Keel Exits U.S. Crypto Mining for AI Infrastructure
Keel Infrastructure has completed its shift away from Bitcoin mining in the United States, shutting down all remaining U.S. mining sites in a move that began last year.
The company is repurposing these former mining sites for artificial intelligence and high-performance computing data centers.
During Q2 2026, Keel's revenue fell 50% to $30.4 million, while the company posted a net loss of $65 million.
Keel sold 1,085 BTC between April 1 and August 7 for approximately $75 million, leaving it with 1,861 BTC worth around $121 million in its treasury reserves.
The company's total liquidity reached $819 million as of August 7, driven by a $458 million convertible note offering during the quarter. This financial cushion will support Keel's ongoing site development at Panther Creek, Sharon, and Moses Lake.