Keel Infrastructure exits U.S. Bitcoin mining, sells 1,085 BTC for about $75M to pivot toward AI data centers

Keel Infrastructure, formerly Bitfarms, has fully shut down all of its U.S. Bitcoin mining operations and sold 1,085 BTC from April 1 to August 7 for roughly $75 million, according to its Q2 2026 earnings report cited by Cryptopolitan and summarized by ChainThink. As of the reporting date, the company still held 1,861 BTC, valued at about $121 million. Keel reported second-quarter revenue of $30 million, down 50% year over year. It posted an operating loss of $141 million, which included $84 million of non-cash depreciation. Net loss from continuing operations was $64 million, while adjusted EBITDA came in at $24 million. The company is repurposing key sites in Pennsylvania, Washington State, and Quebec into high-performance computing data centers aimed at AI workloads. Permitting for the three priority locations is nearly complete, and talks with prospective tenants are ongoing. Keel said it has about $819 million in liquidity, including $698 million in unrestricted cash and $121 million in Bitcoin. During the quarter, it also raised $458 million via convertible notes. After the update, KEEL shares fell more than 11% in a single session.