Hive Raises $115M, Keel Sells Paraguay Mine as Bitcoin Miners Pivot to AI Infrastructure
On April 22, Hive Digital raised $115M via convertible notes for GPUs, and Keel Infrastructure closed its Paraguay mining facility sale for $13M, funneling proceeds into HPC/AI pipeline build-out.
Two North American bitcoin miners made near-simultaneous pivot-to-AI moves on Wednesday, April 22, 2026. Hive Digital Technologies raised $115 million via convertible notes, designating proceeds for GPU purchases and data-center expansion. Keel Infrastructure closed the sale of its Paraguay mining facility for $13 million — well below the roughly $30 million anticipated.
Keel's repositioning
Keel CEO Ben Gagnon framed the Paraguay sale as strategic, not distressed: "That capital will be immediately allocated to our HPC/AI pipeline development, where we believe we will be able to generate much stronger returns." Keel now focuses exclusively on North American HPC infrastructure.
Stock reaction
KEEL closed up 9% Wednesday at roughly $3.06, and is up 40% over the past month. HIVE rose 7% to about $2.66, up 31% in recent weeks — a rebound after the earlier dip following its November Dell partnership via the Buzz subsidiary.
Macro backdrop
Bitcoin is up about 4% in 24 hours to around $79,000, still well below its October peak of $126,080. The weaker BTC price tape is pressuring pure-play miners into dual-revenue strategies anchored by AI demand.
Why it matters
Mining hardware sites with cheap power and cooling capacity translate neatly into AI compute real estate. Hive and Keel are converting that optionality into balance-sheet moves — and the equity market is rewarding the pivot.
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