Keel (KEEL) Offloads All Bitcoin for $192M, Will Sell BTC Daily

During the third quarter, Keel Infrastructure offloaded its entire bitcoin holdings, selling 2,520 bitcoins for $192 million. As of September 30, the company—previously known as Bitfarms—held only nominal amounts, it reported on Thursday.

The transactions included the 2,261 bitcoins Keel possessed at the start of the quarter plus the 259 it produced. According to the company, sales were executed when prices were favorable. From now on, any bitcoin extracted from Keel's continuing Quebec activities will be sold daily, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.”

This sale marks the culmination of a transition Keel initiated earlier in 2026. At that time, still operating under the Bitfarms (BITF) ticker, it began offloading its bitcoin reserve and scaling back U.S. mining operations to finance high-performance computing and artificial intelligence infrastructure.

From bitcoin miner to AI landlord

Keel Infrastructure Corp. changed its name from Bitfarms after finishing a transfer of its legal domicile to Delaware in April. It now characterizes itself as a North American digital infrastructure and energy provider. Although legacy bitcoin mining continues to appear in its financial statements, the company’s primary focus has shifted.

Revenue from continuing operations dropped to $28 million, down from $68 million a year ago, mainly driven by the termination of U.S. bitcoin mining in the second quarter and a decrease in the average bitcoin price. Adjusted EBITDA turned negative, coming in at -$27 million compared to a positive $19 million in the prior year. General and administrative costs roughly doubled to $34 million due to hiring of senior specialists and higher stock-based compensation. The firm still held approximately $780 million of unrestricted cash as of November 4 and stated it does not currently require debt or equity financing before signing a lease.

“Power supply is getting scarcer while demand keeps climbing,” CEO Ben Gagnon said in the release. “Keel’s 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter.”

Chief Financial Officer Jonathan Mir stated that capital spent before a lease agreement is converted into equity in project financing, and the company regularly looks for opportunities to recycle capital.

What Keel is building instead

In September, after receiving a Notice to Proceed, Keel started work at Moses Lake. The company expects this to be the first site to be energized and produce HPC revenue, starting in 2027. Additionally, it designed an alternative plan for next-generation Vera Rubin architecture at the site. Permitting processes moved forward at Sharon and Panther Creek in Pennsylvania. Power load studies may increase secured data center capacity from 478 MW to almost 1.9 GW if the Panther Creek and Scrubgrass expansions move ahead. Keel also moved to merge older bitcoin locations into a single AI campus.

The company’s development pipeline totals around 2.2 gigawatts, with grid connections already secured in Pennsylvania, Washington State, and Québec. Keel aims to lease this capacity before the proceeds from the bitcoin sale and its remaining Quebec mining operations are depleted.

Keel is not the only company taking this path. Riot Platforms and Hut 8 have each sold thousands of bitcoins in 2026 to finance AI projects and share repurchases. This week, Riot named Anthropic as the tenant for a Texas lease valued at approximately $28 billion. Publicly traded mining firms that previously promoted themselves as bitcoin hoarders are now repurposing their power and real estate for AI.

Keel’s only remaining mining operations are in Quebec, where regulated electricity rates still make mining viable. These coins will no longer be held on the balance sheet; instead, they will be sold as soon as they are mined. This approach turns hashrate into cash for infrastructure development rather than a price-sensitive treasury.

The key unresolved issue is whether the leases will be finalized on the terms Gagnon outlined before the cash stockpile runs out. Keel reports intense competition for all three immediate sites and that several creditworthy potential tenants are currently negotiating. Until a signed lease emerges, the $192 million bitcoin sale stands as the most definitive evidence that the firm has abandoned its treasury approach.