HIVE, Keel push deeper into AI data centers with capital raise, asset sale
HIVE raises $115M to expand data centers while Keel exits Latin America, redirecting funds into HPC and AI as both stocks climb 4%.
What to know:
- HIVE Digital secured $115 million via a zero interest convertible note to scale Tier III data centers and GPU capacity for AI and high performance computing workloads.
- Keel Infrastructure sold its Paraguay site for $13 million, completing its exit from Latin America and reallocating capital into its North America focused AI and HPC pipeline.
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.”
