Keel Q3 Report: Liquidated approximately 2,520 BTC to raise $192 million, pivoting to AI data center business.

November 5 — Keel Infrastructure (formerly mining company Bitfarms) reported third-quarter results for the period ended September 30, 2026. The company sold 2,520 bitcoins during the quarter, including approximately 2,261 from prior inventory and 259 mined during the quarter, raising a total of approximately $192 million, with bitcoin holdings negligible at quarter-end. Revenue from continuing operations for the quarter was approximately $28 million, compared with approximately $68 million year-over-year, primarily due to the deliberate halt of U.S. bitcoin mining operations starting in the second quarter to advance high-performance computing and AI development, as well as a decline in the average bitcoin price.

On the operational front, Keel said it obtained all necessary permits and began construction at Moses Lake in September, which is expected to become the first site to be energized and generate HPC revenue in 2027, with permitting progressing at Sharon and Panther Creek and lease negotiations continuing at three near-term sites. As of November 4, the company had approximately $780 million in unrestricted cash liquidity and no need for additional debt or equity financing before signing leases. Net loss from continuing operations was approximately $62.39 million, and adjusted EBITDA was negative approximately $27.45 million.