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

The article is a bullish equity research note on HIVE Digital Technologies, arguing that the company is evolving from a pure Bitcoin miner into an AI infrastructure provider. The key catalyst is a major AI GPU cloud contract with Bell AI Fabric for Cohere, which is expected to push contracted AI annual recurring revenue above $100 million. The piece highlights a planned 2,304-GPU deployment and says a $70 million portion is expected to go live by early 2027. Despite this growth, HIVE trades at just 2.14x forward sales, well below peers, supporting the author’s $5 price target and implied 57% upside. Market impact is mainly positive for HIVE, driven by diversification away from crypto mining and higher valuation potential, though execution, dilution, and timing risks remain.