HIVE and Keel Bolster AI Data Center Presence with Fresh Funding and Strategic Asset Sale

In a significant move to strengthen their presence in artificial intelligence infrastructure, HIVE Digital and Keel Infrastructure are intensifying their focus on AI data centers, marking a notable shift away from exclusive bitcoin mining. HIVE has successfully raised $115 million through a convertible note offering, which will be utilized to enhance its global data center capacity and GPU capabilities. This development is in line with the company's strategic expansion into Tier III data centers across Canada, Sweden, and Paraguay, designed to support a diverse range of workloads, including bitcoin mining, AI, and high-performance computing. The funding, combined with measures to protect against dilution, is set to accelerate this expansion. Concurrently, Keel Infrastructure has completed the sale of its 70 MW Paraguay site for approximately $13 million, facilitating its exit from Latin America amidst challenging bitcoin mining economics. This strategic move follows the company's rebranding from Bitfarms to Keel Infrastructure and underscores its commitment to building infrastructure that supports the AI economy in North America. According to CEO Ben Gagnon, the sale proceeds will be reinvested into Keel's HPC and AI initiatives, effectively advancing the company's cash flow projections by two to three years. The announcements have been positively received, with both companies experiencing a stock price increase of roughly 7%.