Mining firms HIVE Digital Technologies (HIVE) and Keel Infrastructure (KEEL) are accelerating their strategic shift into artificial intelligence (AI) infrastructure, marking a continued sector-wide move away from exclusive reliance on Bitcoin mining.
HIVE announced on Wednesday that it has raised $115 million through a zero-interest convertible note offering. The proceeds are specifically designated for expanding its global data center footprint and increasing its Graphics Processing Unit (GPU) capacity. The company is focusing on developing Tier III data centers in Canada, Sweden, and Paraguay, facilities designed to handle a mix of Bitcoin mining, AI, and high-performance computing (HPC) workloads. The capital raise includes capped call protection intended to limit shareholder dilution and accelerate this infrastructure buildout.
Concurrently, Keel Infrastructure is funding its own transition by divesting legacy assets. The company completed the sale of its 70-megawatt (MW) mining site in Paraguay for approximately $13 million. This sale price was noted as being below initial expectations, a decision attributed to deteriorating economics in the Bitcoin mining sector. This transaction finalizes Keel's exit from Latin America and follows its recent rebranding from Bitfarms.
"This is a clean exit from Latin America," stated Keel CEO Ben Gagnon. "We are focused and committed to building the infrastructure backbone to support the AI economy in North America." Gagnon added that the sale proceeds effectively bring forward "two to three years" of expected cash flow, which will now be redeployed into Keel's HPC and AI development pipeline.
The market responded positively to both announcements, with shares of HIVE and Keel each rising roughly 7% following the news.
