Keel Infrastructure Corp. shut down all of its Bitcoin mining operations in the United States as it prepares its sites for high-performance computing infrastructure, the New York-based company disclosed on Monday alongside second-quarter results that showed a sharp deterioration in financial performance.
Revenue for the three months ended June 30, 2026 came in at $30 million, down 50% from the same period a year earlier. The company attributed the drop to a decline in the average Bitcoin price and the shutdown of cryptocurrency mining operations at its Moses Lake site in April. An operating loss of $141 million followed, against operating income of $11 million in Q2 2025. The loss included $84 million in non-cash depreciation from assets tied to its former Bitcoin mining operations.
From Bitcoin miner to HPC developer
Before the Keel rebrand, the company operated under the Bitfarms name and held a meaningful position in the publicly traded mining sector. At its peak in late March 2025, its hashrate under management reached 19.5 EH/s against a total Bitcoin network hashrate of roughly 812.5 EH/s, which placed its infrastructure at approximately 2.4% of the network's total computing power. That figure included capacity hosted for third-party customers, so the company's own share was somewhat lower. MARA reported 54.3 EH/s and CleanSpark averaged 40.2 EH/s during that same period, which put the future Keel at roughly two to three times the scale of a smaller operator but well below the sector's top tier.
Bit Digital and Crusoe previously exited Bitcoin mining to pursue HPC and AI workloads. Keel is now among a narrow set of publicly traded miners to have fully ended US operations rather than keeping both lines of business active at once.
CEO Ben Gagnon tied the move to a thesis the company committed to roughly eighteen months ago.
"Power is the constraint. Everything else is downstream of it. Eighteen months ago, we positioned the Company around this thesis, and today all three of our priority sites are nearing full permitting with multiple prospective tenants negotiating for each one," he said. "With $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington, we are negotiating from a position of strength."
Site work advances in Washington and Pennsylvania
Development is concentrated at Moses Lake in Washington State and at Panther Creek and Sharon in Pennsylvania. According to the company's second-quarter report, zoning and land-development approvals have been secured at both Panther Creek, on a conditional basis, and at Sharon. Environmental permit applications are advancing at all three sites. The first Vertiv modules arrived at Moses Lake, and the company said it has executed fiber contracts across the portfolio.
A fourth project is also on the table. Keel reached an agreement with Hydro-Sherbrooke for the conditional transfer and operation of 96 MW of existing capacity for a data center in Sherbrooke, Quebec, and signed a purchase agreement for a land parcel at the location.
To lead the commercial push, Keel named Ganesh Aiyer as President. General and administrative expenses rose to $31 million from $19 million in Q2 2025, a jump the company attributed to the addition of senior subject-matter experts. That increase came even as revenue collapsed by half, a reflection of how aggressively the company has staffed up ahead of what it expects to be a project management-intensive period.
Cash position holds steady while Bitcoin wind-down continues
Keel raised $458 million through a convertible note offering during the quarter. As of August 7, the company held approximately $698 million in unrestricted cash and $121 million in unencumbered Bitcoin, for total liquidity of about $819 million. Since April 1, the company sold 1,085 BTC for $75 million as part of its ongoing cryptocurrency wind-down, and its Bitcoin balance stood at 1,861 BTC as of that date.
CFO Jonathan Mir described the current capital position as the strongest in the company's history.
"We are better capitalized today than at any point in our Company's history," he said. "Our strong financial position gives us the ability to make strategic commercial decisions and advance our sites on a schedule that our customers will require. We believe we're well positioned to finance each site's construction smoothly and on terms that will create value for our shareholders."
Adjusted EBITDA came in at negative $24 million for the quarter, down from positive $7 million in Q2 2025. Loss from continuing operations totaled $64 million, or $0.11 per basic and diluted share, against income of $13 million in the prior-year period. The widening gap between those two numbers underscores how much the financials have absorbed during the transition, even before construction at the priority sites gets underway.
Shares fall after the results come out
Keel stock dropped 12.37% on Monday after the earnings release, according to Google Finance. The company's shares trade on Nasdaq and the Toronto Stock Exchange under the ticker KEEL.
Management held a conference call at 8:00 a.m. Eastern on Monday, with materials available on the investor section of the company's website. The results follow a net loss the company recorded in its first quarter as well.
Anastasiia G
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