HIVE Digital and Keel Infrastructure are accelerating a sector-wide pivot from pure bitcoin mining to AI-ready data infrastructure, using fresh capital and asset reshuffles to build out GPU capacity and high-performance computing (HPC) capabilities.
HIVE raised $115 million through a zero-interest convertible note offering, the company said Wednesday. The proceeds are earmarked to expand its global Tier III data center footprint and add GPU capacity across sites in Canada, Sweden and Paraguay — facilities HIVE is positioning to handle bitcoin mining, AI workloads and HPC. The financing includes capped-call protection to limit shareholder dilution if notes are converted into equity, giving the company cheap, flexible capital to speed its buildout.
Keel — the recent rebrand of Bitfarms — is funding its shift into AI infrastructure by shrinking its bitcoin footprint. It completed the sale of its 70 MW Paraguay site for roughly $13 million, below earlier expectations, citing deteriorating bitcoin mining economics. The divestment finalizes Keel’s exit from Latin America. CEO Ben Gagnon called it “a clean exit from Latin America” and said the move lets Keel “focus and commit to building the infrastructure backbone to support the AI economy in North America.” He added the cash effectively brings forward “two to three years” of expected cash flow that will be redeployed into Keel’s HPC and AI pipeline.
Both announcements were well received by markets: shares of HIVE and Keel jumped roughly 7% following the news. The activity underscores a broader industry trend — miners are reallocating capital from power-hungry bitcoin rigs toward higher-margin, GPU-driven AI and HPC services as demand for AI compute ramps up.
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