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

As the mining sector shifts its focus away from exclusive bitcoin mining, HIVE Digital and Keel Infrastructure are intensifying their investment in artificial intelligence infrastructure. HIVE has raised $115 million through a convertible note offering with zero interest, intending to utilize the funds to expand its global data center presence and increase GPU capacity. This move is part of the company's broader strategy to establish Tier III data centers in Canada, Sweden, and Paraguay, which will support workloads related to bitcoin mining, AI, and high-performance computing. The recent funding, combined with measures to limit dilution, aims to accelerate this expansion. In a parallel development, Keel Infrastructure has sold its 70 MW site in Paraguay for approximately $13 million, marking its exit from Latin America. This strategic decision reflects the company's response to the challenging economics of bitcoin mining. According to CEO Ben Gagnon, the sale represents a clean exit from the Latin American market, allowing Keel to concentrate on building the infrastructure necessary to support the AI economy in North America. The proceeds from the sale are expected to bring forward two to three years' worth of anticipated cash flow, which will be reinvested in Keel's HPC and AI initiatives. Following these announcements, the shares of both HIVE and Keel have seen a significant increase of roughly 7%.