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

HIVE Digital and Keel Infrastructure are intensifying their focus on artificial intelligence infrastructure, reflecting a broader industry shift beyond bitcoin mining. HIVE has raised $115 million via a zero-interest convertible note, which will be used to expand its global data center presence and increase GPU capacity. The company is developing Tier III data centers in Canada, Sweden, and Paraguay to support bitcoin mining, AI, and high-performance computing workloads. The funding, combined with measures to limit dilution, aims to accelerate this expansion. Meanwhile, Keel is undergoing a transition by downsizing, having sold its 70 MW Paraguay site for approximately $13 million, below initial projections, due to challenging bitcoin mining economics. This move marks Keel's exit from Latin America, following its recent rebranding from Bitfarms. According to CEO Ben Gagnon, the sale represents a 'clean exit' from Latin America, with the company now focused on building infrastructure 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, shares of both companies have increased by roughly 7%.