Cryptomine and data center firm Hive looks set to secure a new tenant for its facility in Boden, Sweden.Hive Digital Technologies this week announced it has signed a letter of intent with an investment-grade, sovereign Swedish technology company to leave Hive’s 32MW facility in Boden for ten years.The LOI is non-binding and subject to the negotiation and execution of a definitive agreement.Hive said the unnamed customer would have around 25MW of IT capacity, and will be deploying up to 10,000 Nvidia GB300 GPUs.An occupier of the site since 2018, Hive secured approval from the Boden Municipal Council this month to fully acquire the site from Bodens Utvecklings AB.At the time, the firm said it would be taking the site to Tier III standards. Hive said it would be upgrading the site to accommodate the customer’s GPUs, with direct-to-chip liquid cooling required to cool the 150kW racks.Frank Holmes, executive chairman of Hive, said: “This LOI is a reflection of what patient, long-term infrastructure thinking produces. We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to ten years at this facility is proof of what that patience delivers. The power is clean, the infrastructure is proven, and the trust has been earned.”Founded in 2017, Hive – formerly Hive Blockchain and focused on cryptomining – has data centers in operation or under development in Sweden and Paraguay. The company’s Buzz AI cloud division has capacity live and planned across Canada.Aydin Kilic, president & CEO of Hive, added: “We see this legacy site in Boden as a strategic long-term asset for the company. This site has evolved from a GPU compute facility supporting Ethereum and now comes full circle as a high-power-density, liquid-cooled GPU facility based on GB300 NVL72 architecture. We anticipate this to contribute significant annual recurring revenue, and we look forward to securing a long-term colocation offtake lease with the Client for this facility, which we believe could create long-term stable cashflows for Hive as we make significant investments to upgrade it.”This week, the company also announced the Private Offering of $100 million of zero percent Exchangeable Senior Notes due 2031