Keel Infrastructure sold its whole bitcoin treasury in the third quarter, offloading 2,520 bitcoin for $192 million. The company will now sell the coins it mines in Quebec every day as it pivots to AI data centers.
Keel Infrastructure sold its entire bitcoin treasury in the third quarter, offloading 2,520 bitcoin for $192 million and leaving only nominal holdings at Sept. 30. The former Bitfarms miner reported the sale Thursday.
The sales covered the 2,261 bitcoin Keel held going into the quarter plus the 259 it mined, and the company said it timed them during periods of strength. Going forward, bitcoin mined from its remaining Quebec operations will be sold on a daily basis, which the company said effectively eliminates its exposure to bitcoin price movements on treasury holdings.
From bitcoin miner to AI infrastructure
Keel rebranded from Bitfarms after redomiciling to Delaware in April, and now describes itself as a North American digital infrastructure and energy company. It stopped U.S. bitcoin mining in the second quarter.
As a result, revenue from continuing operations fell to $28 million from $68 million a year earlier, partly because the average bitcoin price declined. Adjusted EBITDA swung to a negative $27 million from a positive $19 million. General and administrative expenses roughly doubled to $34 million.
Even so, Keel held about $780 million of unrestricted cash as of Nov. 4 and said it has no current need for debt or equity financing before signing a lease.
What Keel is building instead
Construction began at Moses Lake in September, and the company expects it to be the first energized site generating HPC revenue in 2027. 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 about 2.2 gigawatts, with grid interconnections in place across Pennsylvania, Washington State and Québec.
Keel is not alone. Riot Platforms and Hut 8 have sold thousands of bitcoin this year to fund AI builds and share buybacks. Keel will keep converting its Quebec hashrate into cash for the build rather than holding the coins.
The open question is whether the leases close on the terms CEO Ben Gagnon described. Keel says competitive tension is high at all three near-term sites.
Source: Bitcoin Magazine
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