Keel Infrastructure powered down its US bitcoin mining fleet and sold 1,085 BTC for $75 million after a $141 million loss. The former Bitfarms is retooling sites for AI data centers. AlphaScala rates KEEL Weak at 33/100.
Keel Infrastructure powered down every one of its US bitcoin mining sites and sold 1,085 bitcoins for $75 million, the former Bitfarms disclosed in Monday’s second-quarter earnings.
The company is gutting the properties to rebuild them as data centers for artificial intelligence. Decommissioning of the US mining fleet finished during the quarter, according to the August 10 results.
The 1,085 BTC were sold between April 1 and August 7. That left 1,861 unencumbered coins on the balance sheet, worth about $121 million at the time.
Keel took over Bitfarms in April and rebranded. It trades on Nasdaq and the TSX under KEEL. The company calls itself a North American digital infrastructure and energy firm with a 2.2-gigawatt development pipeline across Pennsylvania, Washington State, and Québec.
Revenue from continuing legacy operations came in at $30 million, half the figure a year earlier. Keel blamed a weaker bitcoin price and the closure of its Moses Lake mining facility in April.
The second quarter brought a $141 million operating loss, including $84 million in non-cash depreciation. Loss from continuing operations was $64 million, or 11 cents a share. Adjusted EBITDA was negative $24 million. General and administrative expenses jumped to $31 million from $19 million, which the company attributed to hiring senior staff for the build-out.
Shares of KEEL fell more than 11% on Monday.
“Power is the constraint. Everything else is downstream of it,” CEO Ben Gagnon said in the earnings statement. He said Keel set up around that idea 18 months ago and now has all three priority sites near full permitting with tenants in negotiations on each.
The company is “negotiating from a position of strength,” Gagnon said, citing $819 million of liquidity and uncommitted 2027 capacity across the PJM grid and Washington.
CFO Jonathan Mir said Keel is “better capitalized today than at any point in our Company’s history.”
The liquidity figure includes about $698 million in unrestricted cash and $121 million in bitcoin, boosted by a $458 million convertible note offering raised during the quarter.
Keel also secured zoning approvals at its Panther Creek and Sharon sites, appointed Ganesh Aiyer as president, received its first Vertiv modules at Moses Lake, and agreed to take over 96 MW of capacity for a data center in Sherbrooke, Québec.
Public miners have sold over 15,000 BTC since their treasuries peaked, as previously reported by Cryptopolitan. The weighted-average cash cost to mine a single bitcoin was about $79,995 in the fourth quarter of 2025, with the price between $68,000 and $70,000. Miners were losing roughly $19,000 on each coin mined.
More than $70 billion in AI and HPC contracts have been announced across the listed mining sector. Bitdeer reduced its holdings to zero in February. Empery Digital sold 1,400 BTC in July. MARA Holdings agreed to buy a 505 MW gas plant in Ohio for $1.5 billion. IREN signed a five-year, $3.4 billion cloud deal with Nvidia for Blackwell GPUs.
AlphaScala’s rating for KEEL sits at 33 out of 100, a Weak score, reflecting the execution risk of transitioning from bitcoin mining to AI data centers. MARA also rates Weak at 30, while Nvidia holds a Strong score of 76.
The bet for Keel is whether it can turn power permits and construction timelines into revenue before the cash burn forces another BTC sale. Gagnon said the company is negotiating from a position of strength. The market will see that claim tested in the quarters ahead.
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