HIVE Raises $115 Million to Expand AI Data Centers as Keel Sells Paraguay Site

HIVE Digital and Keel Infrastructure are accelerating a shift toward AI data centers through a combination of new financing and asset sales, with multiple outlets describing the moves as a pivot away from bitcoin mining and toward high-performance computing (HPC).

“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%”

@coindesk

CoinDesk says HIVE raised $115M to expand data centers while Keel exits Latin America, and it ties the financing to a “zero interest convertible note” aimed at scaling “Tier III data centers and GPU capacity for AI and high performance computing workloads.”

@coindesk

CoinDesk also says HIVE has 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 same CoinDesk reporting says the capital raise is paired with “capped call protection to limit dilution,” and it describes the buildout as “aimed at accelerating that buildout.”

TipRanks similarly frames the $115 million as an “AI War Chest,” saying Hive stock climbed after the firm “raised $115 million to build new data centers for AI and high-speed computer tasks.”

In parallel, CoinDesk reports that Keel completed the sale of its “70 MW Paraguay site for roughly $13 million,” and it says the proceeds will be “redeployed into Keel’s HPC and AI pipeline.”

The sources connect the corporate moves to tightening bitcoin mining economics and to the growing demand for AI compute, with CoinDesk and Whalesbook both describing the financial pressure that pushes miners toward alternative workloads.

CoinDesk says Keel’s Paraguay sale was “below initial expectations, citing deteriorating bitcoin mining economics,” and it describes the company’s transition as “funding its transition by shrinking.”

Bitcoin World

Whalesbook similarly says the shift comes “as Bitcoin mining economics tighten,” and it describes HIVE’s expansion as raising “$115 million through a zero-interest convertible note offering” to expand “global data center footprint and GPU capacity.”

CoinDesk also says HIVE’s buildout is positioned for “both bitcoin mining, AI and high performance computing (HPC) workloads,” suggesting the companies are not abandoning crypto entirely but are reallocating capital toward AI infrastructure.

Bitcoin World adds a broader framing by describing the pivot as “a significant strategic pivot by scaling back their Bitcoin mining operations to expand investments in artificial intelligence infrastructure,” and it places the developments in a dated context: “Vancouver, Canada – March 15, 2025.”

Whalesbook adds that the transition is “a major industry shift” and emphasizes that it is “notoriously capital-intensive,” while also noting that HIVE’s “trailing twelve-month (TTM) Price-to-Earnings (P/E) ratio was around -2.70 as of April 2026.”

The pivot is accompanied by direct statements from company leadership and by reported market reactions, with CoinDesk and TipRanks both quoting or quantifying investor response.

“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%”

CoinDesk

CoinDesk reports that Keel’s CEO Ben Gagnon said, “This is a clean exit from Latin America,” and it adds that he described the company’s focus as “building the infrastructure backbone to support the AI economy in North America.”

CoinDesk also says Gagnon added that the proceeds effectively bring forward “two to three years” of expected cash flow, which will be “redeployed into Keel’s HPC and AI pipeline.”

CoinDesk then ties the announcements to trading movement, saying “Shares of both companies have risen roughly 7%, following the announcements.”

TipRanks describes a stronger move in its own framing, saying “Hive stock climbed 8.1%” after the $115 million raise, and it repeats that Keel completed a “clean exit from Latin America” through the “$13 million sale of its Paraguay site.”

Whalesbook similarly reports that “Both companies saw their stock prices rise roughly 7% after these announcements,” aligning with CoinDesk’s magnitude even as TipRanks uses a different percentage.

While the underlying transactions are consistent across outlets—HIVE’s $115 million raise and Keel’s $13 million Paraguay sale—each source emphasizes different aspects of the pivot, from financial engineering to operational transformation.

CoinDesk focuses on the structure and the intended buildout, saying HIVE secured “$115 million via a zero interest convertible note” and that proceeds are “earmarked for expanding its global data center footprint and GPU capacity,” while also noting “capped call protection to limit dilution.”

Whalesbook

Whalesbook, by contrast, adds valuation and profitability context, stating HIVE’s “TTM Price-to-Earnings (P/E) ratio was around -2.70 as of April 2026” and Keel’s “very high forward P/E ratio of 173.51,” and it describes the shift as “notoriously capital-intensive.”

Bitcoin World leans into the technical and market narrative, describing the pivot as “a significant strategic pivot” and explaining that HIVE’s “zero-coupon convertible bond issuance” does not pay periodic interest but offers conversion to equity at predetermined prices.

It also provides a more detailed operational contrast, stating that “Bitcoin mining primarily utilizes application-specific integrated circuits (ASICs) designed exclusively for cryptographic hashing algorithms,” while “artificial intelligence workloads require general-purpose graphics processing units (GPUs).”

Whalesbook similarly stresses operational requirements by saying AI workloads need “extremely high uptime guarantees (99.99%), robust cooling, and specialized power management,” which it contrasts with crypto mining needs.

The sources also lay out what could make the pivot difficult, focusing on funding needs, operational reliability, and competitive pressure in AI compute.

“HIVE Digital and Keel Infrastructure, once mainly focused on Bitcoin mining, are now directing significant resources toward artificial intelligence (AI) and high-performance computing (HPC) infrastructure”

Whalesbook

Whalesbook describes the transition as “a notoriously capital-intensive field” and says HIVE’s capital infusion is part of an “aggressive build-out for AI infrastructure,” while also warning that Keel’s asset sale “fell short of expectations,” creating “challenges in funding its costly transition.”

@coindesk

It adds that “Moving from Bitcoin mining to AI and HPC infrastructure requires a fundamental shift in operations,” and it specifies that AI workloads need “extremely high uptime guarantees (99.99%), robust cooling, and specialized power management.”

Whalesbook also says the market is expected to grow, stating “expected to exceed $133 billion by 2034 with a 25.80% CAGR,” but it pairs that growth with competition, saying the field is “highly competitive” and that HIVE and Keel must navigate “a market dominated by hyperscale providers.”

CoinDesk, meanwhile, emphasizes the financing mechanics that could affect shareholders, describing HIVE’s “zero interest convertible note offering” and “capped call protection to limit dilution,” while also noting that the company is “positioning them for both bitcoin mining, AI and high performance computing (HPC) workloads.”

Bitcoin World adds that HIVE must “retrofit existing data centers to accommodate new equipment with distinct power, cooling, and connectivity requirements,” and it says “AI training workloads typically run continuously for extended periods rather than in discrete mining intervals.”