Keel Infrastructure (KEEL) | BTCTreasuryInfo.com

Treasury Qualification

Treasury classificationBitcoin Miner with Strategic Holdings

Qualification tierCore Directory

Directory statusIncluded

Ownership status1,861 company-attributable group BTC at August 7, 2026, counted once under Keel. Latest entity and unencumbered unit allocations are not established and must not be inferred from dollar liquidity. The company reported sales of 1,085 BTC between April 1 and August 7 during its treasury wind-down; production and other movements mean sales exceed the 608-BTC net decrease.

Strategic intent

Keel operates a formal digital-asset management program under which it holds Bitcoin for intrinsic value and as a source of liquidity. Management may sell treasury Bitcoin to fund operations and expansion. Although Keel is strategically pivoting toward HPC and AI infrastructure, it continues to operate legacy Bitcoin-mining assets and retain a substantial corporate Bitcoin balance.

Bitcoin Treasury

Last verified attributable BTC1,861 BTC

Balance dateAugust 7, 2026

Estimated value$148,427,777BTC price retrieved: October 27, 2026 at 08:19 UTC

Average purchase priceNot disclosed

Included in totals

Verified at the stated balance date

Ownership and Restrictions

Component figures are shown only when separately disclosed and may overlap; they are not additive. Components refer to the eligible balance date unless dated otherwise in research notes. “Not separately disclosed” does not imply zero.

Total BTC reported1,861

Unencumbered / unrestrictedNot separately disclosed

Pledged as collateral0

Loaned to third parties0

Subsidiary-ownedNot separately disclosed

Other restricted owned BTC0

Latest Financial Results

Reporting period: Three months ended June 30, 2026

Revenue$30,430,000

Operating income/loss$-140,774,000

Net income/loss$-64,995,000

Cash$715,516,000

Management

Chief executive officer: Benjamin Gagnon
Chief financial officer: Jonathan Mir
Executive chair: Edith Hofmeister (Independent Chair)

Research Notes

Keel Infrastructure reported 2,469 BTC with a fair value of approximately $168.5 million as of March 31, 2026. Its digital-asset roll-forward showed zero restricted Bitcoin at quarter-end. The company mined 388 BTC from continuing operations, earned 78 BTC from discontinued operations, received 7 BTC through hosting revenue, and sold 64 BTC during the quarter. Keel maintains a digital-asset management program under which Bitcoin is held for intrinsic value and liquidity, with management authorized to sell treasury Bitcoin to fund operations and expansion. Effective April 1, 2026, Keel became the ultimate parent of Bitfarms Ltd. through a one-for-one redomiciliation and rebranding transaction. This record therefore represents the consolidated Keel/Bitfarms group and prevents duplicate counting. Keel is pivoting its primary growth strategy toward HPC and AI infrastructure but continues legacy Bitcoin-mining operations in the United States and Canada. For the quarter ended March 31, 2026, revenue was $36.992 million, operating loss was $98.388 million, and net loss was $145.353 million. Total assets were $1.067 billion, total liabilities were $647.576 million, and cash was $357.277 million. September 29, 2026 methodology and financial refresh: 1,861 company-attributable group BTC at August 7, 2026, counted once under Keel. Latest entity and unencumbered unit allocations are not established and must not be inferred from dollar liquidity. The company reported sales of 1,085 BTC between April 1 and August 7 during its treasury wind-down; production and other movements mean sales exceed the 608-BTC net decrease. USD, Q2 2026 (three months ended June 30; balance sheet at June 30). "Revenues" 30,430,000 is continuing operations; operating loss -140,774,000; "Net loss" -64,995,000 includes discontinued operations. Cash 715,516,000 excludes restricted cash. Ganesh Aiyer appointed president; CEO/CFO unchanged and chair verification remains pending. Subsidiary renamed Backbone Hosting Solutions Inc. on June 15, 2026; preserve Bitfarms history without creating a duplicate company record. Business transition includes cessation of US mining and infrastructure development. Financial source: https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm (source date: August 10, 2026). Eligible holdings source: https://ir.keelinfra.com/news-releases/news-release-details/keel-infrastructure-reports-second-quarter-2026-results (source date: August 10, 2026). Historical notes above are preserved as dated history; earlier eligibility descriptions do not override this review. The existing last_verified date is unchanged and is not a blanket verification of unresolved fields.