HIVE Wins Approval to Buy 32 MW Sweden Data Center as AI Push Expands

HIVE Digital (NASDAQ: HIVE) Technologies has received municipal approval to acquire the Big Boden data center in Sweden, a 32-megawatt facility the company has operated as a tenant for the past eight years.

The transaction, which was announced on Thursday and remains subject to customary closing conditions, would move HIVE from tenant to owner of the facility owned by Bodens Utvecklings AB. The company did not disclose financial terms.

The approval gives HIVE greater control over the future of a site it has operated for nearly eight years, as the company works to convert parts of its global data center portfolio for high-performance computing and artificial intelligence workloads. The Boden site is expected to be advanced toward Tier III infrastructure standards, a higher-redundancy design needed for enterprise AI and HPC customers.

HIVE said it has invested more than 960 million Swedish kronor, or about $100 million, in the Boden region through local contractors and renewable energy procurement since entering the municipality. It has also paid more than 575 million kronor, or more than $60 million, in taxes to the Swedish Tax Authority, according to the company.

The company said it continues to work with Boden Municipality and the Research Institute of Sweden on potential heat-reuse applications from the data center. HIVE has previously emphasized Sweden’s low-carbon power supply and cold climate as advantages for bitcoin mining and computing infrastructure.

“We chose Boden in 2018 because the municipality understood, before most did, what sustainable digital infrastructure could look like,” Johanna Thörnblad, HIVE’s country site president for Sweden, said in the statement. “This acquisition is HIVE’s clearest signal yet that Sweden is part of our long-term global strategy to build sovereign AI compute.”

Boden Mayor Béatrice Öman said the deal creates conditions for continued development in the municipality and strengthens Boden’s position as a location for advanced technology investments.

The acquisition is part of a broader repositioning by HIVE and other publicly traded bitcoin miners, which are seeking to use their power access, data center experience and real estate footprints to serve demand for AI computing. Miners have increasingly framed their sites as digital infrastructure assets rather than only bitcoin production facilities, especially as AI developers compete for power-ready campuses.

HIVE operates across Canada, Sweden and Paraguay. Its Swedish facilities have been part of its renewable-powered bitcoin mining footprint, while its more recent announcements have placed greater emphasis on AI cloud, GPU hosting and Tier III data center standards.

The Sweden approval follows HIVE’s previous expansion in Boden. In late 2023, the company acquired another data center facility in the city, located near its existing operation, as part of a push to expand its access to hydroelectric power.

HIVE said the Big Boden site will support NVIDIA’s latest GPU architectures for AI training and inference once upgraded. The company did not provide a timeline for the Tier III conversion or when the acquisition is expected to close.