Keel sells entire bitcoin treasury for $192 million, will sell mined BTC daily

What happened

Keel Infrastructure disclosed on Thursday that it liquidated its entire bitcoin position during the third quarter, selling 2,520 coins for $192 million and finishing September with only token holdings. The company, until recently known as Bitfarms, said the sales combined the 2,261 BTC it carried into the quarter with 259 BTC produced by its own miners, and that it chose periods of relative price strength to execute them.

From now on, coins produced at Keel's remaining Quebec operations will be sold as they are mined, on a daily basis. The company said the approach effectively removes its treasury holdings from exposure to bitcoin price movements.

The disclosure accompanied quarterly results that show what the transition is costing. Revenue from continuing operations dropped to $28 million from $68 million a year earlier, a decline Keel attributed largely to halting U.S. bitcoin mining in the second quarter and to a lower average bitcoin price. Adjusted EBITDA moved to negative $27 million from positive $19 million, and the loss from continuing operations widened to $62 million from $11 million, according to Bitcoin.com News. General and administrative expenses roughly doubled to $34 million as the company added senior staff and recorded higher stock-based compensation.

Keel reported about $780 million in unrestricted cash as of Nov. 4 and said it does not currently need debt or equity financing before it signs a lease. Even so, Bitcoin.com News reported that the stock fell 21% on Thursday amid a wider selloff in technology, mining and AI infrastructure shares, trading near $1.65 and down more than 52% over the previous month.

Why it matters

The sale is the clearest evidence yet that Keel has abandoned the accumulate-and-hold model that many public miners adopted in recent years. Rather than letting mined coins sit on the balance sheet as a liquid proxy for bitcoin, the company will convert hashrate into cash to help fund construction of data centers built for AI and high-performance computing workloads.

It also sharpens a question investors are asking across the sector: whether electricity interconnects and permitted land can be turned into signed, long-term leases before the cash from coin sales and legacy mining runs out. Keel has not yet announced a major long-term AI lease. Until one appears, the $192 million bitcoin sale stands as the most concrete proof of the strategic shift, as Bitcoin Magazine put it.

The move fits a broader pattern. Riot Platforms and Hut 8 have both sold thousands of bitcoin this year to finance AI builds and buybacks, and Riot this week named Anthropic as the tenant on a Texas lease valued at roughly $28 billion. Miners that once marketed themselves as bitcoin accumulators are increasingly repurposing their power and land for computing capacity.

What the data shows

Keel's third-quarter numbers sketch the shape of a company in mid-transition. The 2,520 BTC sold comprised 2,261 coins held at the start of the period and 259 mined during it, generating $192 million. Revenue from continuing operations was $28 million, down from $68 million. The loss from continuing operations reached $62 million against $11 million a year earlier, adjusted EBITDA was negative $27 million versus positive $19 million, and G&A rose to $34 million.

On the infrastructure side, Keel said construction began at Moses Lake in Washington in September after it cleared Notice to Proceed, and it expects that site to be the first energized location producing HPC revenue in 2027. The company also drew up an optional design for next-generation Vera Rubin architecture there. Permitting advanced at Sharon and Panther Creek in Pennsylvania, and load studies indicate secured data center capacity could grow from 478 megawatts to as much as 1,928 megawatts if expansions at Panther Creek and Scrubgrass move ahead. The overall development pipeline stands at roughly 2.2 gigawatts with grid interconnections in Pennsylvania, Washington State and Quebec.

Background

Keel's retreat from bitcoin holding began earlier this year, when the company was still trading as Bitfarms. It started selling its stack and winding down U.S. mining to fund HPC and AI infrastructure, then completed a U.S. redomiciliation to Delaware in April and rebranded as Keel Infrastructure, describing itself as a North American digital infrastructure and energy company. Bitcoin.com News previously reported that Keel sold 1,085 BTC between April 1 and Aug. 7, leaving 1,861 BTC on its balance sheet and roughly $819 million in total liquidity at that point. Mining continues only in Quebec, where regulated power rates still support production.

Chief executive Ben Gagnon framed the power market as the company's advantage. "Power supply is getting scarcer while demand keeps climbing," he said in the release, adding that Keel's 2027 and 2028 power is further advanced, more secure and closer to delivery than a quarter ago. Chief financial officer Jonathan Mir said capital spent ahead of a lease becomes equity in project financing and that the company continually looks for ways to recycle capital. The sector backdrop has been difficult: investment manager VanEck estimated in a Wednesday report that miners and other powered-shell providers fell about 35% on average in October, though it said no signed leases had been canceled among the public companies it analyzed. VanEck, citing Morgan Stanley, also flagged a potential 38-gigawatt U.S. data center capacity shortfall through 2028, alongside roughly $23 billion of construction debt that may need refinancing in 2027 and 2028.

What to watch

The near-term test is contracting. Keel says competition for its three closest sites is intense and that multiple creditworthy parties are in talks, but no lease has been signed. Investors will watch whether agreements are reached on the terms management has described before the cash reserve and remaining Quebec mining revenue are drawn down. Also worth tracking: energization at Moses Lake, the outcome of permitting and load studies in Pennsylvania that could nearly quadruple secured capacity, and whether the company consolidates its older bitcoin sites into a single AI campus as planned.

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