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

HIVE Digital and Keel Infrastructure 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 enhance GPU capabilities. The funds will be used to develop Tier III data centers in Canada, Sweden, and Paraguay, supporting bitcoin mining, AI, and high-performance computing workloads. Keel, on the other hand, has sold its 70 MW Paraguay site for approximately $13 million, marking its exit from Latin America. The proceeds will be reinvested in Keel's AI and high-performance computing pipeline, accelerating its growth plans. According to CEO Ben Gagnon, the move represents a strategic exit from Latin America, enabling the company to concentrate on building the infrastructure necessary to support the AI economy in North America. The transaction is expected to bring forward two to three years of anticipated cash flow, which will be redeployed to drive Keel's AI and HPC initiatives. Following the announcements, shares of both companies have increased by roughly 7%.