Shares in Keel Infrastructure and Hive Digital Technologies rose after both firms advanced plans to pivot from Bitcoin mining toward artificial intelligence infrastructure.
Keel completed the sale of a Paraguay mining facility for $13 million, marking a further step away from crypto mining operations.
“The price adjustment reflects where Bitcoin mining economics stand today and our thesis remains the same,”
Said Ben Gagnon.
“We brought forward roughly two to three years of estimated free cash flow under current market conditions, in cash, and upfront.”
The company said proceeds will be redirected into high-performance computing and AI data centre development, as it exits non-core mining assets and refocuses on North America.
Meanwhile, Hive raised $115 million through a convertible note offering to fund GPU purchases and expand its AI-focused infrastructure capabilities.
Both firms have accelerated their transition in recent months, reflecting broader industry pressure on mining profitability despite gains in Bitcoin prices.
The shift underscores a growing trend among listed crypto miners to reposition as AI and data centre operators in search of more stable and higher-margin revenue streams.
At the time of reporting, Bitcoin price was $77,837.54.