Keel Completes U.S. Bitcoin Mining Exit

The Tip Desk · August 10, 2026 · 3 min read

Liquidity reached about $819 million after a $458 million convertible-note offering as continuing-operations revenue fell to $30 million.

Keel Infrastructure Corp. (KEEL), a North American digital infrastructure and energy company, completed the decommissioning of all U.S. Bitcoin mining operations in the quarter ended June 30, 2026, in preparation for high-performance computing site construction.

The wind-down, together with a lower average Bitcoin price, largely explained the drop in continuing-operations revenue to $30 million, down 50% from a year earlier. Sequentially, revenue fell from $37 million in the first quarter. Cost of revenues rose 81% to $117.2 million, producing an $86.8 million gross loss and a gross margin of minus 285%.

Operating results swung to a $140.8 million loss, or an operating margin of minus 463%, from $10.8 million of operating income a year earlier. Non-cash depreciation was $84.1 million. Loss from continuing operations was $64.0 million, or $0.11 a share, versus income of $13.2 million, or $0.02 a share, a year earlier. Adjusted EBITDA from continuing operations was negative $23.7 million.

General and administrative expenses were $31.3 million. The increase was largely driven by targeted hiring of senior subject-matter experts as the company scales into the project-management phase of its strategy. Change in fair value of digital assets was a $9.0 million loss, and realized loss on sale of digital assets was $11.2 million.

Liquidity increased to about $819 million as of August 7, 2026, comprising about $698 million in unrestricted cash and about $121 million in unencumbered Bitcoin, from about $533 million as of May 8, 2026. The company raised $458 million via a convertible-note offering during the quarter. Chief Financial Officer Jonathan Mir said the company is better capitalized than at any point in its history.

From April 1, 2026, through August 7, 2026, Keel sold 1,085 Bitcoin for $75 million in proceeds as part of a previously communicated wind-down of the Bitcoin position, leaving 1,861 BTC. In the prior wind-down window, it had sold 269 Bitcoin for $20 million.

Chief Executive Officer Ben Gagnon said power is the constraint and that all three priority sites are nearing full permitting, with multiple prospective tenants negotiating for each. The company is negotiating from a position of strength with $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington.

Site work continued across Panther Creek, Sharon, and Moses Lake. Keel secured zoning and land-development approvals at Panther Creek and Sharon. Environmental permit applications were progressing across all three priority sites. The company accepted delivery of the first Vertiv modules at Moses Lake, took several additional long-lead-time items at Sharon and Moses Lake, began executing final fiber contracts across all three sites, and continued refining data-center designs to improve power density.

Keel appointed Ganesh Aiyer as President to lead commercial and expansion activities. In Sherbrooke, Québec, Keel reached an agreement with Hydro-Sherbrooke for the conditional transfer and operation of 96 MW of existing capacity, as well as a purchase agreement for a parcel of land on which to develop a data center.

Latin American assets remain classified as discontinued operations. The company develops and owns data centers and energy infrastructure for high-performance computing workloads, including AI, with a development pipeline of 2.2 gigawatts and established grid interconnections in Pennsylvania, Washington, and Québec.