Keel Infrastructure Sells Entire Bitcoin (BTC) Treasury for $192 Million

Keel Exits the Treasury Business

Keel Infrastructure emptied its Bitcoin (BTC) treasury in the third quarter, selling 2,520 coins for $192 million, an average of roughly $76,200 each, and leaving the company with only nominal holdings as of Sept. 30, its third-quarter results release states. The tally covers the 2,261 coins Keel carried into the quarter plus the 259 it mined during it, and the company says it timed the disposals “during periods of strength.” From here, every coin produced at the remaining Quebec operations will be sold the same day, a schedule Keel says will effectively eliminate its exposure to price swings on treasury holdings. That footprint sits in Quebec because regulated power rates still support production there.

The sale completes a shift Keel began earlier this year while still trading as Bitfarms (BITF). The company redomiciled to Delaware in April, rebranded, wound down its U.S. proof-of-work mining footprint and redirected capital toward high-performance computing and AI infrastructure. Construction at Moses Lake in Washington State began in September after the site cleared Notice to Proceed, and Keel expects it to be the first energized site earning HPC revenue in 2027. Permitting is advancing at Sharon and Panther Creek in Pennsylvania, where load studies could lift secured data center capacity from 478 megawatts toward roughly 1.9 gigawatts if expansions proceed. The development pipeline totals about 2.2 gigawatts, with grid interconnections in place across Pennsylvania, Washington State and Québec. Chief executive Ben Gagnon tied the timetable to power: “Power supply is getting scarcer while demand keeps climbing,” he said in the release, calling Keel’s 2027 and 2028 power “further advanced, more secure, and closer to delivery than it was last quarter.” The exit lands in a softer tape: the Bitcoin (BTC) price sits at $76,142, down 5.2% over the past 24 hours after the week’s 5% slide.

A $32 Million Realized Loss

The accounting behind the sale is less tidy than the “periods of strength” phrasing suggests. Keel’s quarterly filing records a realized loss of $32 million on the coin sales, alongside revenue from continuing operations that fell 59% to $28 million from $68 million a year earlier, largely because U.S. mining stopped in the second quarter and the average coin price declined. Adjusted EBITDA swung to a negative $27 million from a positive $19 million. General and administrative expenses roughly doubled to $34 million as the company hired senior specialists and booked higher stock-based compensation, and the report lists $1.02 billion of long-term debt at Sept. 30.

Against that, Keel held about $780 million of unrestricted cash as of Nov. 4 and says it has no current need for debt or equity financing before signing a lease. Chief financial officer Jonathan Mir said capital deployed ahead of a lease becomes equity in project financing and that the company examines ways to recycle capital on an ongoing basis. Until an AI tenant signs, the remaining Quebec mining is one of Keel’s few revenue lines, and the filing warns that Bitcoin (BTC) volatility will keep hitting earnings from it. At third-quarter output, the new daily schedule amounts to roughly three coins a day. Traders marked the pivot down: KEEL shares fell 9.5% to $1.90 by 9:40 a.m. ET on Thursday, about 18% lower over five days.

Keel is not the only accumulator to turn seller. Riot Platforms and Hut 8 have sold thousands of bitcoin this year to fund AI builds and buybacks, and Riot this week named Anthropic as the tenant on a roughly $28 billion Texas lease. The permanent-accumulation pitch, an offshoot of bitcoin maximalism that turned public miners into quasi-corporate strategic bitcoin reserve vehicles, is losing its listed converts. No lease has been signed at Keel’s three near-term sites yet, though Gagnon says several creditworthy bidders are at the table, and the quarterly disclosures list a Pennsylvania executive order on data centers and local opposition among the risks.

The treasury exited into a market weaker than the one Keel will sell into daily: live readings put Bitcoin (BTC) at $76,142, down 5.2% in 24 hours, with the trend still pointing down. Our composite levels, the same scoring behind our Bitcoin technical analysis, place the nearest strong floor at $75,815 (92/100) just below spot, with resistance at $82,237 (97/100) overhead. Derivatives positioning is quiet, with funding at 0.0059% and open interest near $15.45 billion. Miner supply is meeting an outflow tape across the wider bitcoin market: spot ETF vehicles logged a $1.12 billion weekly net outflow. Set against Keel’s $76,200 average sale price, today’s mark sits $58 lower.