HIVE Digital and Keel Infrastructure are aggressively expanding their presence in the artificial intelligence sector through significant capital raises and strategic asset divestments, according to a report by coindesk.com.
HIVE Digital secured $11ost15 million through a zero-interest convertible note offering on Wednesday. The company intends to use the funds to scale its Tier III data centers and increase GPU capacity for AI and high-performance computing (HPC) workloads.
The capital raise, which includes capped call protection to limit shareholder dilution, will support HIVE's growing operations across Canada, Sweden, and Paraguay. The move signals a broader industry trend of mining firms shifting their focus away from pure bitcoin mining toward AI-ready infrastructure.
Keel exits Latin America to fund North American AI pipeline
Keel Infrastructure is simultaneously restructuring its portfolio by exiting the Latin American market. The company recently completed the sale of its 70 MW site in Paraguay for approximately $13 million, as reported by coindesk.com.
While the sale price fell below initial expectations due to deteriorating bitcoin mining economics, the move allows Keel to redirect capital into its North American AI and HPC pipeline. The company recently rebranded from Bitfarms to Keel Infrastructure to reflect this strategic shift.
“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 noted that the proceeds from the sale effectively bring forward two to three years of expected cash flow, which the company will now reallocate to its high-performance computing projects.
Following these announcements, shares of both HIVE and Keel rose approximately 7% in market trading.
