The corporate beforehand accomplished the shutdown of its U.S. bitcoin mining operations in the course of the second quarter, redirecting these amenities towards AI infrastructure improvement. It continues working mining tools in Canada in the course of the transition.
Bitcoin.com Information beforehand reported that Keel bought 1,085 $BTC between April 1 and Aug. 7, leaving 1,861 $BTC on its stability sheet at that time. The corporate had reported roughly $819 million in complete liquidity, together with money and bitcoin, throughout that ancient times.
Keel’s newest earnings show the monetary penalties of abandoning mining earlier than alternative income from AI operations begins flowing. Third-quarter income fell to $28 million from $68 million a 12 months earlier, primarily reflecting the shutdown of U.S. mining operations and decrease common bitcoin costs.
The corporate reported a $62 million loss from persevering with operations, in contrast with an $11 million loss a 12 months earlier. Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) had been unfavorable $27 million, versus constructive $19 million within the third quarter of 2025.
Normal and administrative bills doubled to $34 million as Keel expanded its administration crew and incurred further prices related to creating large-scale infrastructure initiatives.
However, the corporate reported progress towards commercializing its AI amenities.
Building started in September at Moses Lake, Washington, which Keel expects to turn into its first operational HPC facility producing income in 2027. Allowing additionally superior at its Sharon and Panther Creek websites in Pennsylvania, whereas negotiations with potential tenants continued throughout all three initiatives.
Keel can be learning potential expansions at Panther Creek and Scrubgrass that might enhance its secured knowledge heart energy capability from 478 megawatts to as a lot as 1,928 megawatts.
CEO Ben Gagnon stated growing competitors for electrical energy strengthens the corporate’s place in negotiations with potential prospects.
“Energy provide is getting scarcer whereas demand retains climbing,” Gagnon stated, expressing confidence that Keel will safe leases providing engaging returns.
Keel’s inventory value plunged 21% on Thursday amid a broader tech sell-off that impacted different miners and AI infrastructure companies, as nicely. Shares of KEEL had been not too long ago buying and selling close to $1.65, down greater than 52% within the final month alone.
Powerful October for Main Bitcoin Miners
The transition comes throughout a tough interval for publicly traded bitcoin miners pursuing AI infrastructure alternatives. In a Wednesday report, funding supervisor Vaneck argued that miners and different firms supplying powered knowledge heart amenities have been disproportionately punished by October’s expertise inventory sell-off.
In keeping with Vaneck, these infrastructure suppliers declined roughly 35% on common throughout October amid considerations about rising rates of interest, tighter credit score situations, and the financing required for AI building. Nonetheless, the agency famous that no signed leases had been canceled among the many publicly traded firms it analyzed.
Vaneck argued that former bitcoin miners more and more function as infrastructure landlords, supplying electrical energy connections and amenities below long-term leases quite than instantly competing with AI computing suppliers that buy costly processors.
That distinction may assist increased valuations, significantly as electrical energy availability turns into an more and more necessary constraint on AI enlargement. Citing Morgan Stanley estimates, Vaneck warned that the USA faces a possible 38-gigawatt knowledge heart capability shortfall by way of 2028.
The agency nonetheless acknowledged appreciable financing dangers, together with roughly $23 billion in construction-related debt doubtlessly requiring refinancing throughout 2027 and 2028.
For Keel, which has but to announce main long-term AI leases, the fast problem is translating its electrical energy infrastructure and improvement pipeline into contracted income. Its substantial money holdings present flexibility, however its full bitcoin treasury liquidation underscores how decisively the corporate has shifted away from the enterprise that initially financed its enlargement.
