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BITF — Bitfarms (now Keel Infrastructure): a power pipeline waiting for tenants
Formerly Bitfarms, the company rebranded as Keel Infrastructure and redomiciled to the U.S. in 2026. It has exited bitcoin mining to build HPC/AI data centers — but has not yet signed a data-center tenant.
01The 30-second read
Fast read
Bitfarms — renamed Keel Infrastructure (Nasdaq/TSX: KEEL) on April 6, 2026 after a U.S. redomiciliation — is converting a bitcoin-mining power portfolio into HPC/AI data-center campuses. It controls a ~2.2 GW development pipeline across North America, anchored by the ~350 MW Panther Creek campus in eastern Pennsylvania.
The company has shut down all U.S. bitcoin mining and sold 1,085 BTC for ~$75M between April and August 2026, holding 1,861 BTC as of August 7. Q2 2026 revenue fell 50% year over year to ~$30.4M from the winding-down mining business, and the quarter produced a $65.0M net loss. Liquidity stood at about $819M.
The pivotal risk is commercial. As of its August 10, 2026 results, Keel had not signed an HPC tenant or begun data-center operations, with negotiations reported as ongoing at three priority sites. Today’s value rests almost entirely on the power pipeline and on leases that have not yet been executed.
02The bull case, briefly
Secured power, funded development, and a U.S. home
- A large secured-power pipeline. A company-reported ~2.2 GW development pipeline, with near-term sites at Panther Creek (~350 MW, PA), Sharon (~110 MW, PA), and Moses Lake (~18 MW, WA).
- Funding in place. ~$819M of liquidity as of August 7, 2026 ($698M cash plus $121M of unencumbered bitcoin); $458M raised via convertible notes in Q2; Macquarie converted its facility into up to $300M of Panther Creek project financing.
- Permitting and construction progress. Zoning and land approvals secured at Panther Creek and Sharon; Panther Creek Phase 1 permitted in February 2026, with energization targeted by year-end 2026.
- A cleaner U.S. story. Redomiciled to Delaware with a Nasdaq/TSX listing, added to the Russell 3000 in June 2026, and initiated by BTIG with a Buy rating and an $8 target (reported).
03The bear case, briefly
No tenants yet, shrinking revenue, and dilution risk
- No HPC tenant signed. As of August 7, 2026 Keel had not started HPC operations or recognized HPC revenue; prospective tenants were described as in negotiation at its three priority sites.
- Revenue is shrinking, not growing. Q2 2026 revenue was $30.4M, down 50% year over year, with a gross loss of $86.8M (−285% margin) and an operating loss of $140.8M.
- Execution and timeline risk. Meaningful HPC revenue is not expected until 2027 and depends on construction, energization, and lease signings all landing on schedule.
- Cash burn and dilution. G&A rose 62% year over year to $31.3M, and the $458M convertible offering adds potential equity dilution while development is funded ahead of leases.
04Key numbers
| Metric | Value | Note |
|---|---|---|
| Price (Sep 18, 2026) | $3.66 | Intraday range $3.60–$3.68 |
| Market cap | ~$2.2B | Nasdaq: KEEL (formerly BITF) |
| 52-week range | $1.68–$7.37 | |
| Q2 2026 revenue | $30.4M | −50% YoY; Moses Lake mining shut in April |
| Q2 2026 net loss | $65.0M | Loss from continuing ops $64M (−$0.11/share) |
| Q2 2026 adjusted EBITDA | −$23.7M | vs +$6.6M in Q2 2025 |
| Liquidity (Aug 7, 2026) | ~$819M | $698M cash + $121M unencumbered BTC |
| Convertible notes raised (Q2 2026) | $458M | Adds potential dilution |
| Bitcoin sold / held | 1,085 BTC / 1,861 BTC | ~$75M proceeds, Apr 1–Aug 7, 2026 |
| Development pipeline | ~2.2 GW | Panther Creek ~350 MW; no tenant signed |
Sources & method
- Keel Infrastructure Q2 2026 results, press release (August 10, 2026): revenue $30.4M (−50% YoY), gross loss $86.8M, operating loss $140.8M, net loss $65.0M, adjusted EBITDA −$23.7M, G&A $31.3M (+62%); liquidity ~$819M at Aug 7, 2026; $458M convertible note raised; 1,085 BTC sold for $75M, 1,861 BTC held; U.S. bitcoin mining decommissioned; HPC revenue not yet recognized
- Bitfarms/Keel redomiciliation and rebrand: shareholders approved March 20, 2026; arrangement completed April 1, 2026; Keel common stock began trading on Nasdaq/TSX under KEEL on April 6, 2026 (company releases)
- Macquarie financing: private debt facility converted to up to $300M of project financing for the Panther Creek campus, with an additional $50M drawn (company release, October 10, 2025)
- Fiscal year 2025 results (March 31, 2026): revenue ~$229M (+72% YoY); ~$520M of cash and bitcoin on the balance sheet at March 27, 2026; 2.2 GW development pipeline across Washington, Pennsylvania, and Quebec
- Panther Creek campus detail (reported, secondary source): Nesquehoning Planning Commission special-exception approval on February 24, 2026 for Phase 1 — four buildings across ~315,000 sq ft on ~90 acres; energization targeted by year-end 2026
- Market data: price $3.66 (Sep 18, 2026, Robinhood), market cap ~$2.2B, 52-week range $1.68–$7.37; BTIG initiated coverage with a Buy and an $8 target (reported via TipRanks/stockanalysis.com)
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