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Keel (KEEL) Sells Entire Bitcoin Treasury for $192 Million, Will Sell BTC Daily
Keel Infrastructure sold its entire bitcoin treasury in the third quarter, offloading 2,520 bitcoin for $192 million and leaving the company with only nominal holdings at Sept. 30, the former Bitfarms miner reported Thursday.
The sales covered the 2,261 bitcoin Keel held going into the quarter plus the 259 it mined, and the company said it timed them during periods of strength. Going forward, bitcoin mined from Keel’s remaining Quebec operations will be sold on a daily basis, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.”
The move completes a shift Keel began earlier this year, when the company, then still trading as Bitfarms (BITF), started selling its stack and winding down U.S. mining to fund high-performance computing and AI infrastructure.
From bitcoin miner to AI landlord
Keel Infrastructure Corp. rebranded from Bitfarms after completing a U.S. redomiciliation to Delaware in April and now describes itself as a North American digital infrastructure and energy company. Legacy bitcoin mining still shows up in the results, but the center of gravity has moved.
Revenue from continuing operations fell to $28 million from $68 million a year earlier, largely because Keel stopped U.S. bitcoin mining in the second quarter and because the average bitcoin price declined. Adjusted EBITDA swung to a negative $27 million from a positive $19 million. General and administrative expenses roughly doubled to $34 million as the company hired senior specialists and booked higher stock-based compensation. The company still posted about $780 million of unrestricted cash as of Nov. 4 and said it has no current need for debt or equity financing before signing a lease.
“Power supply is getting scarcer while demand keeps climbing,” CEO Ben Gagnon said in the release. “Keel’s 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter.”
CFO Jonathan Mir added that capital deployed ahead of a lease becomes equity in project financing and that the company examines opportunities to recycle capital on an ongoing basis.
What Keel is building instead
Construction began at Moses Lake in September after Keel cleared Notice to Proceed, and the company expects it to be the first energized site generating HPC revenue in 2027. It also engineered an optional plan for next-generation Vera Rubin architecture at the site. Permitting advanced at Sharon and Panther Creek in Pennsylvania, and load studies could expand secured data center capacity from 478 MW toward nearly 1.9 GW if Panther Creek and Scrubgrass expansions proceed. Keel has also moved to consolidate older bitcoin sites into a single AI campus.
The development pipeline stands at about 2.2 gigawatts with grid interconnections already in place across Pennsylvania, Washington State and Québec. That is the inventory Keel is trying to lease before the cash from the bitcoin sale and the remaining Quebec mining runs down.
Keel is not alone. Riot Platforms and Hut 8 have sold thousands of bitcoin this year to fund AI builds and share buybacks, and Riot this week named Anthropic as the tenant on a roughly $28 billion Texas lease. Public miners that once marketed themselves as bitcoin accumulators are turning their power and land into AI capacity instead.
Keel’s remaining mining footprint sits in Quebec, where regulated power rates still support production. Those coins will no longer sit on the balance sheet. The company will sell them the day they are mined, converting hashrate into cash for the infrastructure build rather than into a treasury that moves with the bitcoin price.
The open question is whether the leases close on the terms Gagnon described before the cash pile is spent. Keel says competitive tension is high at all three near-term sites and that multiple creditworthy parties are at the table. Until a signed lease shows up, the $192 million bitcoin sale is the clearest proof that the company has left the treasury strategy behind.
This post Keel (KEEL) Sells Entire Bitcoin Treasury for $192 Million, Will Sell BTC Daily first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
