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Bitfarms (BITF) Stock: What Changed and Why It Now Trades as KEEL

Bitfarms completed its rebrand as Keel Infrastructure in April 2026, with KEEL replacing BITF. The company is shifting toward HPC and AI data centers, but Q2 results remained loss-making and most of its reported capacity pipeline is not yet energized.
From TheFinanceBase Team5 min to read
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Bitfarms is now Keel Infrastructure, and the company’s reported ticker is KEEL on Nasdaq and the Toronto Stock Exchange. It completed a U.S. redomiciliation and rebrand in April 2026, and its business is shifting from Bitcoin mining toward high-performance computing (HPC) and AI data-center infrastructure. The transition is underway, not complete: Keel reported a loss from continuing operations and negative adjusted EBITDA for Q2 2026, while much of its stated capacity pipeline remains at an early development stage.

Why BITF changed to KEEL

On April 1, 2026, Bitfarms and Keel announced that they had completed the company’s redomiciliation from Canada to the United States through a statutory plan of arrangement. Keel Infrastructure became the ultimate parent company and continued the business previously conducted by Bitfarms and its subsidiaries. The company said KEEL would begin trading on Nasdaq and the Toronto Stock Exchange at the opening on April 6, with the former Bitfarms shares delisted. Keel’s investor materials identify KEEL as its ticker.

Each outstanding Bitfarms share was indirectly acquired in exchange for one Keel common share. That was a one-for-one share-count exchange, not a cash buyout or a guarantee that the new shares would retain the same market price. The stock’s market price can move independently of the exchange ratio. (Keel Infrastructure, transaction announcement, April 1, 2026; company investor overview.)

What Keel does now—and what happened to Bitcoin mining

Keel describes itself as a developer and owner of data centers and energy infrastructure for HPC workloads, including AI. Its strategy is to develop energy-secured sites and facilities for customers deploying computing infrastructure. That description is the company’s stated positioning; it does not by itself establish that planned facilities are built, leased, or generating revenue.

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In its filing for the quarter ended June 30, Keel said it ceased Bitcoin mining operations in the United States effective June 29, 2026. The company’s strategy has therefore changed materially, and it is no longer accurate to describe it simply as an operating Bitcoin miner. The filing’s statement is specifically about U.S. operations; it should not be broadened into a claim about every possible activity in every location. (Keel Infrastructure, Form 10-Q for the quarter ended June 30, 2026.)

What Keel reported in Q2 2026

Keel’s August 10, 2026 earnings release covered the quarter ended June 30. The company attributed the year-over-year revenue decline largely to lower average Bitcoin prices and the April 2026 shutdown of its Moses Lake cryptocurrency mining operations. The reported continuing-operations figures show that the transition had not yet produced profitable results for the quarter.

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Measure Q2 2026 Q2 2025 comparison
Revenue $30 million, down 50% year over year, as reported by Keel for the quarter ended June 30, 2026 Not stated in the August 10, 2026 release as a dollar amount
Operating result $141 million operating loss, including $84 million in non-cash depreciation, as reported by Keel Not stated in the August 10, 2026 release
Continuing operations $64 million loss, or $0.11 per basic and diluted share, as reported by Keel $13 million income from continuing operations, as reported by Keel
Adjusted EBITDA Negative $24 million, as reported by Keel $7 million, as reported by Keel

Adjusted EBITDA is a non-GAAP measure. Keel cautions that it should not be treated as a replacement for U.S. GAAP measures of operating performance or liquidity. (Keel Infrastructure, Q2 2026 earnings release, August 10, 2026.)

How to read the liquidity and Bitcoin figures

Keel reported raising $458 million through a convertible note offering during Q2. As of August 7, 2026, the company reported about $819 million in total liquidity, consisting of approximately $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. Those components matter: the $819 million figure was not all cash, and it is a dated company-reported snapshot rather than a live balance.

