HIVE Plans $75 Million Raise to Accelerate AI Infrastructure and GPU Push
HIVE Digital Technologies began as a Bitcoin miner but has expanded its existing power and data-center resources into high-performance computing and AI cloud services since 2022, aiming to reduce its reliance on mining conditions and cryptocurrency price cycles. In February 2026, the company signed a two-year, $30 million contract to deploy 504 Nvidia B200 GPUs, signaling that its transition had entered the commercialization stage.
HIVE said on April 16, 2026, that a wholly owned subsidiary would privately offer $75 million of 0% exchangeable senior notes due in 2031, with an additional $15 million option that could lift the total raised to $90 million. The proceeds will fund GPU purchases, data-center expansion and general corporate purposes. HIVE shares fell 11.5% on Nasdaq on the day of the announcement.
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The history behind this eventHIVE and Keel Accelerate Expansion Into AI Data Centers
HIVE Digital Technologies and Keel Infrastructure, formerly Bitfarms, began as Bitcoin miners and are now redirecting their existing power, facilities and operational capabilities toward AI and high-performance computing. As mining profitability deteriorates and demand for AI computing rises, their ability to convert mining assets into data centers will be crucial to their revenue mix and capital efficiency.
On April 22, 2026, HIVE said it had raised $115 million through zero-interest notes to expand its global data-center footprint and GPU capacity. Keel sold a 70 MW site in Paraguay for about $13 million to redirect investment toward AI and HPC in North America. On May 18, HIVE subsidiary BUZZ HPC spent a further $58 million on a 25-acre Toronto site planned for 320 MW and more than 100,000 GPUs.
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