According to The Block, Keel Infrastructure Corp. (Nasdaq: KEEL, formerly Bitfarms) reported a net loss of $145 million for the first quarter of 2026, with revenue declining 23% year-over-year to $37 million. The loss was primarily driven by a $41 million non-cash impairment loss from fair value changes in digital assets and a $22 million write-off loss related to the Macquarie credit facility. The company completed its U.S. reincorporation and rebranding in April of this year, officially exited the Latin American market, and continued to reduce its Bitcoin holdings, selling a total of 269 BTC between January and May 8, generating $20 million in proceeds. As of May 8, the company’s total liquidity amounted to approximately $533 million, including $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.
Keel Infrastructure reports Q1 net loss of $145M, completes transition from Bitcoin mining to AI infrastructure.
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Summary
Keel Infrastructure reported a Q1 net loss of $145 million, with Bitcoin-related revenue declining 23% to $37 million. The loss was driven by a $41 million non-cash impairment from digital asset fair value adjustments and a $22 million write-down related to the Macquarie credit facility. The company completed its U.S. re-registration and brand rebranding in April, sold 269 BTC for $20 million between January and May 8, and currently holds $533 million in total liquidity. Altcoins remain a key focus as the company transitions toward AI infrastructure.
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