As part of a broader industry trend shifting away from exclusive bitcoin mining, HIVE Digital (HIVE) and Keel Infrastructure (KEEL) are intensifying their focus on artificial intelligence (AI) infrastructure.
On Wednesday, it was announced that HIVE successfully raised $115 million through the issuance of zero interest convertible notes. The funds will be used to broaden its data center footprint globally and increase GPU capacity.
HIVE is strategically expanding its presence in Tier III data centers located in Canada, Sweden, and Paraguay. These sites are tailored for bitcoin mining as well as AI and high-performance computing (HPC) tasks. The capital raise, along with capped call protection to minimize dilution, aims to speed up this expansion.
In contrast, Keel is financing its strategic shift by downsizing. It completed the sale of its 70 MW facility in Paraguay for about $13 million—a figure lower than initially anticipated. This was attributed to declining bitcoin mining economics. The transaction marks Keel’s exit from Latin America and follows its recent rebranding from Bitfarms to Keel Infrastructure.
“This is a clean exit from Latin America,” stated CEO Ben Gagnon. “We are dedicated to establishing the infrastructure backbone necessary for supporting the AI economy in North America.”
Gagnon noted that the proceeds would advance expected cash flow by two to three years, allowing reinvestment into Keel’s HPC and AI projects.
Following these announcements, both companies witnessed a nearly 7% increase in their share prices.