in the Nordics.
Founded in 2017, HIVE Digital Technologies was among the first publicly listed companies to mine Bitcoin using green energy.
Today it operates next-generation Tier-I and Tier-III data centers across Canada, Sweden, and Paraguay, serving both Bitcoin mining and high-performance computing clients through what it calls a dual-engine infrastructure model.
Related: HIVE Digital raises $100 million to fund GPU purchases and data center expansion
Under the terms of the letter of intent, HIVE plans to retrofit the Boden site to support up to 10,000 GB300 GPUs, Nvidia's latest generation of high-performance chips, with single rack densities of up to 150 kilowatts. The facility will use a combination of direct-to-chip liquid cooling and air cooling to handle the power demands of that hardware.
The site's 32 megawatt gross utility load translates to approximately 25 megawatts of usable critical IT load, which is what the lease covers for high-performance computing colocation purposes.
In simple terms, HIVE is converting a facility it originally built for cryptocurrency mining into a cutting-edge AI computing center, purpose-built for the kind of dense, power-hungry workloads that modern AI applications require.
HIVE has operated in Boden for nearly a decade, running approximately 130,000 GPUs in the region at its peak. That operational history, and the relationships built with local authorities and stakeholders over that period, was a key factor in the Swedish client's decision to choose the site.
The Boden Municipal Council approved HIVE's acquisition of the facility from Bodens Utvecklings AB on June 18, just days before the letter of intent was signed.
"The nations that control the compute will shape the next century," said Frank Holmes, Executive Chairman of HIVE.
"We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to 10 years at this facility is the proof of what that patience delivers. The power is clean, the infrastructure is proven, and the trust has been earned."
Aydin Kilic, President and CEO of HIVE, framed the deal as a commercial evolution of a site that has come full circle, from Ethereum GPU mining to enterprise AI infrastructure.
"This site has evolved from a GPU compute facility supporting Ethereum and now comes full circle as a high-power-density, liquid-cooled GPU facility based on GB300 NVL72 architecture," Kilic said.
"We anticipate this to contribute significant annual recurring revenue and we look forward to securing a long-term colocation offtake lease with the client for this facility, which we believe could create long-term stable cashflows for HIVE as we make significant investments to upgrade it."
Beyond the commercial deal, the Boden agreement carries broader significance for Sweden's ambitions in AI infrastructure. HIVE's Country Site President for Sweden, Johanna Thörnblad, framed it in those terms.
"The signing of this agreement is both a commercial milestone and a powerful symbol of the future we are building in Boden," Thörnblad said.
"This project reinforces our commitment to supporting digital sovereignty while building world-class infrastructure that serves the long-term needs of Sweden."
HIVE operates data centers across Canada, Sweden, and Paraguay, serving both Bitcoin mining and high-performance computing clients. The Boden deal adds a long-term, revenue-generating anchor tenant to what is shaping up to be the company's most strategically important European asset.
Related: Columbia University study validates HIVE Digital's Paraguay GPU performance
