TLDR:
- Keel decommissioned all U.S. Bitcoin mining sites, completing its shift to AI and HPC infrastructure.
- Q2 revenue fell 50% year over year to $30.4M, with the company posting a $65M net loss overall.
- Keel sold 1,085 BTC for $75M since April, leaving 1,861 BTC in its remaining treasury reserves.
- Total liquidity reached $819M, supporting site development at Panther Creek, Sharon, and Moses Lake.
Keel Infrastructure has shut down all of its Bitcoin mining operations in the United States, completing a transition it first signaled in 2025.
The company is repurposing its former mining sites for artificial intelligence and high-performance computing data centers.
Second-quarter revenue fell 50% year over year to $30.4 million, and Keel posted a $65 million net loss as the shift accelerated.
Mining Exit Reshapes Company Strategy
Keel Infrastructure confirmed the decommissioning of its remaining U.S. Bitcoin mining sites during the second quarter of 2026.
The shutdown builds on the closure of the Moses Lake mining operation in April, extending the wind-down across the company’s full domestic footprint. Executives framed the move as the final step in a strategy set in motion the previous year.
The pivot centers on converting former mining infrastructure into sites built for AI and HPC workloads. CEO Ben Gagnon said power supply, not chip availability or customer demand, is now the binding constraint on growth.
“Power is the constraint. Everything else is downstream of it,” Gagnon said, adding that all three priority sites are nearing full permitting with multiple tenants negotiating for each one.
Gagnon also pointed to the company’s uncommitted 2027 capacity as a source of leverage in ongoing talks. “With $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington, we are negotiating from a position of strength,” he said. That framing places Keel’s financial cushion directly behind its site-by-site negotiations with prospective tenants.
Alongside the operational shift, Keel continued reducing its Bitcoin holdings. The company sold 1,085 BTC for about $75 million between April 1 and August 7, part of a previously disclosed plan to wind down its crypto position. That left Keel with 1,861 BTC, worth roughly $121 million, held as unencumbered reserves within its total liquidity.
Financial Results Reflect Transition Costs
Total liquidity reached approximately $819 million as of August 7, made up of about $698 million in unrestricted cash plus the remaining Bitcoin balance.
A $458 million convertible note offering during the quarter contributed to that cash position. CFO Jonathan Mir said the balance sheet gives Keel room to make strategic choices as construction ramps up.
“Our strong financial position gives us the ability to make strategic commercial decisions and advance our sites on a schedule that our customers will require,” Mir said. He added that the company believes it can finance each site’s construction on terms that create value for shareholders.
Revenue from continuing operations dropped to $30 million, driven by lower Bitcoin prices and the mining shutdown itself.
General and administrative expenses rose to $31 million from $19 million a year earlier, tied to hiring senior technical staff as Keel scaled into project management for its data center sites.
Operating losses widened to $141 million, including $84 million in non-cash depreciation charges, compared with an $11 million operating profit in the same quarter of 2025.
EBITDA fell to negative $24 million, reversing a positive $7 million figure from a year earlier. Despite the losses, Keel received its first Vertiv modules at Moses Lake and began finalizing fiber contracts across all three priority sites during the quarter.
