Keel Infrastructure Sells Entire $192M Bitcoin Treasury for AI Shift

The Big Move: From Mining Bitcoin to Powering AI

Imagine building up a massive treasury of digital currency over several years, only to sell every single coin to fund a completely new business model. That is exactly what former Bitcoin mining powerhouse Bitfarms—now rebranded as Keel Infrastructure—just completed.

During the third quarter of 2026, Keel Infrastructure liquidated its entire Bitcoin treasury. The company sold 2,520 BTCBTC-5.56% in total, bringing in $192 million in cash. This decisive move accelerates its strategic transition away from Bitcoin mining and directly into artificial intelligence (AI) and high-performance computing (HPC) infrastructure.

While parting with crypto reserves might sound drastic for a company rooted in crypto mining, it reflects a broader shift across the tech sector. Let us break down the exact details of this decision, what the financials look like, and why so many miners are repositioning themselves as AI landlords.

Breaking Down the $192 Million Bitcoin Treasury Sale

According to corporate disclosures released on November 5, 2026, the 2,520 BTC sold by Keel during the quarter ended September 30 came from two separate sources:

• Treasury Vault Holdings: Keel unloaded all 2,261 BTC that were stored in its corporate reserve.
• Newly Mined Coins: The company sold an additional 259 BTC earned through its remaining operational mining rigs in Canada.

Keel stated that management timed the transactions to capitalize on windows of crypto market strength, leaving the company with virtually zero Bitcoin reserves by the end of September.

Going forward, Keel plans to sell all Bitcoin generated by its remaining Quebec operations on a daily basis. By selling coins immediately rather than holding them in reserve, the company removes its balance sheet exposure to crypto price volatility.

This latest liquidation builds on steps Keel took earlier in the year. Between April 1 and August 7, 2026, the firm sold 1,085 BTC, leaving 1,861 BTC on its balance sheet at that time. Following Q3 sales, Keel held roughly $780 million in unrestricted cash liquidity as of November 4, 2026.

Why Bitcoin Miners Are Pivoting Toward AI Real Estate

To understand why a crypto miner would abandon its original mission, it helps to look at physical real estate and power grids.

Bitcoin mining facilities require enormous physical real estate, high-grade electrical hookups, and complex industrial cooling systems. Artificial intelligence companies, which require vast computational power to train machine learning models, need the exact same physical resources.

Because securing new high-voltage grid connections can take years due to permitting delays, existing Bitcoin mining sites are highly valuable. By repurposing these sites, former miners can act as infrastructure landlords, offering power connections and specialized facilities to tech tenants under multi-year leases.

Ben Gagnon, CEO of Keel Infrastructure, emphasized this power scarcity when discussing the shift. He noted that power supply across North America is becoming increasingly tight right as demand for computing power accelerates. This shortage gives infrastructure owners strong leverage when negotiating commercial terms with prospective clients.

Financial Breakdown: The Upfront Cost of Rebuilding

Shifting corporate direction requires substantial capital, and Keel's third-quarter earnings report shows the immediate impact of shutting down mining revenue before AI facilities open.

Keel reported the following financial metrics for the third quarter of 2026:

• Quarterly Revenue: Dropped to $28 million, down from $68 million in Q3 2025, primarily due to closing U.S. mining operations and lower average Bitcoin prices.
• Net Loss: Expanded to $62 million from continuing operations, compared to an $11 million loss in the same period last year.
• Adjusted EBITDA: Fell to negative $27 million, down from positive $19 million in Q3 2025.
• General & Administrative Expenses: Doubled to $34 million as Keel hired executive talent and funded infrastructure development.

These financial results illustrate the transition phase: Keel closed its U.S. Bitcoin mining sites in Q2 to redevelop them into data centers, sacrificing current mining revenue to build long-term AI facilities expected to begin generating revenue in 2027.

Inside Keel's Data Center Development Pipeline

Keel is using its cash reserves to construct several large data center projects across North America:

• Moses Lake, Washington: Construction officially began in September 2026. Keel expects this facility to become its first operational HPC site generating active revenue in 2027.
• Sharon and Panther Creek, Pennsylvania: Permitting is advancing, while tenant lease negotiations continue across both site locations.
• Power Capacity Expansion: Keel is evaluating expansion plans at its Panther Creek and Scrubgrass sites that could increase its total secured power capacity from 478 megawatts (MW) up to 1,928 MW.

With approximately $780 million in cash liquidity, Keel maintains financial flexibility to fund construction projects as negotiations progress.

Stock Volatility and Broader Tech Market Shifts

Investors responded to the earnings release and ongoing restructuring expenses by selling off shares. KEEL stock dropped 21% on Thursday, November 5, to around $1.65 per share, extending its monthly decline past 52%.

Note: Past performance of company shares or digital assets is not a reliable indicator of future results.

Keel was not the only company experiencing stock pressure. The drop coincided with a wider pull-back affecting tech firms, crypto miners, and AI infrastructure providers across the board.

VanEck Commentary: Are Infrastructure Providers Oversold?

Investment management firm VanEck published an analysis reviewing the recent downturn in AI-focused mining stocks. VanEck reported that infrastructure providers saw an average stock decline of roughly 35% during October 2026.

According to VanEck, three main factors fueled market concerns:

• Macroeconomic worries regarding elevated interest rates.
• Tighter overall credit conditions for corporate borrowers.
• Significant capital expenditure required to complete large-scale AI construction projects.

Despite market anxiety, VanEck pointed out that no signed leases had been canceled among the publicly traded infrastructure firms it monitored.

VanEck highlighted that former miners function as infrastructure landlords rather than direct AI operators. By supplying powered shells and land instead of purchasing expensive computing processors directly, these companies avoid rapid hardware obsolescence risks.

Power Shortfalls vs. Debt Refinancing Risks

Citing data from Morgan Stanley, VanEck noted that the United States faces a potential 38-gigawatt (GW) shortfall in data center power capacity through 2028. This long-term deficit favors companies holding existing grid connections.

However, financing risks remain a consideration. Across the infrastructure sector, companies face approximately $23 billion in construction-related debt that may require refinancing in 2027 and 2028. If credit markets remain restricted, debt refinancing could present challenges.

Industry Alignment: Riot Platforms and Hut 8 Sell Bitcoin Reserves

Keel Infrastructure's treasury exit is part of a broader trend among publicly traded mining companies. Other major firms also reported substantial Bitcoin liquidations in their third-quarter earnings releases:

• Riot Platforms: Disclosed selling $750 million worth of BTC during Q3.
• Hut 8: Reported liquidating $250 million in BTC over the same period.

These treasury sales demonstrate how mining firms are deploying asset reserves to build physical facilities, expand grid tie-ins, and transition toward alternative infrastructure opportunities.

Looking Forward for Keel Infrastructure

For Keel Infrastructure, the core objective moving forward is securing binding commercial contracts for its development portfolio. While major AI leases have yet to be finalized, the firm's $780 million cash reserve provides significant operational leeway.

By liquidating its $192 million Bitcoin treasury, Keel has committed fully to its new direction, betting that supplying infrastructure to the growing AI sector will yield stable long-term revenue.