Keel Q3 sold 2,520 bitcoins for $192 million, shifting to AI data center business

According to The Block, Keel Infrastructure (formerly the mining company Bitfarms) announced its third-quarter results for the period ending September 30, 2026. The company sold 2,520 bitcoins during the quarter, including approximately 2,261 from previous inventory and 259 mined during the quarter, raising approximately $192 million, with the bitcoin holdings at the end of the quarter being negligible.

The revenue from continuing operations for the quarter was approximately $28 million, down from about $68 million year-on-year, primarily due to the intentional halt of bitcoin mining operations in the United States since the second quarter to advance high-performance computing and AI development, as well as a decline in the average bitcoin price.

In terms of operations, Keel stated that it obtained all necessary permits and began construction in Moses Lake in September, expecting it to be the first site to be powered and generate HPC revenue in 2027. Permits for Sharon and Panther Creek are progressing, and lease negotiations for three nearby sites are ongoing.

As of November 4, the company had approximately $780 million in unrestricted cash liquidity, with no additional debt or equity financing needs before signing leases. The net loss from continuing operations was approximately $62.39 million, with adjusted EBITDA being negative at about $27.45 million.