Keel Infrastructure (formerly Bitfarms)
KEEL · NASDAQ (also TSX)Operating co.HighUnited States
BTC held
1,861
as of Aug 7, 2026 · 0.009% of 21M
Value now
$144M
at BTC $77,128
Basic mNAV
13.86×
mkt cap $2B as of Aug 28, 2026
Sats per share
301
618M shares as of Aug 31, 2026
Cost basis
- Average cost per BTC
- —
- Total invested
- —
- Unrealized gain
- —
Treasury debt
- Convertible senior notes closed June 9, 2026 (upsized from $350M; ~$445.4M net proceeds; interest payable Jan 15 / Jul 15 from Jan 15, 2027). Raised to fund the HPC/AI data-center pivot, not BTC purchases; the company is winding down its BTC position. · 1.250%$458M · due 2032
Recent activity
Rebranded from Bitfarms to Keel Infrastructure and completed U.S. redomiciliation around April 1, 2026, pivoting from bitcoin mining to HPC/AI infrastructure. Per its Q2 2026 release (Aug 10, 2026), it sold 1,085 BTC for ~$75M (~$69,124/BTC avg) between April 1 and August 7, 2026, leaving 1,861 BTC (~$121M) that it intends to continue winding down.
Risk notes
This is an exit story, not an accumulation story: management has publicly committed to liquidating the remaining BTC as it funds the HPC/AI buildout, and note trackers (CoinGecko shows 1,558 BTC) may lag or lead company disclosures. The $458M 1.25% 2032 convertible adds potential dilution, revenue fell 50.8% YoY in Q2 2026, and TTM net loss is ~$434M. Average BTC cost basis is not disclosed (coins were largely mined).
Sources
- https://www.barchart.com/story/news/3752296/keel-infrastructure-reports-second-quarter-2026-results
- https://www.globenewswire.com/news-release/2026/08/10/3341696/0/en/keel-infrastructure-reports-second-quarter-2026-results.html
- https://www.nasdaq.com/press-release/keel-infrastructure-announces-closing-458-million-convertible-senior-notes-2026-06-09
- https://www.theglobeandmail.com/investing/markets/markets-news/GlobeNewswire/2386360/keel-infrastructure-announces-closing-of-458-million-of-convertible-senior-notes/
- https://www.nasdaq.com/press-release/bitfarms-officially-rebrands-keel-infrastructure-completes-us-redomiciliation-2026-04
- https://bitcointreasuries.net/public-companies/bitfarms
- https://www.coingecko.com/en/treasuries/companies/bitfarms-ltd
- https://stockanalysis.com/stocks/keel/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding KEEL securities.