Keel and Hive Shares Rise as Bitcoin Mining Firms Pivot Toward AI

Shares of Keel Infrastructure and HIVE Digital Technologies rose sharply on April 22, 2026, as both former Bitcoin mining companies announced major capital moves aimed at accelerating their pivot toward artificial intelligence and high-performance computing infrastructure.

Keel, the company formerly known as Bitfarms, said it closed the sale of its 70 MW Paso Pe site in Paraguay, generating approximately $13 million in proceeds after closing adjustments. The originally agreed price had been up to $30 million.

HIVE separately announced it closed a US$115 million private offering of 0% exchangeable senior notes due 2031, with estimated net proceeds of approximately US$109.5 million earmarked for GPU purchases and data center development.

Shares of both companies jumped roughly 7% or more, with HIVE climbing 8.1% after the financing announcement, as investors responded to the AI data-center pivots.

Keel sells its last Latin American asset to fund AI pipeline

Keel CEO Ben Gagnon said the cash from the Paso Pe sale will be immediately allocated to the company’s HPC/AI pipeline. The divestiture leaves Keel with a 100% North American portfolio and zero Latin American exposure.

The rebrand from Bitfarms to Keel Infrastructure came in February 2026, when the company declared it was “no longer a Bitcoin company” and would operate as an infrastructure-first owner and developer for HPC/AI data centers across North America.

The gap between the originally agreed price of up to $30 million and the final approximately $13 million in proceeds reflects customary closing adjustments, according to the company. Still, Keel framed the transaction as a strategic win, prioritizing portfolio focus over maximizing sale value.

HIVE raises $115 million through zero-coupon notes for GPU and data center spending

HIVE Digital Technologies said it estimated approximately US$109.5 million in net proceeds from the offering. The notes carry a 0% coupon rate and an initial exchange price of US$2.57 per common share, with an exchange rate of 389.5029 shares per $1,000 principal amount.

The company said funds will go toward general corporate purposes, capital investment including GPU purchases, and data center development. The offering was placed under Rule 144A for qualified institutional buyers.

HIVE’s AI ambitions extend beyond this financing. The company’s BUZZ subsidiary has signed approximately $30 million in AI cloud contracts, part of a broader push to build Tier III HPC data center capacity globally.

HIVE’s expected TSX listing transition remains subject to exchange requirements through June 30, 2026, adding a regulatory timeline that investors will monitor alongside the AI buildout.

A sector-wide trend, not an isolated pivot

The Keel and HIVE moves are part of a broader pattern across the Bitcoin mining industry. S&P Global Market Intelligence reported that publicly listed miners including HIVE are shifting capacity away from pure Bitcoin mining toward AI and HPC.

S&P estimated that HIVE’s HPC revenue could rise to 15% of total revenue in 2026, up from 7% in 2024. That kind of revenue mix shift, if realized, would meaningfully change how analysts model these companies.

The pivot comes as Bitcoin traded at $78,912 on April 22, up 4.5% over 24 hours. Despite the price recovery, the broader crypto Fear & Greed Index sat at 32, firmly in “Fear” territory, underscoring why miners are seeking revenue diversification beyond pure crypto exposure.

For miners, the calculus is straightforward: AI workloads can generate steadier, contract-backed revenue streams that are less exposed to Bitcoin’s halving cycles and price volatility. The infrastructure overlap between mining facilities and GPU-dense compute centers makes the transition operationally logical, even if the capital requirements are substantial.

What traders will watch after the initial surge

Narrative-driven rallies in crypto-adjacent equities require confirmation through execution. For Keel, the test is whether the approximately $13 million in proceeds translates into signed HPC/AI contracts and visible data center buildout progress in North America.

For HIVE, the focus shifts to GPU deployment timelines and whether the BUZZ subsidiary can convert its $30 million contract pipeline into recurring revenue. The zero-coupon structure of the notes gives HIVE runway without immediate cash interest costs, but the exchangeable feature means dilution risk if the share price exceeds $2.57.

Broader market sentiment around crypto-linked equities remains fragile. While the AI narrative has lifted valuations for companies like Keel and HIVE, the sector also faces questions about how much regulatory scrutiny and competitive pressure from established cloud providers could slow returns on AI infrastructure investments.

Investors watching the broader shift in crypto-adjacent asset classes will note that the mining-to-AI pivot represents one of several strategies companies are using to reposition away from single-asset exposure.

FAQ

Why did Keel and Hive shares rise?

Keel shares rose after the company closed the sale of its Paraguay mining site and committed the proceeds to AI infrastructure. HIVE shares climbed 8.1% following the closing of a US$115 million note offering designated for GPU purchases and data center development.

What does it mean for Bitcoin miners to pivot toward AI?

The pivot involves repurposing or selling mining infrastructure and redirecting capital toward high-performance computing facilities that serve AI workloads. Companies like Keel and HIVE are seeking contract-backed revenue from AI clients rather than relying solely on Bitcoin mining economics, which are subject to halving cycles and price volatility.

Does this trend affect the broader crypto mining industry?

S&P Global Market Intelligence has identified the shift as a sector-wide trend, noting that multiple publicly listed miners are moving capacity toward AI and HPC. The extent of the impact depends on individual companies’ ability to secure AI contracts and build out compute infrastructure, but the strategic direction is increasingly common across the industry. Companies exploring alternative revenue strategies in the crypto sector face similar execution challenges.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.