Fundraising $192 Million: Keel Sells 2,520 Bitcoins in Q3 and Pivots to AI Data Center Business

Odaily Report: Keel Infrastructure (formerly Bitfarms) has announced its third-quarter results for the period ended September 30, 2026. During the quarter, the company sold 2,520 bitcoins, including approximately 2,261 from prior inventory and 259 mined during the quarter, raising approximately $192 million; bitcoin holdings at quarter-end were negligible. Third-quarter continuing operations revenue was approximately $28 million, compared with approximately $68 million in the same period last year. The company attributed the revenue decline to the cessation of U.S. bitcoin mining starting in the second quarter, its push into high-performance computing (HPC) and AI businesses, and a pullback in average bitcoin prices. On the operational front, Keel said it obtained all necessary permits in Moses Lake in September and began construction, with the site expected to be the first to energize and generate HPC revenue in 2027; permitting work at Sharon and Panther Creek is still underway, and lease negotiations for the three near-term sites continue. As of November 4, the company had approximately $780 million in unrestricted cash liquidity and said it has no additional debt or equity financing needs before signing leases. Net loss from continuing operations was approximately $62.39 million, and adjusted EBITDA was negative $27.45 million.