Keel Infrastructure Sells Entire $192M Bitcoin Treasury, Plans Daily BTC Sales

Bitcoin miner turned AI infrastructure developer Keel Infrastructure (NASDAQ: $KEEL), formerly Bitfarms, sold its entire Bitcoin (CRYPTO: $BTC) treasury in the third quarter, offloading 2,520 coins for $192 million, the company reported Thursday.

The sale leaves Keel with almost no Bitcoin on its balance sheet, and it will now sell what its remaining Quebec operations mine every day as it shifts toward AI data centers. The company holds about $780 million in cash and says lease negotiations are advanced at its three near-term sites, but it has not yet signed one.

According to the press release, the sales covered the 2,261 Bitcoin Keel held going into the quarter plus the 259 it mined, and the company timed them during periods of strength. That works out to an average of roughly $76,200 per coin. Holdings were nominal at Sept. 30. Going forward, Bitcoin mined in Quebec will be sold daily, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.” Keel booked a $32.2 million realized loss on Bitcoin sales in the quarter, offset by a $73.6 million gain from changes in the fair value of its digital assets.

Revenue from continuing operations fell 59% to $27.6 million from $68 million a year earlier, as Keel stopped U.S. Bitcoin mining in the second quarter and the average Bitcoin price declined. The loss from continuing operations widened to $62 million from $11 million, driven mainly by a $55 million non-cash unrealized loss on the fair value of capped calls tied to its 2025 convertible notes. Adjusted EBITDA swung to a $27 million loss from a $19 million profit, and general and administrative expenses doubled to $34 million as the company hired senior specialists and booked higher stock-based compensation.

Keel had about $780 million in unrestricted cash as of Nov. 4 and no current need for debt or equity financing before signing a lease, according to Chief Financial Officer Jonathan Mir. Capital deployed ahead of a lease becomes part of Keel’s equity contribution to a project’s financing, he noted, and the company reviews opportunities to recycle capital on an ongoing basis.

Construction began at the Moses Lake site in September, and Keel expects it to be the first energized site generating high-performance computing revenue in 2027. Permitting advanced at Sharon and Panther Creek in Pennsylvania, where revised site plans comply with the state’s new executive order on data centers with no meaningful change to costs or timelines for tenants. Load studies at Panther Creek and Scrubgrass could lift secured data center capacity to 1,928 megawatts from 478, with both studies due in the first quarter of 2027. The company’s development pipeline stands at about 2.2 gigawatts, with grid interconnections already in place across Pennsylvania, Washington State and Quebec.

“Power supply is getting scarcer while demand keeps climbing,” CEO Ben Gagnon stated, adding that Keel’s 2027 and 2028 power is further advanced and closer to delivery than last quarter. With competitive tension high at all three near-term sites and multiple creditworthy parties at the table, he said he has every confidence Keel will sign the right leases.

Keel is not the only miner funding an AI build with Bitcoin sales. Riot Platforms (NASDAQ: $RIOT) sold 20,264 Bitcoin in the first nine months of the year for about $1.5 billion, mostly to pay for data center development.

Shares of Keel Infrastructure (NASDAQ: KEEL) are currently trading at $1.65, down from a 52 week high of $7.37.