Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC TLDR: Mining business withdraws from reshaping company strategy, financial data reflects transformation costs
Key overview
Keel has closed all U.S. Bitcoin mining sites and completed its transformation to artificial intelligence and high-performance computing infrastructure.
Second-quarter revenue fell 50% year-on-year to US$30.4 million, and the company's overall net loss reached US$65 million.
Since April, Keel has sold 1085 bitcoins for approximately US$75 million, leaving 1861 bitcoins in the treasury reserves.
Total liquidity reached US$819 million, providing financial support for the development of Panther Creek, Sharon and Moses Lake sites.
Mining exit reshapes corporate strategy
Keel Infrastructure has confirmed that all of its remaining Bitcoin mining sites in the United States have been retired during the second quarter of 2026. The shutdown follows the closure of Moses Lake mining operations in April, marking the complete termination of all domestic mining operations of the company. Management sees the move as the final step in the strategic transformation launched the previous year.
The core of the transformation lies in transforming existing mining infrastructure into a data center for artificial intelligence and high-performance computing workloads. CEO Ben Gagnon said that the key factor currently restricting growth is no longer chip supply or customer demand, but power supply.
"Electricity is the bottleneck. Everything else depends on it." Gagnon said, adding that the three priority sites are nearly fully licensed, and each site has multiple tenants in negotiation.
Gagnon also pointed out that the company's uncommitted production capacity resources in 2027 add leverage to ongoing negotiations. "With $819 million in liquidity and uncommitted 2027 capacity in the PJM and Washington State area, we are negotiating in a strong position." He said. This statement means that Keel's financial buffer directly supports its strategy of negotiating station-by-station with potential tenants.
As its business transforms, Keel is also continuing to reduce its Bitcoin holdings. The company sold 1085 bitcoins between April 1 and August 7 for approximately $75 million as part of a previously disclosed plan to phase out cryptocurrency. Keel currently holds 1861 bitcoins worth approximately US$121 million, as an unburdenable reserve of its total liquidity.
Financial data reflects transformation costs
As of August 7, total liquidity was approximately US$819 million, including approximately US$698 million in unrestricted cash and the remaining Bitcoin balance. Cash reserves were replenished by $458 million in convertible bonds issued during the quarter. Chief Financial Officer Jonathan Mir said a strong balance sheet allows Keel to make strategic choices during the accelerated construction phase.
"Our strong financial position allows us to make strategic business decisions and advance site construction at the schedule required by our customers." Mir said. He added that the company believed it could provide financing for each site and on terms that would be beneficial to shareholders.
Revenue from continuing operations fell to US$30 million, mainly due to the decline in Bitcoin prices and the closure of mining operations. General and administrative expenses rose to $31 million from $19 million in the same period last year, which is related to Keel's expenditures to recruit senior technical staff during the expansion of the data center project.
Operating loss expanded to $141 million, including $84 million in non-cash depreciation charges, compared to $11 million in operating profit for the same period in 2025. EBITDA fell to minus $24 million, reversing the positive $7 million in the same period last year. Despite the loss, Keel received its first Vertiv modules at Moses Lake and completed the finalization of optical fiber contracts for all three priority sites during the quarter.
