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

In a significant move to bolster their presence in artificial intelligence infrastructure, HIVE Digital and Keel Infrastructure are redirecting their focus 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 part of a broader sectoral shift towards AI infrastructure. The company has been expanding its Tier III data centers across Canada, Sweden, and Paraguay, catering to bitcoin mining, AI, and high-performance computing workloads. This capital injection, combined with measures to limit dilution, aims to accelerate the buildout of these facilities. Meanwhile, Keel Infrastructure has completed the sale of its 70 MW site in Paraguay for approximately $13 million, marking its exit from Latin America. The proceeds from this sale will be redirected into Keel's high-performance computing and AI pipeline, effectively bringing forward two to three years of anticipated cash flow. According to CEO Ben Gagnon, this strategic move represents a 'clean exit' from Latin America, with the company now committed to developing the infrastructure necessary to support the AI economy in North America. The announcements have resulted in a 7% increase in the shares of both companies.