Miners HIVE Digital ( HIVE ) and Keel Infrastructure ( KEEL ) are doubling down on artificial intelligence (AI) infrastructure, continuing the theme of a broader shift across the sector away from bitcoin mining only.
HIVE raised $115 million through a zero-interest convertible note offering, with the proceeds earmarked to expand its global data center footprint and GPU capacity, according to an announcement 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 increase, paired with capped call protection to limit dilution, aims to accelerate this build-up.
Keel, meanwhile, is financing his transition by shrinking. The company completed the sale of its 70 MW Paraguay site for about $13 million, below initial expectations, citing deteriorating bitcoin mining economics. The move completes its exit from Latin America and follows its recent rebranding 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 generate “two to three years” of expected cash flow, which will now be redeployed into Keel’s HPC and AI pipeline.
Shares in both companies are up about 7% following the announcements.
