Keel Infrastructure Posts $145 Million Loss as Firm Completes Pivot From Bitcoin Miner to AI

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Decrypt Editorial

(05:25 PM UTC)

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Reviewed byDavid Kim

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In brief

Keel Infrastructure (formerly Bitfarms) posted a $145M net loss in Q1 2026, with revenue down 23% year-over-year to $37M.
The company completed its transformation from Canadian Bitcoin miner to U.S.-based AI/HPC infrastructure developer.
With $533M in liquidity, Keel is advancing three data center sites toward lease execution in 2026.

Keel Infrastructure Corp., the New York-based…

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