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

The digital mining companies HIVE and Keel are intensifying their focus on artificial intelligence infrastructure, reflecting a broader industry shift beyond exclusive bitcoin mining. HIVE has raised $115 million through a convertible note offering to expand its global data center presence and increase GPU capacity. This move is part of its strategy to establish Tier III data centers in Canada, Sweden, and Paraguay, catering to bitcoin mining, AI, and high-performance computing needs. To minimize dilution, the funding is paired with capped call protection. Meanwhile, Keel is financing its transition by downsizing, having sold its 70 MW Paraguay site for approximately $13 million, below initial projections, due to unfavorable bitcoin mining economics. This sale marks Keel's exit from Latin America, following its recent rebranding. According to CEO Ben Gagnon, 'This is a clean exit from Latin America. We are focused and committed to building the infrastructure backbone to support the AI economy in North America.' The proceeds from the sale are expected to bring forward two to three years of anticipated cash flow, which will be reinvested in Keel's HPC and AI initiatives. Following these announcements, the shares of both companies have risen by roughly 7%.