HIVE and Keel Strengthen AI Data Center Presence with New Funding and Asset Divestment

In a strategic move to bolster their presence in artificial intelligence infrastructure, HIVE Digital and Keel Infrastructure are expanding their data center capabilities, marking a significant shift away from exclusive bitcoin mining. HIVE has raised $115 million through a convertible note offering, which will be used to increase its global data center footprint and enhance GPU capacity. The company is focusing on developing Tier III data centers in Canada, Sweden, and Paraguay, designed to support bitcoin mining, AI, and high-performance computing workloads. Meanwhile, Keel is undergoing a transformation by streamlining its operations, having sold its 70 MW Paraguay site for approximately $13 million. This move marks its exit from Latin America and follows the company's rebranding from Bitfarms to Keel Infrastructure. According to CEO Ben Gagnon, the sale proceeds will be reinvested into Keel's HPC and AI pipeline, effectively bringing forward two to three years of anticipated cash flow. The announcements have led to a 7% increase in shares for both companies, signaling a positive response to their strategic decisions.