The company formerly known as Bitfarms has been on a Bitcoin fire sale, and the math isn’t exactly flattering. After offloading 1,670 BTC since April, the firm’s aggregate cost basis for its remaining Bitcoin holdings has ballooned to $205,946, nearly double the $102,852 figure from a year earlier. From Bitfarms to Keel: a corporate identity crisis with purpose
The company doesn’t even go by Bitfarms anymore. As of April 1, 2026, it rebranded as Keel Infrastructure Corp., completed a US redomiciliation, and began charting a course away from Bitcoin mining entirely. By June 29, 2026, Keel had shut down all of its US mining operations. It also divested its assets in Argentina and Paraguay, effectively dismantling the Latin American mining footprint that Bitfarms had spent years building. The new direction: high-performance computing and AI-focused data center infrastructure.
As of April 1, 2026, Keel still held 2,469 BTC valued at approximately $168.5 million. The financial picture: cash-rich but bleeding
Keel posted Q2 2026 revenue of $30.4 million, with first-half 2026 revenue totaling $67.4 million.
Both figures represent sharp declines from prior periods. Net losses tell a grimmer story. The company lost $65.0 million in Q2 2026 and $210.3 million over the first six months of the year. Much of the damage comes from non-cash charges tied to decommissioning mining assets. The saving grace is Keel’s balance sheet.
The company sits on $715.5 million in cash reserves, a war chest assembled largely through convertible note issuances. Why the cost basis math matters
The nearly doubled cost basis isn’t just an accounting curiosity. It has real implications for how much profit Keel can extract from its remaining Bitcoin.
When a company sells its lower-cost Bitcoin first, the remaining stack carries a higher average purchase price. With a cost basis of $205,946, Keel needs Bitcoin to stay well above that level to realize any meaningful gains on its remaining holdings. The broader miner-to-AI pipeline
Keel is far from the only former miner making this leap. The pivot from Bitcoin mining to AI infrastructure has become one of the most prominent narratives in the data center industry.
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Companies like Core Scientific and Iris Energy have explored similar transitions, recognizing that the same power infrastructure and cooling systems that support mining can be repurposed for AI workloads. Keel’s $210.3 million in first-half losses underscore just how expensive the transition period can be.
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