HIVE Digital: A Contracted AI Re-Rating Hidden Inside A Bitcoin Miner

HIVE Digital Technologies is transitioning from Bitcoin mining to a dual-engine model, leveraging a major AI GPU cloud contract with Bell AI Fabric for Cohere. HIVE’s contracted AI annual recurring revenue is set to exceed $100 million, with a significant $70 million deployment expected to go live by early 2027. Shares trade at a discounted 2.14x forward sales multiple, despite growing AI revenue and a clear path to $410 million normalized annualized revenue. I rate HIVE a buy with a $5.00 price target, citing undervaluation, AI growth, and optionality from the GTA campus, while monitoring dilution and contract execution risks.

HIVE Digital Technologies Ltd. ( HIVE ) is still largely seen as a company that leverages its infrastructure to mine Bitcoin, although its profit mix is changing. The most important change came from BUZZ HPC's