Mining companies HIVE Digital (HIVE) and Keel Infrastructure (KEEL) are doubling down on investments in artificial intelligence (AI) infrastructure, continuing a broader industry-wide shift away from Bitcoin. Exclusive mining.
HIVE raised $115 million through a zero-coupon convertible note offering, with proceeds earmarked for expanding its global data center footprint and GPU capacity, according to an announcement Wednesday.
The company is increasingly targeting tier 3 data centers in Canada, Sweden and Paraguay, targeting Bitcoin mining, artificial intelligence and high-performance computing (HPC) workloads. The financing, combined with a redemption protection cap that limits dilution, is designed to accelerate this buildout.
Keel, meanwhile, is downsizing to fund its transformation. The company completed the sale of its 70-megawatt Paraguay site for about $13 million, less than initially expected, citing worsening economic conditions for Bitcoin mining. The move completes its planned exit from Latin America and follows its recent name change from Bitfarms to Keel Infrastructure.
“This is a complete exit from Latin America,” said 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 proceeds effectively advance “two to three years” of expected cash flow, which will now be redeployed into Keel’s HPC and AI pipeline.
Shares of both companies rose about 7% after the news was announced.