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

HIVE Digital and Keel Infrastructure are intensifying their focus on artificial intelligence infrastructure, marking a significant shift in the sector's approach to data center operations. HIVE has raised $115 million through a convertible note offering to enhance its global data center presence and GPU capabilities. The funds will be utilized to expand Tier III data centers in Canada, Sweden, and Paraguay, catering to bitcoin mining, AI, and high-performance computing workloads. Keel, on the other hand, has sold its 70 MW Paraguay site for approximately $13 million, facilitating its exit from Latin America. The proceeds will be reinvested in Keel's HPC and AI initiatives, accelerating its transition and supporting the AI economy in North America. According to CEO Ben Gagnon, this strategic move brings forward two to three years of anticipated cash flow, enabling Keel to bolster its infrastructure backbone for AI applications. The announcements have led to a 7% increase in shares for both companies, reflecting their commitment to evolving their data center operations and embracing the growing demand for AI infrastructure.