Keel Infrastructure, formerly Bitfarms, disclosed the sale of 2,520 Bitcoin for $192.2 million during the third quarter of 2026, liquidating its existing treasury as it redirects capital toward AI data centers. The company’s November 5 earnings report also shows a sharp mining contraction: Keel produced 259 BTC versus 520 BTC a year earlier, a 50.2% decline. The sale included 2,261 BTC held at June 30 and the 259 coins newly mined during the quarter.

Bitcoin miners earn block rewards by supplying SHA-256 computation to the network. Their profitability depends on machine efficiency, network difficulty, electricity pricing and the Bitcoin price. Selling accumulated coins raises liquidity, but proceeds from disposing of treasury assets are different from revenue recognized from ongoing mining and electricity sales.

Revenue falls as U.S. mining stops

Keel reported $27.603 million of third-quarter revenue from continuing operations, down from $67.969 million a year earlier, a 59.4% decline. Management attributed the contraction primarily to the shutdown of U.S. Bitcoin mining in the second quarter and lower average Bitcoin prices. Energy sales from former Pennsylvania mining sites partly offset the decline. Revenue therefore includes more than mining activity alone.

The SEC quarterly filing reports Bitcoin production at an average Bitcoin price of $72,027 for the 2026 quarter, compared with $114,263 in the corresponding 2025 period. These are reported averages used in Keel’s revenue discussion, not the prices at which every treasury coin was ultimately sold.

The mining-to-AI conversion remains unfinished

Keel shut its Washington mining operation on April 28 and its Pennsylvania mining sites on June 29. Mining continues at remaining Québec facilities, with newly produced Bitcoin generally sold daily rather than accumulated. BitcoinVersus.Tech previously covered the Panther Creek shutdown and planned AI campus and the proposed 96 MW Sherbrooke conversion. Neither proposed campus should be counted as operational AI capacity.

The first 18 MW of AI-oriented infrastructure at Moses Lake entered construction in September, with initial energy delivery and commercial revenue expected in 2027. As of the filing, Keel reported no revenue-generating high-performance-computing capacity in service. Earlier BitcoinVersus.Tech reporting examined the site’s planned microgrid infrastructure. Agreements for prospective computing tenants remain subject to execution and development milestones.

Cash from Bitcoin is not a substitute for new customers

The company reported a $62.4 million loss from continuing operations in Q3, compared with an $11.0 million loss a year earlier, largely because of a $55 million noncash valuation loss on convertible-note-related capped calls. Adjusted EBITDA was negative $27 million, a separate non-GAAP measure. Keel disclosed approximately $780 million in unrestricted cash liquidity as of November 4, alongside $1.046 billion of outstanding convertible-note principal at September 30.

The broader industry is facing similar economic decisions. BitcoinVersus.Tech documented TeraWulf’s shrinking mining revenue as AI leasing expands and Core Scientific’s planned exit from mining. Keel’s decision illustrates a particularly direct transition: selling accumulated coins helps finance construction, while the prospective replacement business still has no recognized HPC revenue.

Future results depend on signed leases, construction costs, utility approvals and delivery schedules. Continued losses or financing requirements could erode the benefits of converting mined Bitcoin into cash. The reported treasury liquidation is complete, but the profitability of Keel’s AI strategy remains unproven.

Primary sources: Keel’s November 5, 2026 earnings announcement; Keel’s SEC Form 10-Q for the quarter ended September 30, 2026; and management’s third-quarter earnings-call transcript.

Editor’s Note: The figures are drawn from Keel’s November 5, 2026 report and SEC filing. Bitcoin treasury proceeds are not interchangeable with operating revenue. Keel’s remaining Québec mining operations continue; AI data-center capacity discussed in the article is planned or under construction, not generating commercial revenue. The August CEO interview predates the results and was commissioned on the company’s behalf. The featured cover and construction photograph are historical images credited to Keel Infrastructure.

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