Keel Infrastructure Launches Major Expansion with 2.2-Gigawatt Pipeline

Keel Infrastructure Corp. completes its shift from Bitcoin mining to a digital infrastructure provider, focusing on HPC and AI data centers in North America.

A significant corporate transformation is now complete. The company formerly known as Bitfarms has officially commenced trading under its new identity, Keel Infrastructure Corp. The transition, marked by a change to the ticker symbol KEEL on the Nasdaq and Toronto Stock Exchange, finalizes its move to the United States and a strategic pivot from Bitcoin mining to becoming a specialized digital infrastructure provider.

Strategic Pivot and Financial Positioning

This rebranding signals a fundamental strategic shift. Keel is exiting pure-play cryptocurrency mining to focus on supplying data center capacity. The company’s financial realignment was executed through a one-for-one share exchange, resulting in the issuance of approximately 602.8 million new Keel shares after receiving approval from over 99% of shareholders. With a new corporate domicile in Delaware and a switch to US-GAAP accounting standards, Keel is now fully aligned with U.S. capital markets.

Financially, the company reported a net loss of $284.5 million for fiscal 2025, primarily attributed to high conversion costs and the revaluation of digital assets. Despite this, revenue demonstrated strong growth, increasing by 72% year-over-year to $229 million. Management has expressed confidence in its financial footing for upcoming projects, citing a robust liquidity position of $520 million in cash and digital assets.

Building for High-Performance Computing and AI

The core of Keel’s new strategy is a substantial development pipeline totaling 2.2 gigawatts of capacity across North America. This infrastructure is intended to host cloud service providers and artificial intelligence companies. Key sites, including the "Gigacampus" in Scrubgrass, Pennsylvania, and facilities in Washington, are currently being upgraded for high-performance computing (HPC).

These retrofits involve installing advanced cooling systems specifically engineered to meet the demands of modern GPU platforms used for AI applications. This focused North American expansion follows the company’s decision to completely exit the Latin American market by the end of 2025.

Market Reception and Forward Outlook

Analysts are generally viewing the strategic overhaul with optimism. The average price target among market observers stands at around $4.14, suggesting significant potential upside from current trading levels. Analysts at Northland Securities project a Q2 2026 loss per share of approximately $0.06 as the company continues integrating its new sites.

Under its new corporate identity, Keel will maintain its existing share repurchase program, which authorizes the buyback of up to 49.9 million shares and remains active until July 27, 2026.