From Bitcoin Accumulator to AI Infrastructure Provider

Keel Infrastructure Corp., formerly known as Bitfarms, completed the liquidation of its Bitcoin treasury during the third quarter of 2026. The company disposed of 2,520 Bitcoin at an average price of roughly $76,200 per coin, bringing in $192 million. It exited the period with only nominal holdings, according to its quarterly results released on November 5.

The sale combined the 2,261 Bitcoin it entered the quarter with plus 259 Bitcoin mined during the period. Management said the transactions were executed at favorable market levels. As of September 30, the company held minimal Bitcoin exposure on its balance sheet.

Going forward, every Bitcoin produced at Keel’s remaining Quebec operations will be sold the day it is mined. This approach removes all direct price risk from the company’s treasury and converts production into immediate cash flow.

Financial Impact of the Exit

The decision marks the full unwind of Keel’s prior Bitcoin-heavy business model. U.S. mining operations were already shut down in the second quarter. Revenue from continuing operations declined to $28 million from $68 million a year earlier, driven by the loss of U.S. sites and lower average Bitcoin prices.

Adjusted EBITDA turned negative $27 million from a positive $19 million. General and administrative costs rose to $34 million as the company expanded its executive team and prepared for large-scale infrastructure projects. Despite the revenue drop, the firm reported approximately $780 million in unrestricted cash as of November 4 and sees no immediate need for new debt or equity financing ahead of major lease agreements.

Accelerating the AI Infrastructure Build

Keel is now developing data center capacity for artificial intelligence and high-performance computing. Construction started in September at the Moses Lake site in Washington state. The company expects the first energized HPC facility to begin generating revenue in 2027.

Permitting advanced at the Sharon and Panther Creek locations in Pennsylvania. Load studies could raise secured power capacity from 478 megawatts to nearly 1.9 gigawatts if expansions at Panther Creek and Scrubgrass proceed. The overall development pipeline stands at roughly 2.2 gigawatts, with grid interconnections already secured in Washington state, Pennsylvania, and Quebec.

CEO Ben Gagnon told investors that power supply remains constrained while demand continues to grow. He added that Keel’s 2027 and 2028 power assets are more advanced and secure than in the prior quarter.

CFO Jonathan Mir noted that capital deployed before a lease is signed can be structured as equity within project financing. The company continues to review opportunities to recycle capital efficiently.

Broader Industry Context

Keel is not alone in its shift. Other publicly traded Bitcoin miners have also sold large portions of their holdings to fund AI-related projects. Riot Platforms and Hut 8 both disclosed substantial Bitcoin sales in their most recent earnings updates. Public companies that once emphasized Bitcoin accumulation are now positioning themselves as providers of electricity and land for data centers.

Investment firm VanEck observed that AI-focused Bitcoin miners and infrastructure suppliers experienced an average 35 percent decline in October amid broader technology market pressures. The firm highlighted long-term supply shortages of power and potential 38-gigawatt shortfall in U.S. data center capacity through 2028 as supporting factors for the transition.

Keel’s remaining mining footprint is now limited to Quebec, where regulated rates continue to support operations. Daily sales of mined Bitcoin will allow the company to fund its infrastructure plans without carrying treasury risk into the future. The firm is negotiating with multiple creditworthy tenants across its near-term sites and anticipates competitive tension will help secure favorable lease terms.