HIVE and Keel Boost 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 shifting their focus away from exclusive bitcoin mining. HIVE has raised $115 million through a convertible note offering to expand its data center footprint and increase GPU capacity globally. The company is concentrating on developing Tier III data centers in Canada, Sweden, and Paraguay to support bitcoin mining, AI, and high-performance computing workloads. This expansion is designed to accelerate the buildout of its infrastructure. On the other hand, Keel is streamlining its operations by selling its 70 MW Paraguay site for approximately $13 million, marking its exit from Latin America. The proceeds from this sale will be reinvested into Keel's HPC and AI pipeline, effectively advancing its expected cash flow by two to three years. According to CEO Ben Gagnon, this move signifies a 'clean exit' from Latin America, with the company now committed to building the infrastructure necessary to support the AI economy in North America. Following these announcements, shares of both HIVE and Keel have risen by roughly 7%.