Keel Ditches Bitcoin Mining for AI-Focused Infrastructure Play

Keel Infrastructure has decommissioned all of its U.S. bitcoin mining operations as it pivots towards artificial intelligence and high-performance computing workloads.

The company's decision comes with weaker earnings, as Q2 revenue fell 50% to $30.4 million during the AI pivot.

Keel sold 1,085 BTC for $75 million between April 1 and August 7, leaving a balance sheet with about $819 million of liquidity, including $698 million in unrestricted cash and $121 million of unencumbered bitcoin.

The company is now focusing on signing AI tenants for its three priority U.S. sites after an 18-month transition from mining to AI workloads.