Keel Sells Entire Bitcoin Treasury for $192 Million

Keel Infrastructure liquidated its entire Bitcoin reserve during the third quarter. The transaction involved the sale of 2,520 units of the cryptocurrency and generated $192 million for the company's cash reserves.

This move marks a strategic shift in how the company manages its assets. The organization stated it will continue the daily sale of all Bitcoins mined at its Quebec operations. The goal is to eliminate the company's direct exposure to price volatility within its treasury.

The divestment process from crypto assets began earlier this year while the company still operated under the name Bitfarms. The firm ceased its mining activities in the United States to redirect financial resources toward building data centers focused on artificial intelligence.

Financial results reflected this operational transition. Revenue from continuing operations fell from $68 million to $28 million compared to the previous year. Adjusted EBITDA also declined from a positive balance of $19 million to a negative result of $27 million.

The company is now focusing its efforts on expanding its high-performance computing infrastructure. It expects the first operational site in Moses Lake to begin generating revenue in 2027. The company's free cash totaled approximately $780 million in November.