HIVE Digital Technologies Ltd. (NASDAQ: HIVE) has signed a non-binding letter of intent with an unnamed investment-grade, sovereign Swedish technology company for an up to 10-year lease of its 32-megawatt data center facility in Boden, Sweden.

The LOI contemplates a usable critical IT load of approximately 25 MW for high-performance computing colocation. HIVE said it plans to retrofit the facility to support up to 10,000 GB300 GPUs, with single rack densities of up to 150 kilowatts, using a hybrid of direct-to-chip liquid cooling and air cooling.

The agreement remains subject to negotiation and execution of a definitive lease agreement. HIVE previously announced on June 18, 2026, that the Boden Municipal Council approved the company's acquisition of the facility from Bodens Utvecklings AB.

HIVE has operated at the Boden facility since 2018, during which time it ran approximately 130,000 GPUs in the region. The company said the site has transitioned from supporting Ethereum mining to a high-power-density GPU colocation model based on GB300 NVL72 architecture.

President and CEO Aydin Kilic said the company anticipates the facility will "contribute significant annual recurring revenue" and generate "long-term stable cashflows" following the planned infrastructure upgrade.

Johanna Thörnblad, Country Site President for Sweden at HIVE, described the LOI as "a commercial milestone" tied to digital sovereignty goals in Sweden.

HIVE operates data centers in Canada, Sweden, and Paraguay, focused on Bitcoin mining and GPU-accelerated computing services.