Key Highlights

  • HIVE Digital Technologies closed a $115 million exchangeable senior note, upsized from an initial $75 million target, to fund GPU purchases and data center buildout targeting 6,000 GPU deployments by March 2027.

  • Keel Infrastructure Corp, formerly Bitfarms, completed the $13 million sale of its 70 MW Paso Pena facility in Paraguay, exiting Latin America entirely and consolidating into a North American-only portfolio.

  • Both former Bitcoin miners are accelerating a structural shift toward AI and high-performance computing infrastructure as deteriorating mining economics push the sector toward alternative revenue streams.


Two former Bitcoin miners moved on the same day to reshape their balance sheets around AI infrastructure. HIVE Digital Technologies closed its $115 million note offering on April 21, having upsized the deal twice from an original $75 million target. 


The notes, structured as 0% exchangeable senior instruments due 2031, priced with an exchange rate of roughly 389.5 shares per $1,000 principal, equivalent to a conversion price of approximately $2.57 per share at a 125% premium. Net proceeds land between $95 million and $109.5 million after fees, earmarked for GPU procurement and data center development.


HIVE expanded its Canadian HPC capacity from 4 MW to 16.6 MW through its BUZZ High Performance Computing subsidiary, which operates in partnership with Bell Canada's AI Fabric network. A larger build, a 100 MW hydroelectric-powered data center at the Yguazu campus, is targeting full commissioning in Q3 2026. 


HIVE executive chairman Frank Holmes noted strong appetite for the offering despite what he described as difficult macro conditions, a signal that institutional investors are actively backing the mining-to-HPC transition.


Keel Infrastructure ran a parallel process on the divestiture side. The company, which rebranded from Bitfarms at the start of April 2026, completed the Paso Pena sale on April 22 for $13 million after closing adjustments. 


The facility had been agreed at up to $30 million in its original terms, and the final figure reflects customary post-closing adjustments. CEO Ben Gagnon said the proceeds accelerate the company's HPC and AI pipeline by bringing two to three years of expected cash flow forward. 


With Paraguay gone, Keel now operates an entirely North American portfolio, which the company frames as simplifying regulatory exposure and concentrating capital in markets with more developed HPC demand.