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Keel Infrastructure sold 2,520 BTC for $192 million during the quarter ended Sept. 30, emptying a bitcoin treasury it had built as a miner and redirecting its balance sheet toward AI and high-performance computing data centers, according to Bitcoin.com News. The total included the company’s entire treasury position of 2,261 BTC plus 259 BTC produced by mining operations it still runs in Quebec.
The former Bitfarms said in its third-quarter results release that it timed the sales to catch periods of market strength, and that it finished September with nominal bitcoin holdings. Bitcoin.com News reported the disclosure on Nov. 5, the same day KEEL shares fell 21% in a wider sell-off across technology, mining and AI infrastructure stocks.
Also read: Bitcoin Mining Difficulty Rises 5.92% to 140.58T
Key facts
- Keel sold 2,520 BTC for $192 million in Q3, including its full 2,261 BTC treasury and 259 BTC mined during the quarter.
- Revenue fell to $28 million from $68 million a year earlier; the loss from continuing operations was $62 million versus $11 million.
- Adjusted EBITDA was negative $27 million, compared with positive $19 million in Q3 2025, and G&A expenses doubled to $34 million.
- Keel held about $780 million in unrestricted cash as of Nov. 4 and expects first AI data center revenue in 2027.
- Shares traded near $1.65, down more than 52% over the past month.
From miner to landlord
Keel has been unwinding its mining business in stages. It shut down U.S. mining operations in the second quarter and pointed those sites at AI development, and it previously sold 1,085 BTC between April 1 and Aug. 7, leaving 1,861 BTC on the books at that point. The earlier period carried about $819 million in total liquidity across cash and bitcoin.
Going forward, the company plans to sell bitcoin from its Quebec operations daily, which removes treasury exposure to price swings entirely. Construction started in September at Moses Lake, Washington, which Keel expects to be its first revenue-generating HPC facility in 2027. Permitting has moved forward at Sharon and Panther Creek in Pennsylvania, tenant talks continue across all three sites, and the company is studying expansions that could lift secured data center power capacity from 478 megawatts to as much as 1,928 megawatts.
CEO Ben Gagnon said competition for electricity is strengthening Keel’s hand with prospective customers, noting that power supply is getting scarcer while demand keeps climbing. The financial picture shows the gap before AI revenue arrives: revenue dropped on the U.S. shutdown and lower average bitcoin prices, and administrative costs rose as the company built out its management team and project pipeline.
Why it matters
Keel is not alone in selling coins. Riot Platforms and Hut 8 disclosed large third-quarter bitcoin sales on the same earnings cycle, signaling that miners are converting reserves into construction capital. Vaneck argued in a Wednesday note that miners supplying powered data center space have been punished disproportionately, falling about 35% on average in October, even though no signed leases among the public companies it analyzed had been canceled. The firm cited a Morgan Stanley estimate of a potential 38-gigawatt U.S. data center capacity shortfall through 2028, while flagging roughly $23 billion in construction debt that may need refinancing in 2027 and 2028.
For Keel, converting electricity access and a permitting pipeline into contracted leases is the test; its cash position gives it room, but the emptied treasury marks how far it has moved from the business that funded its expansion.
What to watch
Any announcement of long-term AI leases at Moses Lake, Sharon or Panther Creek would be the first hard evidence of replacement revenue, and the 2027 start of HPC revenue is the company’s own target date.
This is not financial advice, and markets for bitcoin and related equities are volatile and uncertain.
Reported by Bitcoin.com News.
Source: Bitcoin.com News