HIVE and Keel Pivot Toward AI Infrastructure via Capital Raise and Asset Divestment

HIVE Digital and Keel Infrastructure are aggressively repositioning their operations to capture the growing demand for artificial intelligence (AI) and high-performance computing (HPC) infrastructure. This shift reflects a broader industry trend where digital asset miners are diversifying their revenue streams away from a sole reliance on Bitcoin mining to mitigate volatility and leverage existing power capacity. HIVE Digital has secured $115 million through a zero-interest convertible note offering. These funds are designated for the expansion of GPU capacity and the growth of its global data center footprint, specifically targeting Tier III facilities in Canada, Sweden, and Paraguay. To protect shareholders, the company implemented capped call protection to minimize potential dilution associated with the raise. Simultaneously, Keel Infrastructure is streamlining its operations by exiting the Latin American market. The company completed the sale of its 70 MW site in Paraguay for approximately $13 million, a figure that fell short of initial expectations due to deteriorating Bitcoin mining economics. CEO Ben Gagnon stated that the sale effectively brings forward two to three years of expected cash flow, which will now be redeployed into Keel’s North American AI and HPC pipeline. Investors reacted positively to the strategic pivots, with shares of both HIVE and Keel climbing approximately 7% following the announcements. The moves signal a decisive move by infrastructure providers to align themselves with the AI economy's hardware requirements.