Keel Infrastructure shuts down all US bitcoin mining operations in pivot to AI data centers

Keel Infrastructure Corp. has shut down all of its U.S. bitcoin mining operations and sold 1,085 BTC for $75 million to fund its pivot toward artificial intelligence and high-performance computing data centers. The transition has caused immediate financial strain, with second-quarter 2026 revenue falling 50% year-over-year to $30 million and operating losses reaching $141 million. However, the company maintains a strong $819 million liquidity position, bolstered by a $458 million convertible note offering, as it advances permitting and tenant negotiations across its priority development sites.

Keel Infrastructure US mining shutdown

• ▪Keel Infrastructure Corp. stopped mining at its Washington State facility on April 28, 2026, and ended mining at its Panther Creek, Scrubgrass, and Sharon sites in Pennsylvania on June 29, 2026.
• ▪Keel Infrastructure Corp. decommissioned all of its U.S. bitcoin mining operations to prepare the sites for artificial intelligence and high-performance computing data centers.

Bitcoin treasury liquidation

• ▪Keel Infrastructure Corp. sold 1,085 BTC for $75 million during the period starting April 1, 2026, and ending August 7, 2026, as part of winding down its bitcoin position.
• ▪Keel Infrastructure Corp. held 1,861 BTC on its balance sheet as of August 7, 2026, valued at approximately $121 million in unencumbered coins.

AI data center pivot strategy

• ▪Keel Infrastructure Corp. agreed to take over 96 MW of capacity for a data center in Sherbrooke, Québec, and received its first Vertiv modules at its Moses Lake facility.
• ▪Keel Infrastructure Corp., formerly known as Bitfarms Ltd. before rebranding after an April 2026 acquisition, is transitioning its business focus from cryptocurrency mining to high-performance computing and artificial intelligence infrastructure.

Operating losses revenue decline

• ▪Keel Infrastructure Corp. reported a loss from continuing operations of $64 million, or 11 cents per share, and a negative adjusted EBITDA of $24 million for the second quarter of 2026.
• ▪Keel Infrastructure Corp. reported a $141 million operating loss for the second quarter of 2026, compared to an operating income of $11 million in the second quarter of 2025.
• ▪Keel Infrastructure Corp. reported second-quarter 2026 revenue of $30 million, representing a 50% decline year-over-year from $60 million, due to lower average Bitcoin prices and the shutdown of its Moses Lake operations.

Site permitting zoning approvals

• ▪Keel Infrastructure Corp. has three priority development sites nearing full permitting, with multiple prospective tenants actively negotiating for each site.
• ▪Keel Infrastructure Corp. secured zoning and land-development approvals at its Panther Creek and Sharon sites in Pennsylvania, while environmental permit applications are advancing across those two sites and its Moses Lake site in Washington.

Liquidity position capital raise

• ▪Keel Infrastructure Corp. raised $458 million through a convertible note offering during the second quarter of 2026, boosting its overall liquidity position.
• ▪Keel Infrastructure Corp. reported approximately $819 million in total liquidity as of August 2026, which includes $698 million in unrestricted cash and $121 million in bitcoin.