Keel Dumps Entire Bitcoin Treasury—AI Revenue Won’t Start Until 2027
Keel Infrastructure, formerly Bitfarms, disclosed that it sold its entire bitcoin treasury during the quarter ended Sept. 30, unloading 2,520 BTC for $192 million as it accelerates a move from bitcoin mining to AI and high‑performance computing infrastructure.
Full BTC exit, daily selling ahead
The company said it sold 2,261 BTC from its treasury and another 259 BTC produced by its remaining mining operations, timing sales “to take advantage of periods of market strength.” Keel said it ended September with only nominal bitcoin holdings and plans to sell coins from its Quebec mining operations on a daily basis to remove treasury price exposure.
Revenue falls, losses widen
Keel reported third‑quarter revenue of $28 million, down from $68 million a year earlier, and a $62 million loss from continuing operations versus an $11 million loss a year ago. Adjusted EBITDA was negative $27 million, compared with positive $19 million in the “third quarter of 2025,” according to the company’s figures. General and administrative expenses doubled to $34 million amid management expansion and project development costs.
Cash on hand and build‑out timeline
As of Nov. 4, Keel said it had approximately $780 million in unrestricted cash liquidity to fund data center development. Construction began in September at Moses Lake, Washington—expected to be its first HPC facility with revenue targeted for 2027. Keel said permitting advanced at its Sharon and Panther Creek sites in Pennsylvania, and tenant negotiations continue across all three projects.
The company said it is studying expansions at Panther Creek and Scrubgrass that could lift secured data center power capacity from 478 megawatts to as much as 1,928 megawatts. “Power supply is getting scarcer while demand keeps climbing,” CEO Ben Gagnon said, expressing confidence that Keel will secure leases with attractive returns.
Mining shutdown in the U.S., Canada continues
Keel previously completed the shutdown of its U.S. bitcoin mining operations in the second quarter and said it redirected those facilities toward AI infrastructure development. Mining equipment continues operating in Canada during the transition. Bitcoin.com News had earlier reported that Keel sold 1,085 BTC between April 1 and Aug. 7, leaving 1,861 BTC on its balance sheet at that time, and that the company reported approximately $819 million in total liquidity, including cash and bitcoin, during that period.
Stock slide and sector pressure
Keel’s shares fell 21% on Thursday to around $1.65 and were down more than 52% over the past month, according to the company’s update, amid a broader tech sell‑off that also hit other miners and AI infrastructure names.
Vaneck: Miners oversold, power the constraint
In a Wednesday report, Vaneck said AI‑focused bitcoin miners and powered data center providers dropped about 35% on average in October. The firm cited concerns about higher interest rates, tighter credit, and the funding needs of AI construction, but noted it saw no canceled signed leases among the public companies it analyzed. Vaneck argued former miners increasingly function as infrastructure landlords with long‑term leases and said that distinction could aid valuations as electricity access tightens. Citing Morgan Stanley estimates, Vaneck warned the U.S. could face a 38‑gigawatt data center capacity shortfall through 2028, while flagging financing risks including roughly $23 billion in construction‑related debt that may need refinancing in 2027–2028.
The hurdle for Keel
Keel has yet to announce major long‑term AI leases, and the company said its first AI data center revenue is expected in 2027. The complete liquidation of its bitcoin treasury underscores its shift away from the mining business that originally supported its growth.