Liquidation completes company’s shift from mining to data center operations
Keel Infrastructure Corp. sold its entire bitcoin treasury in the third quarter, offloading 2,520 BTC for $192 million and leaving the company with only nominal holdings as of September 30, according to Bitcoin Magazine.
The sale represents a sharp departure from traditional mining company strategy. Keel said the move was “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.” Going forward, the company will sell all future mined bitcoin daily rather than accumulate it, a policy shift that underscores its transition away from bitcoin production.
The Delaware-domiciled company, which rebranded from Bitfarms in April 2026 following U.S. redomiciliation, stopped U.S. bitcoin mining in Q2 to redirect capital toward high-performance computing and AI infrastructure. The Q3 treasury liquidation provided firepower for that pivot. As of November 4, Keel held $780 million in unrestricted cash.
Q3 results reflected the mining shutdown’s impact. The company reported $28 million in revenue from continuing operations, down from $68 million in the prior year. Adjusted EBITDA swung to negative $27 million from positive $19 million, partly due to the cessation of U.S. mining and lower average bitcoin prices. General and administrative expenses roughly doubled to $34 million, driven by hiring senior specialists and higher stock-based compensation.
Keel mined 259 bitcoin in Q3 from its remaining Quebec footprint, where regulated power rates support production. The company consolidated older bitcoin sites into a single AI campus and began construction at its Moses Lake facility in September after clearing Notice to Proceed. That site is expected to generate HPC revenue in 2027.
CEO Ben Gagnon flagged power availability as a competitive constraint. “Power supply is getting scarcer while demand keeps climbing,” Gagnon said. “Keel’s 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter.”
Keel currently operates 478 megawatts of secured data center capacity, with potential to expand to 1.9 gigawatts if planned expansions proceed. The company’s total development pipeline spans 2.2 gigawatts across grid interconnections in Pennsylvania, Washington State, and Québec.
Permitting advanced at Sharon and Panther Creek sites in Pennsylvania. The company is in talks with multiple creditworthy parties for near-term site leases, though specific terms and timelines remain undisclosed.
Keel is not alone in the pivot. Riot Platforms and Hut 8 also sold thousands of bitcoin this year to fund AI builds and capital returns. Riot this week named Anthropic as a tenant on a roughly $28 billion Texas lease, signaling the scale of infrastructure investment underway across the sector.
