Keel Infrastructure Sells 2,261 Bitcoin, Shifts to Daily Sales

Keel Infrastructure, the Nasdaq-listed miner formerly known as Bitfarms, sold its entire 2,261-coin Bitcoin reserve in the quarter ended Sept. 30. The company will now sell every coin it mines on the same day.

Including 259 newly mined coins, total sales reached 2,520 BTC. These transactions raised $192 million at an average price of approximately $76,200 per coin. Keel noted sales occurred “during periods of strength,” though its income statement recorded a $32 million realized loss.

Daily Sales and Revenue Shift

Selling Quebec mining output daily ends Keel’s exposure to price swings on held Bitcoin. However, the company warned that volatility will still impact profits at remaining mines, which are the primary revenue source until new tenants sign leases.

Shares of Keel Infrastructure (KEEL) fell 9.5% to $1.90 by 9:40 a.m. ET Thursday, following a nearly 18% decline over the preceding five days. Quarterly revenue fell 59% to $28 million, with long-term debt at $1.02 billion as of Sept. 30.

Transition to High-Performance Computing

Keel is converting power sites into high-performance computing (HPC) data centers. Construction began in Moses Lake, Washington, in September, with first HPC revenue expected in 2027. This mirrors moves by other miners, like Riot Platforms, which sold 79% of its Bitcoin reserve last quarter to fund AI data center projects in Texas.

CFO Jonathan Mir said the company remains strongly capitalized with approximately $780 million in cash liquidity. “We have no current need for debt or equity financing before signing a lease,” Mir stated. CEO Ben Gagnon added that several creditworthy bidders are negotiating at three near-term sites, though no lease is signed.

The filing lists risks including a Pennsylvania executive order on data centers and local opposition. Based on third-quarter production, Keel’s daily mining output is estimated at roughly three coins per day.