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