Mining companies HIVE Digital (HIVE) and Keel Infrastructure (KEEL) are doubling down on artificial intelligence (AI) infrastructure, continuing the theme of a broader sector-wide shift away from bitcoin. mining exclusively.
HIVE raised $115 million through an interest-free convertible note offering, with the proceeds going toward expanding its global data center footprint and GPU capacity, according to a Wednesday announcement.
The company has increasingly leaned toward Tier III data centers in Canada, Sweden and Paraguay, positioning them for bitcoin mining, artificial intelligence and high-performance computing (HPC) workloads. The capital raise, along with limited call protection to limit dilution, is intended to accelerate that buildout.
Meanwhile, Keel is financing his transition by downsizing. The company completed the sale of its 70 MW site in Paraguay for approximately $13 million, below initial expectations, citing the deteriorating economics of bitcoin mining. The move finalizes its exit from Latin America and follows its recent rebranding from Bitfarms to Keel Infrastructure.
“This is a clean exit from Latin America,” said CEO Ben Gagnon. “We are focused and committed to building the core infrastructure to support the AI economy in North America.”
Gagnon added that the earnings effectively bring forward “two to three years” of expected cash flow, which will now be redeployed across Keel’s HPC and AI portfolio.
Shares of both companies have risen approximately 7% following the announcements.
