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

The shift towards artificial intelligence infrastructure continues to gain momentum in the sector, with HIVE Digital and Keel Infrastructure at the forefront. HIVE has successfully raised $115 million through a convertible note offering, which will be used to enhance its global data center presence and increase GPU capacity. This move is part of the company's broader strategy to establish itself in Tier III data centers across Canada, Sweden, and Paraguay, catering to bitcoin mining, AI, and high-performance computing workloads. The recent funding, combined with measures to mitigate dilution, is expected to accelerate this expansion. Meanwhile, Keel is undergoing a transformation by streamlining its operations. The company has sold its 70 MW site in Paraguay for approximately $13 million, marking its exit from Latin America. This decision is attributed to the declining economics of bitcoin mining. According to CEO Ben Gagnon, this exit is a strategic move to focus on building the infrastructure necessary to support the AI economy in North America. The proceeds from the sale will be reinvested into Keel's HPC and AI initiatives, effectively bringing forward two to three years of anticipated cash flow. Following these announcements, the shares of both companies have seen a notable increase of roughly 7%.