Keel Infrastructure sells entire Bitcoin treasury for $192m in AI pivot

Key points

• Keel sold 2,520 BTC in the quarter ended 30 Sept, including its whole treasury of 2,261 BTC and 259 BTC mined.
• Third-quarter revenue fell to $28m from $68m a year earlier, with a $62m loss from continuing operations.
• The company held about $780m in unrestricted cash as of 4 Nov and expects first AI data centre revenue in 2027.

Keel Infrastructure, formerly known as Bitfarms, has sold its entire Bitcoin treasury, offloading 2,520 BTC for $192m during the third quarter. The company disclosed on 5 November that the sales covered its full treasury position of 2,261 BTC plus 259 BTC produced by its remaining mining operations in the quarter ended 30 Sept. It said it timed the sales to take advantage of stronger markets and now holds nominal Bitcoin.

The Bitcoin treasury sale marks a further break from Keel's mining roots as it builds infrastructure for AI and high-performance computing. Mining in Quebec will continue during the transition, but any Bitcoin it produces there will be sold daily, removing exposure to price swings. Keel shut its US mining operations in the second quarter and is redirecting those sites to AI development.

The pivot has cost the company revenue. Adjusted EBITDA was negative $27m, compared with positive $19m in the third quarter of 2025, while administrative expenses doubled to $34m.

What to watch: Keel is still negotiating with potential tenants across its Moses Lake, Sharon and Panther Creek projects, with first AI data centre revenue expected in 2027.

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