Keel Infrastructure Corp., formerly known as Bitfarms, disclosed that it has liquidated its entire Bitcoin treasury – 2,520 BTC – for an estimated $192 million. The transaction, completed in the third quarter, included the 2,261 Bitcoin the company held at the start of the period and the 259 it mined during the quarter. Moving forward, any Bitcoin produced by Keel’s remaining mining operations in Quebec will be sold on a daily basis, a policy the firm says eliminates exposure to fluctuations in the cryptocurrency’s price.

BTC / USD
Source: CoinGecko. Prices are indicative.

Strategic shift from mining to AI‑centric infrastructure

The sale finalises a transition that began earlier this year when the company, then trading under the BITF ticker, started winding down U.S. mining activities to finance high‑performance computing (HPC) and artificial‑intelligence (AI) projects. After relocating its legal domicile to Delaware in April, the firm rebranded as Keke Infrastructure, positioning itself as a North‑American digital‑infrastructure and energy provider. Although legacy mining still appears in its financial statements, revenue from ongoing operations fell to $28 million from $68 million a year earlier, reflecting the cessation of U.S. mining and a softer Bitcoin price environment. Adjusted EBITDA swung to a loss of $27 million from a profit of $19 million, while general‑and‑administrative costs roughly doubled to $34 million as the company added senior talent and increased stock‑based compensation.

Funding the AI data‑center pipeline

Keel reported roughly $780 million in unrestricted cash as of early November and indicated no immediate need for debt or equity financing before finalising lease agreements for its data‑center projects. Groundbreaking began at the Moses Lake site in Washington State in September after receiving a Notice to Proceed, with the first AI‑focused facility slated to be operational in 2027. The company also outlined an optional next‑generation Vera Rubin architecture for the location. In Pennsylvania, permitting is progressing at the Sharon and Panther Creek sites, and load‑study outcomes could expand the firm’s secured capacity from 478 MW toward nearly 1.9 GW if planned expansions at Panther Creek and Scrubgrass move forward. Overall, Keel’s development pipeline now represents about 2.2 GW of grid‑connected capacity across Pennsylvania, Washington State and Quebec.

Broader industry trend and outlook

Keel joins other public miners, such as Riot Platforms and Hut 8, that have sold sizable Bitcoin holdings this year to fund AI‑related builds and shareholder buybacks. Riot, for example, recently announced a lease with Anthropic on a multi‑billion‑dollar Texas project. The shift underscores a growing pattern of miners repurposing power‑intensive sites for AI workloads. Keel’s remaining mining assets in Quebec benefit from regulated electricity rates, but the company will no longer retain mined coins on its balance sheet, opting instead for immediate cash conversion. The primary uncertainty lies in whether Keel can secure long‑term lease contracts on the terms outlined by CEO Ben Gagnon before the proceeds from the Bitcoin sale are fully allocated.