Bitfarms stock shifts to Keel as Q2 revenue falls 50 percent

Published on 10/06/2026 at 15:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Bitfarms stock now trades under KEEL after its corporate transition, with the successor last at USD 3.45 on October 5, 2026. Q2 revenue fell 50 percent to USD 30.4 million, while liquidity reached USD 819 million.

BITF, CA09173B1076, Illustration mit AI erstellt.

Bitfarms stock (ISIN CA09173B1076) is now represented by Keel Infrastructure, whose successor shares were last at USD 3.45 on Nasdaq on October 5, 2026, down 4.70 percent from the prior session. The corporate transition has moved the story from Bitcoin mining toward artificial intelligence and high-performance computing infrastructure, as Capital.com reported on October 2, 2026.

Q2 revenue falls during the transition

For Q2 2026, revenue from continuing operations fell 50 percent year over year to USD 30.4 million. Capital.com reported on October 2, 2026 that the period ended June 30, 2026, also included a USD 140.8 million operating loss and a USD 64.0 million loss from continuing operations.

Adjusted EBITDA moved from positive USD 6.6 million in Q2 2025 to negative USD 23.7 million in Q2 2026. That USD 30.3 million deterioration shows the financial gap between declining legacy mining revenue and future data-center income.

Liquidity supports a 2.2 GW pipeline

The company reported USD 819 million in liquidity after completing a USD 458 million convertible-note offering during Q2 2026. Its development pipeline totals 2.2 GW, including 341 MW of energized capacity, 430 MW of secured capacity and 1.5 GW of expansion capacity, according to BingX on September 23, 2026.

The figures point to a business in transition rather than a finished AI platform. Lease execution, permits and construction spending will determine how quickly energized and secured power becomes recurring data-center revenue, while the convertible notes add potential dilution.

Analyst targets remain above the stock

Capital.com cited a Moderate Buy consensus on September 18, 2026, based on 8 analysts, with 7 Buy ratings and 1 Sell rating. The average 12-month target was USD 6.25, with estimates from USD 3 to USD 10, placing the average target 81.2 percent above the USD 3.45 Nasdaq price used here.

Bitfarms successor stays volatile

The October 5, 2026 Nasdaq quote also showed an intraday range of USD 3.37 to USD 3.62, volume of 27,206,345 shares and a 52-week range of USD 2 to USD 7.37. The market capitalization stood at USD 2.1 billion on the same date.

Onvista identifies the current successor as Keel Infrastructure Corp. with ticker KEEL and ISIN US4869171078, while Bitfarms remains the historical name associated with ISIN CA09173B1076. The distinction matters because the former BITF label and the current KEEL quotation describe different stages of the same corporate transition.