Keel Infrastructure decommissioned all U.S. Bitcoin mining sites in Q2, posting a $65M net loss as it pivots to AI data centers. CEO Ben Gagnon says power is the constraint. Alpha Score 33/100.
Keel Infrastructure has shut down all of its Bitcoin mining operations in the United States, completing a transition it first signaled in 2025. The company is repurposing its former mining sites for artificial intelligence and high-performance computing data centers.
Second-quarter revenue fell 50% year over year to $30.4 million. Keel posted a $65 million net loss as the shift accelerated. Revenue was driven lower by Bitcoin prices and the mining shutdown itself, the company said.
Keel Infrastructure confirmed the decommissioning of its remaining U.S. Bitcoin mining sites during the second quarter of 2026. The shutdown builds on the closure of the Moses Lake mining operation in April, extending the wind-down across the company’s full domestic footprint.
The pivot centers on converting former mining infrastructure into sites built for AI and HPC workloads. CEO Ben Gagnon said power supply, not chip availability, is now the binding constraint on growth. “Power is the constraint. Everything else is downstream of it,” Gagnon said, adding that all three priority sites are nearing full permitting with multiple tenants negotiating for each one.
CFO Jonathan Mir said the balance sheet gives Keel room to make strategic choices as construction ramps up. “Our strong financial position gives us the ability to make strategic commercial decisions and advance our sites on a schedule that our customers will require,” Mir said. He added that the company believes it can finance each site’s construction on terms that create value for shareholders.
General and administrative expenses rose to $31 million from $19 million a year earlier, tied to hiring senior technical staff as Keel scaled into project management for its data center sites. Operating losses widened to $141 million, including $84 million in non-cash depreciation charges, compared with an $11 million operating profit in the same quarter of 2025. EBITDA fell to negative $24 million, reversing a positive $7 million figure from a year earlier.
Alongside the operational shift, Keel continued reducing its Bitcoin holdings. The company sold 1,085 BTC for about $75 million between April 1 and August 7, part of a previously disclosed plan to wind down its crypto position. That left Keel with 1,861 BTC, worth roughly $121 million, held as unencumbered reserves within its total liquidity. Total liquidity reached approximately $819 million as of August 7, made up of about $698 million in unrestricted cash plus the remaining Bitcoin balance. A $458 million convertible note offering during the quarter contributed to that cash position.
AlphaScala’s Alpha Score for KEEL stands at 33 out of 100, labeled Weak. The stock is classified in the financial services sector on the platform.
Keel received its first Vertiv modules at Moses Lake and began finalizing fiber contracts across all three priority sites during the quarter.
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