HIVE and Keel Boost AI Data Center Investments with New Funding and Strategic 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 expand its global data center presence and increase GPU capacity. The company is concentrating on developing Tier III data centers in Canada, Sweden, and Paraguay, catering to bitcoin mining, AI, and high-performance computing workloads. This strategic move aims to accelerate its buildout with limited dilution. Meanwhile, Keel is streamlining its operations by selling its 70 MW Paraguay site for approximately $13 million, below initial projections, due to challenging bitcoin mining economics. This sale marks Keel's exit from Latin America, following its rebranding from Bitfarms. According to CEO Ben Gagnon, the proceeds will be reinvested into Keel's HPC and AI pipeline, effectively bringing forward two to three years of anticipated cash flow. Gagnon emphasized the company's commitment to building the infrastructure necessary to support the AI economy in North America. The announcements have led to a roughly 7% increase in the shares of both companies.