Keel Infrastructure posts $145M loss as it pivots from Bitcoin mining to AI
Keel Infrastructure, the company formerly known as Bitfarms, reported a $145 million net loss in the first quarter of 2026. That’s a rough debut under a new brand name, but the stock climbed 9% on earnings day anyway.
The loss came as the company accelerated its exit from Bitcoin mining and poured resources into artificial intelligence and high-performance computing infrastructure. Revenue dropped 23% year-over-year, landing at $37 million. Two big non-operational items drove much of the red ink: $41 million in fair value changes on digital assets and $22 million in costs from extinguishing a credit facility.
From pickaxes to processors
Keel officially rebranded from Bitfarms on April 1, 2026. The name change coincided with the company’s exit from Latin American operations entirely.
In its place, Keel is building out a 2.2 gigawatt development pipeline focused on AI data centers. The target markets are strategic locations across the US and Québec.
On April 30, 2026, the company secured zoning approvals for AI data center expansions at former Bitcoin mining sites.
General and administrative expenses ballooned by 52% to $27 million, driven largely by professional fees tied to the rebranding and restructuring process.
The balance sheet tells a different story
Total liquidity sits at $533 million. That breaks down to $336 million in cash and $197 million in unencumbered Bitcoin. None of their Bitcoin is pledged as collateral against loans.
Shares rose to $4.34 on earnings day and are up 8% year-to-date despite the massive reported loss.
What this means for investors
The $145 million loss needs to be understood in context. The fair value changes on digital assets alone accounted for $41 million of the loss, a line item that reflects Bitcoin price movements rather than business performance.
Investors should also monitor how Keel manages its Bitcoin treasury. The $197 million in unencumbered Bitcoin represents both an asset and a strategic decision. Selling it funds the AI buildout. Holding it maintains exposure to potential Bitcoin upside.
