Keel, Hive shares rise as firms pivot from mining to AI
Keel sold a Paraguay mining site for $13M to fund AI/HPC; Hive raised $115M via convertible notes to buy GPUs and expand data centers.
Keel Infrastructure and Hive Digital Technologies saw their shares rise on Wednesday after each company announced funding moves tied to artificial intelligence and high-performance computing.
Keel, formerly Bitfarms, closed the sale of a Bitcoin mining site in Paso Pe, Paraguay, for $13 million. The company said the sale leaves it with “no remaining non-core assets to manage or divest.” Keel had expected to net as much as $30 million but received roughly 56% less at closing. Ben Gagnon, Keel’s chief executive, wrote in a statement: “The price adjustment reflects where Bitcoin mining economics stand today and our thesis remains the same.” He added that the proceeds represent roughly two to three years of estimated free cash flow and will be allocated to the company’s HPC and AI pipeline development, and that Keel has exited Latin America to focus on North America.
Hive closed a $115 million private offering of convertible notes. The company said the proceeds are earmarked for GPU purchases and data-center development. Over the past six months Hive has been building its AI business and in November signed a deal with a computer maker through its Buzz subsidiary to support that expansion. Hive’s shares had fallen after that announcement but recovered in recent weeks.
Market trading reflected the corporate updates. Keel’s stock rose more than 40% over the past month to trade near $3.06 and gained about 9% on Wednesday. Hive’s shares climbed more than 31% in the last month to trade around $2.66, with an intraday gain of over 7%.
The transactions follow a wider pattern of publicly traded Bitcoin miners shifting capital toward data-center and AI infrastructure. Core Scientific disclosed plans to offer $3.3 billion of speculative-grade debt to help fund its pivot into AI infrastructure, with some proceeds intended for refinancing.
Bitcoin traded near $79,000 on Wednesday, up about 4% over the prior 24 hours and roughly 37% below its October all-time high of $126,080.
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