Finance · 11 August, 2026 · 2 min read
Keel Infrastructure Decommissions U.S. Bitcoin Mining, Pivots to AI and HPC Construction
Keel shut down all US Bitcoin mining operations and decommissioned equipment It sold 1,085 Bitcoin as part of the pivot
Why the stock moved: bearish Q2 pressure vs pivot optimism.
8 of 10 outlets skipped it: hydro-Sherbrooke deal: 96 MW conditional transfer and land purchase.
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Same story, two versions
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MarketBeat
“shares came under pressure after the company reported a difficult second quarter”Read the original ↗
UseTheBitcoin
“CEO Ben Gagnon said Keel is negotiating from a position of strength”Read the original ↗
MarketBeat stresses Q2 pain, while UseTheBitcoin emphasises negotiating strength and liquidity
Keel pivots after Q2 hit
Keel Infrastructure Corp. said it has decommissioned all U.S. Bitcoin mining operations in preparation for high-performance computing (HPC) site construction, according to its second-quarter report published on Monday.
“Keel Infrastructure said it has decommissioned all US Bitcoin mining operations”
In that same quarter ended June 30, 2026, Keel reported $30 million in revenue, down 50% year-on-year, and an operating loss of $141 million compared with operating income of $11 million in the same period last year.
Keel also said it sold 1,085 Bitcoin for $75 million after April 1 and held 1,861 BTC as of Friday, as it continued its wind-down of its Bitcoin holdings.
The company reported about $819 million in liquidity, including $698 million in unrestricted cash, as it shifted its focus toward AI and HPC infrastructure.
Liquidity fuels the shift
Keel’s pivot was framed around power availability, with CEO Ben Gagnon saying, "Power is the constraint; everything else derives from that."
In its second-quarter disclosure, Keel tied the revenue decline to "a decline in the average Bitcoin (BTC) price and the shutdown of its Moses Lake crypto mining operations in April 2026."
The company reported liquidity of $819 million as of Aug. 7, split between $698 million in unrestricted cash and $121 million in unencumbered Bitcoin, while it continued converting mining sites into data centers.
Keel also said its U.S. withdrawal happened in stages, with Bitcoin mining at its Washington State site ending on April 28 and mining ceasing at Panther Creek, Scrubgrass and Sharon in Pennsylvania on June 29.
What comes next for investors
Keel said it is preparing sites for HPC and AI builds while tenants negotiate, with its three priority sites nearing full permitting and zoning and land development approvals secured at Panther Creek and Sharon.
“signed agreements in Sherbrooke, QC for the conditional transfer of 96 MW of existing capacity”
The company also advanced its Sherbrooke, Quebec project by signing an agreement with Hydro-Sherbrooke for the conditional transfer of 96 MW of existing capacity, alongside a land purchase agreement.
Keel raised $458 million through a convertible note offering during the quarter, and it reported that its general and administrative expenses rose to $31.3 million from $19.4 million.
Even as the company emphasized its liquidity and permitting progress, its Q2 results showed revenue at $30.4 million and an operating loss of $141 million, with the stock price falling 12% on the day, according to Yahoo Finance.