Keel Infrastructure Exits U.S. Bitcoin Mining to Chase AI Profits

The transition follows a difficult second quarter, during which Keel reported a $65 million net loss and a 50% year-over-year revenue decline to $30.4 million. The company, which redomiciled from Canada to the U.S. in April, saw its U.S. mining revenue slump as network difficulty climbed and Bitcoin prices weakened. To fund this strategic shift, management has aggressively liquidated its treasury, selling 1,085 BTC for approximately $75 million since April. By August 7, the company held 1,861 BTC and maintained a total liquidity position of $819 million, bolstered by a $458 million convertible note offering.

Despite the rapid decommissioning of mining hardware, the company has yet to generate any revenue from its new data center focus. The sites—including Panther Creek and Scrubgrass—are currently in various stages of permitting and utility capacity development. While CEO Ben Gagnon claims multiple prospective tenants are in negotiations for the facilities, no firm customer leases have been finalized. With utility capacity secured for projects like the planned 110 MW Sharon site, the company is aiming for a 2027 service launch. Meanwhile, Keel continues to operate legacy mining assets in Canada, though it is actively seeking regulatory approval to convert those locations to AI workloads as well.