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Keel also said it sold 1,085 Bitcoin for $75 million in proceeds between April 1 and August 7 as part of a previously communicated wind-down of its Bitcoin position. It reported holding 1,861 BTC on August 7. Convertible notes provide financing but also create debt obligations and potential share-conversion considerations; investors assessing the company’s financial position should consider both sides of that funding. (Keel Infrastructure, Q2 2026 earnings release, August 10, 2026.)

What the 2.2 GW capacity pipeline actually includes

Keel’s investor overview reports a 2.2 gigawatt development pipeline, but the total combines projects at different stages. The company’s categories are not interchangeable: “energized” describes capacity already being used on site, while “secured” and “expansion” do not mean that a data center is operating.

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Company category Reported capacity What the category means
Energized 341 MW Utility-provided capacity currently being used on site, according to Keel
Secured 430 MW Capacity with executed utility agreements for future delivery, according to Keel
Expansion 1.5 GW Capacity under application, utility study, or evaluation for behind-the-meter generation, according to Keel

The overview’s total is therefore a mix of current use, future contracted delivery, and less mature opportunities—not 2.2 GW of operating capacity. (Keel Infrastructure investor overview, 2026.)

Development milestones are not the same as customer operations

Keel’s Q2 release described active negotiations at three sites and an agreement with Hydro-Sherbrooke for the conditional transfer and operation of 96 MW of existing capacity, alongside a land purchase agreement for a data-center project. These are company-reported development milestones. Negotiations do not establish signed customer leases, and a conditional capacity transfer is not the same as an energized data center serving a customer. The company characterizes project timing and commercial opportunities as forward-looking and subject to risk. (Keel Infrastructure, Q2 2026 earnings release, August 10, 2026.)

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What could move the business forward—and what could hold it back

The positive case depends on Keel turning power access and site development into customer agreements, completed construction, and recurring infrastructure revenue. The skeptical case centers on the distance between a pipeline announcement and operating facilities, alongside ongoing losses and the capital required to build. The company’s releases and filings identify risks around the evolving strategy, reliable power availability and cost, suppliers, delays and cost overruns, competition, suitable sites, permits and regulation, community opposition, customer concentration or default, Bitcoin-price volatility, and future capital needs.

For a practical way to assess future updates, focus on evidence of execution rather than pipeline size alone:

  • Capacity stage: track changes in energized capacity separately from secured capacity and expansion opportunities.
  • Customer commitments: distinguish executed leases and customer credit quality from negotiations or potential commercial opportunities.
  • Power and construction: look for utility delivery, permits, construction progress, and completed facilities rather than target dates alone.
  • Funding and economics: weigh cash and financing costs against planned capital spending, and monitor whether continuing operations improve.
  • Revenue mix: separate the economics of developing HPC and AI infrastructure from the revenue and volatility associated with legacy Bitcoin operations.

Keel’s Q2 release cautions that forward-looking statements rely on management assumptions and that actual results may differ materially. CEO Ben Gagnon’s April 1 description of Keel as “a pure-play infrastructure developer and owner” is the company’s stated strategy, not independent confirmation of commercial execution. (Keel Infrastructure, transaction announcement, April 1, 2026; Q2 2026 earnings release, August 10, 2026.)

What to make of the BITF-to-KEEL transition

For someone asking what happened to BITF stock, the key explanation is a corporate and strategic transition: the former Bitfarms shares were exchanged for Keel shares, the reported ticker changed to KEEL, and the company is pursuing HPC and AI infrastructure while winding down U.S. Bitcoin mining. Keel’s reported Q2 results remained loss-making, and its 2.2 GW pipeline includes substantial capacity that is not yet energized.

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The figures and company statements above are tied to their stated reporting dates, including the August 7 liquidity snapshot, the August 10 earnings release, and the 2026 investor overview. They do not provide a live stock quote, a valuation, or a basis for predicting the share price. Any assessment of execution should give greater weight to signed customer commitments, delivered power, built facilities, and the cost of financing them than to pipeline totals alone.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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