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

The mining companies HIVE Digital and Keel Infrastructure are intensifying their focus on artificial intelligence infrastructure, reflecting a wider industry shift beyond exclusive bitcoin mining. HIVE has raised $115 million through a convertible note offering to expand its global data center presence and increase GPU capacity. This move is part of the company's strategy to establish Tier III data centers in Canada, Sweden, and Paraguay, catering to 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 site in Paraguay for approximately $13 million, below initial projections, due to declining bitcoin mining economics. This sale marks Keel's exit from Latin America, following its rebranding from Bitfarms. According to CEO Ben Gagnon, 'This is a clean exit from Latin America. We are focused and committed to building the infrastructure backbone to support the AI economy in North America.' The sale proceeds will be reinvested into Keel's HPC and AI initiatives, effectively bringing forward two to three years of anticipated cash flow. Both companies have seen their shares rise by approximately 7% following these announcements.