Keel Infrastructure posts $145M Q1 loss after rebrand

Keel Infrastructure, the New York-based company that rebranded from Bitfarms after a U.S. redomiciliation, reported a $145 million net loss for the first quarter of 2026. The company said the quarter reflected restructuring tied to its shift from large-scale bitcoin mining toward high-performance computing and artificial intelligence infrastructure in North America.

The net loss included a $41 million non-cash loss from changes in the fair value of digital assets and a $22 million loss related to the extinguishment of its Macquarie credit facility. Operating loss widened to $98 million in Q1 from $35 million in the same quarter a year earlier. General and administrative expenses rose to $27 million from $18 million, driven by professional services related to the U.S. redomiciliation, conversion to GAAP accounting, and the April 21 sale of Paso Pe.

As part of balance-sheet adjustments, Keel sold 269 bitcoin between Jan. 1 and May 8, generating roughly $20 million in proceeds. The company reported liquidity of approximately $533 million as of May 8, comprising $336 million in unrestricted cash and $197 million in unencumbered bitcoin. Keel's shares closed at $4.30 on May 11, an 8.3% increase from the prior close.

In a statement, chief executive Ben Gagnon described the rebrand as “the completion of a strategic transformation focused on supply constrained HPC/AI markets in North America” and said the company plans to advance primary sites through lease execution in 2026.

Keel attributed the higher expenses and losses in the quarter to restructuring activity and the costs of converting corporate and accounting structures as it establishes its U.S. operating base. The company also noted an ongoing exit from Latin America and a continued reduction of its bitcoin holdings.