Keel Infrastructure, formerly Bitfarms, said in its latest quarterly report that it has closed all US bitcoin mining operations and is converting those sites into AI and high-performance computing data centers. Between April 1 and August 7, the company sold 1,085 BTC for $75 million and still holds 1,861 BTC on its balance sheet as it continues to wind down its bitcoin position. Revenue for the quarter came in at $30 million, down 50% year over year, hurt by lower bitcoin prices and the closure of the Moses Lake crypto mine. Net income swung from roughly $11 million in Q2 2025 to a loss of $141 million. Shares fell more than 11% in Monday trading. CEO Ben Gagnon said power is the limiting factor and that the company's three priority sites are close to full permitting, with multiple potential tenants in talks. Keel holds $819 million in liquidity and uncontracted 2027 capacity in PJM and Washington state.
Keel Infrastructure, formerly Bitfarms, has closed all of its US bitcoin mining operations and started converting those sites into AI and high-performance computing data centers, according to the company's latest quarterly report.
The shift is part of a refocus on compute infrastructure. Keel was restructured in April, with Keel becoming the parent company of Bitfarms Ltd. The company has also kept trimming its bitcoin holdings.
Bitcoin sales continue
Between April 1 and August 7, Keel sold 1,085 BTC and brought in $75 million. It still holds 1,861 BTC on its balance sheet. Management said it is continuing to gradually exit its bitcoin position.
Quarterly results
Revenue for the quarter was $30 million, down 50% from a year earlier. Lower bitcoin prices and the closure of the Moses Lake crypto mine weighed on the top line. Net income flipped from roughly $11 million in Q2 2025 to a loss of $141 million. Shares were down more than 11% in intraday trading on Monday.
CEO: Power is the constraint
CEO Ben Gagnon put it simply: “Power is the limiting factor; everything else builds on top of that.” He said the company's three priority sites are close to full permitting, and multiple potential tenants are in talks. Keel has $819 million in liquidity and holds uncommitted 2027 capacity in PJM and Washington state.
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