Keel Infrastructure Sold Its Entire 2,520 BTC Treasury for $192 Million

Keel Infrastructure Corp. sold its entire bitcoin treasury in the third quarter, offloading 2,520 BTC for $192 million and holding only nominal bitcoin as of Sept. 30, the company reported Thursday in its quarterly results. The former Bitfarms miner said it will now sell every coin it mines, the day it mines it, ending a years-long accumulation strategy in favor of funding high-performance computing and AI infrastructure.

The sales covered the 2,261 BTC Keel held entering the quarter plus the 259 BTC it mined during it. The company said it timed the disposals during periods of market strength. Going forward, bitcoin produced at its remaining Quebec sites will be sold daily, which the company said will "effectively eliminate" its exposure to bitcoin price movements on treasury holdings. That claim is narrow by design: it addresses treasury risk, not the operational risk of a business whose revenue fell sharply.

Why did Keel abandon bitcoin accumulation?

The sale completes a shift the company began earlier this year while still trading as Bitfarms (BITF), when it started unwinding its stack and shutting down U.S. mining. It completed a redomiciliation to Delaware in April and rebranded as Keel Infrastructure, describing itself as a North American digital infrastructure and energy company.

The financial consequences of that pivot are visible in the quarter. Revenue from continuing operations fell to $28 million from $68 million a year earlier, driven by the second-quarter halt of U.S. mining and a lower average bitcoin price. Adjusted EBITDA swung to negative $27 million from positive $19 million. General and administrative expenses roughly doubled to $34 million on senior hires and stock-based compensation.

The company still reported about $780 million of unrestricted cash as of Nov. 4, and said it needs no debt or equity financing before signing a lease. That runway, however, has a clock attached: it is the inventory Keel must lease out before cash from the bitcoin sale and residual Quebec mining runs down.

What is Keel building instead?

CEO Ben Gagnon framed the pivot around power scarcity. "Power supply is getting scarcer while demand keeps climbing," he said in the release. "Keel's 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter." The statement describes pipeline progress, not signed revenue, and the company has not yet announced a tenant.

CFO Jonathan Mir added that capital deployed ahead of a lease becomes equity in project financing, and said the company reviews opportunities to recycle capital on an ongoing basis.

Operationally, construction began at Moses Lake in September after Keel cleared Notice to Proceed, with first energization and HPC revenue expected in 2027. Keel 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 the Panther Creek and Scrubgrass expansions proceed.

The development pipeline stands at roughly 2.2 gigawatts with grid interconnections in place across Pennsylvania, Washington State and Québec. Keel has also moved to consolidate older bitcoin sites into a single AI campus.

Is this an industry-wide exit?

Keel is not acting 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 tenant on a roughly $28 billion Texas lease. Public miners that once marketed themselves as bitcoin accumulators are converting power and land into AI capacity instead.

Keel says competitive tension is high at all three near-term sites and that multiple creditworthy parties are negotiating. Until a signed lease appears, that remains an unverified assertion. The open question is whether leases close on the terms Gagnon described before the cash pile is spent; the $192 million sale is the clearest evidence the treasury strategy is over.