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06/18 17:00
HIVE Digital acquires 32 MW Swedish data center after 8 years as tenant
HIVE Digital Technologies (Nasdaq: HIVE) is turning nearly a decade of renting space in northern Sweden into permanent ownership.
The company announced on June 18 that the Boden Municipal Council has approved its acquisition of the Big Boden 32 MW data center from Bodens Utvecklings AB, the same facility that has anchored HIVE's Swedish operations since 2018.
The move takes HIVE from tenant to owner, giving the company full control over the site's future and converting what began as a business arrangement into a long-term commitment to the region.
Related: Why AI investor Aschenbrenner is shorting Nvidia, buying HIVE
8 years, $100 million, and a hockey rink
HIVE's presence in Boden is not just about servers and power cables.
Over eight years, the company has invested more than 960 million SEK (around $100 million) in the Boden region through local contractors and renewable energy procurement.
It has also paid more than 575 million SEK (over $60 million) in taxes to the Swedish Tax Authority.
Beyond the balance sheet, HIVE sponsors the Boden Hockey League, supporting 12 youth teams and the club's newly established women's teams. It is also the naming partner of HIVE Arena.
The company is working alongside Boden Municipality and the Research Institute of Sweden to explore whether heat generated by the data center can be redirected for broader community use, an initiative that would turn energy infrastructure into a civic asset.
Johanna Thörnblad, Country Site President for Sweden at HIVE, said the acquisition reflects the company's long-term intentions in the country.
"We chose Boden in 2018 because the municipality understood, before most did, what sustainable digital infrastructure could look like. This acquisition is HIVE's clearest signal yet that Sweden is part of our long-term global strategy to build sovereign AI compute."
Béatrice Öman, Mayor of Boden Municipality, welcomed the deal as a win for the region.
"This is an investment in Boden's future. HIVE has already shown that they want to be a long-term player here, and through this deal, the company is creating conditions for continued development in the municipality."
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From the Arctic to South America: a community-first playbook
HIVE frames community investment not as a corporate afterthought but as a core part of how it enters every market. The Boden acquisition is the latest example of an approach the company has applied across three continents.
In Paraguay, HIVE has invested directly in communities surrounding its data center campuses. That work includes electrical system upgrades, improved power infrastructure, and air conditioning installations across 18 schools in Valenzuela.
The company has also built playgrounds at four local schools, improved city blocks with LED street lighting, upgraded the municipal soccer field with a new locker room, and sponsored the local youth soccer program with jerseys and equipment.
In Canada, HIVE participates in heat reuse initiatives that redirect thermal energy from its data centers back into local use, and supports the British Columbia Honey Producers Association as part of its environmental stewardship efforts.
Frank Holmes, Executive Chairman of HIVE, said the common thread across all three countries is the same.
"Sweden, Paraguay, Canada: the thread connecting all of our operations is the same. The communities that host our infrastructure are partners in what we are building. Boden has been an exceptional partner for nearly eight years, and this acquisition is our commitment to continue earning that relationship."
What happens to the data center next
Following the close of the acquisition, HIVE plans to advance the Big Boden facility toward Tier III infrastructure standards, the benchmark for the security, redundancy, and uptime required to support enterprise-scale AI and high-performance computing workloads.
The site will also be equipped to support NVIDIA's latest GPU architectures for AI training and inference.
The Boden site joins HIVE's broader infrastructure buildout spanning Canada, Sweden, and Paraguay, where the company is developing renewable-powered AI compute at a time when global demand for trusted digital infrastructure is at an all-time high.
The acquisition remains subject to customary closing conditions. Further details will be provided as the transaction progresses.
HIVE Digital Technologies is listed on the TSX, Nasdaq, Frankfurt Stock Exchange, and the Bolivarian Securities Exchange under the ticker HIVE. Founded in 2017, it was the first publicly listed company to mine digital assets powered by green energy.
Related: Wall Street analysts see HIVE stock doubling from here
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