Keel sells 2,520 BTC for $192M in Q3 2026, shifts to AI data center operations

Odaily Planet Daily News: Keel Infrastructure (formerly Bitfarms) announced its third-quarter results 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; its bitcoin holdings at quarter-end were negligible. Third-quarter revenue from continuing operations amounted to approximately $28 million, compared to approximately $68 million in the same period last year. The company attributed the revenue decline to the cessation of Bitcoin mining in the U.S. since the second quarter, the shift toward high-performance computing (HPC) and AI initiatives, and a decline in the average Bitcoin price. Operationally, Keel stated that it has obtained all necessary permits and commenced construction at its Moses Lake site in September, with the facility expected to be powered on first in 2027 and begin generating HPC revenue; permitting efforts for Sharon and Panther Creek are ongoing, and lease negotiations for all three nearby sites continue. As of November 4, the company had approximately $780 million in unrestricted cash liquidity and indicated no immediate need for additional debt or equity financing prior to signing leases. Net loss from continuing operations amounted to approximately $62.39 million, with adjusted EBITDA at negative $27.45 million.