Bitfarms Ltd. (KEEL) stands as a prominent player in the cryptocurrency mining landscape, focusing on the development and management of advanced blockchain infrastructure with a strong commitment to sustainability. The company operates primarily on renewable energy sources, aligning itself with the global emphasis on environmentally responsible practices in the tech sector. As one of North America's largest Bitcoin miners, Bitfarms utilizes innovative technology to optimize operational efficiencies, effectively addressing the increasing demand for cryptocurrency. With a strategic focus on growth and profitability, Bitfarms is poised to capitalize on the dynamic opportunities within the evolving digital currency market.
| Revenue (TTM) | $147.77M |
| Gross Profit (TTM) | $-140.70M |
| EBITDA | $-105.19M |
| Operating Margin | -177.10% |
| Return on Equity | -93.10% |
| Return on Assets | -14.70% |
| Revenue/Share (TTM) | $0.24 |
| Book Value | $0.44 |
| Price-to-Book | 3.09 |
| Price-to-Sales (TTM) | 7.82 |
| EV/Revenue | 7.17 |
| EV/EBITDA | 62.08 |
| Quarterly Earnings Growth (YoY) | 0.00% |
| Quarterly Revenue Growth (YoY) | -59.40% |
| Shares Outstanding | $617.57M |
| Float | $590.68M |
| % Insiders | 4.57% |
| % Institutions | 67.24% |
Volatility is currently expanding
Keel advances AI data center projects and targets HPC revenues in 2027, but leasing delays, Pennsylvania permits and financing remain key challenges.
Continued progress with permitting and commercialization; advanced lease negotiations across three near-term sites
Keel Infrastructure Corp. is transitioning from Bitcoin mining to AI infrastructure, facing execution risks but supported by a strong balance sheet. Q2 2026 revenue fell 50% year-over-year, and adjusted EBITDA swung to a $24 million loss, highlighting near-term financial pressure. KEEL holds $819 million in liquidity and $1.05 billion in low-coupon convertible notes, providing runway through 2028 for site development and lease signings.
It cost bitcoin miners an average of about $75,500 in cash to produce one coin in the second quarter. Meanwhile, bitcoin itself ended June at $58,400, less than half its October 2025 record high.
Keel Infrastructure's HPC strategy gains traction as permitting advances, tenant talks progress and $819 million in liquidity supports site development.
SO's PowerSecure lands a data center deal with Keel Infrastructure, delivering scalable backup power and peak-shaving capabilities.
DURHAM, N.C., Sept. 9, 2026 /PRNewswire/ -- PowerSecure, a subsidiary of Southern Company and a leading provider of resilient, innovative energy solutions, today announced it has entered into an agreement with Keel Infrastructure (Nasdaq, TSX: KEEL) to provide a fully integrated backup resiliency solution for Keel Infrastructure's data center campus in Moses Lake, Washington.
Leopold Aschenbrenner, a former OpenAI researcher and one of the youngest billionaires, disclosed a Q2 2026 position in Keel Infrastructure (NASDAQ: KEEL), formerly known as Bitfarms, worth roughly $151 million at the time, on August 14.
Keel's 56% six-month surge reflects its HPC/AI pivot, a 2.2-GW pipeline and progress at key data-center sites as tenant talks advance.
Panther Creek and Sharon permitting continue to proceed on schedule and are unaffected by Executive Order 2026-05 Panther Creek and Sharon permitting continue to proceed on schedule and are unaffected by Executive Order 2026-05
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