HIVE and Keel Boost AI Data Center Presence with New Funding and Asset Sale

HIVE Digital and Keel Infrastructure are intensifying their focus on artificial intelligence infrastructure, marking a significant shift in the sector beyond bitcoin mining. HIVE has raised $115 million through a convertible note offering to enhance its global data center presence and GPU capabilities. The funds will be used to expand its Tier III data centers in Canada, Sweden, and Paraguay, catering to bitcoin mining, AI, and high-performance computing workloads. Keel, on the other hand, has sold its 70 MW Paraguay site for approximately $13 million, facilitating its exit from Latin America. The proceeds from the sale will be reinvested in Keel's HPC and AI initiatives in North America, as stated by CEO Ben Gagnon. This strategic move is expected to bring forward two to three years of anticipated cash flow, which will be redeployed to support the development of Keel's AI infrastructure. Following these announcements, the shares of both companies have climbed by roughly 7%.