- Keel Infrastructure reported a $145 million loss in the first quarter after exiting its bitcoin mining business.
- Its revenue decreased by 23% due to the company exiting the Latin American market and shifting focus to AI infrastructure.
- Despite the losses, Keel still has approximately $533 million in liquid funds available for future expansion.
Bit Farm this quarter, the company officially completed its transition to Keel Infrastructure, but the transition came at a heavy cost. The company reported a net loss of $145 million for the first quarter of 2026, nearly triple the $55.6 million loss in the same period last year.
Due to Keel's active divestment of the majority of its original Bitcoin mining operations, its revenue also declined by approximately 23% to $37 million. Business Meanwhile, the company has repositioned itself as an artificial intelligence and high-performance computing infrastructure company.
Keel stated that it is no longer a Bitcoin company.
On April 1, the rebranding was officially completed as the company finalized its registration move from Canada to the United States. Management described this step as the culmination of a nearly two-year strategic shift aimed at moving beyond previous models. cryptocurrency was entirely about mining.
CEO Ben Gagnon clearly stated that the company is now “no longer a Bitcoin company,” but is committed to becoming an infrastructure-first operator focused on high-performance computing and AI data centers in North America.
The new "Keel" brand aims to represent the infrastructure—the invisible structural pillar supporting future AI computing demands.
Losses primarily stem from transition costs.
Most of the losses this quarter were not directly caused by operational failures, but rather by non-recurring restructuring initiatives. Keel recorded a loss of approximately $41 million, primarily related to changes in digital asset valuations; additionally, a loss of $22 million was recorded in connection with the termination of the Macquarie credit arrangement.
The company has also completed its exit from the Latin American market after selling its 70-megawatt Paso Pe power plant in Paraguay.
The cleanup process caused financial confusion this quarter, but management believes the losses reflect transition costs from abandoning the old business model, not fundamental issues with the company’s long-term direction.
Investment in artificial intelligence infrastructure is the real story.
The bigger question now is whether Keel can successfully execute its plan. Before its liquidity reserves begin to decline, the company must undergo a transformation. As of May 8, the company reported approximately $533 million in available liquidity and stated that leasing efforts for three data center locations in North America are underway, with completion expected later this year.
Cash reserves have given Keel time, but competition in the AI infrastructure and high-performance computing markets is intensifying. With the explosive growth of generative AI systems, nearly all major mining companies and energy-related infrastructure firms are seeking a share of the market to meet the demands of AI data centers.
Investors are now betting on execution.
The bit farms that originally defined the Bitcoin mining narrative have essentially disappeared. Investors must now view Keel as a completely different business operating in the highly competitive AI infrastructure market.
The balance sheet remains flexible, and the company clearly believes that having energy-related computing infrastructure will become more valuable in the coming years.
But to be honest, the market may not care much about the rebranding itself. What matters now is whether Keel can secure large AI data center customers before the transition costs exceed its remaining growth potential.