NEW YORK, May 22, 2026, 15:01 EDT
Keel Infrastructure Corp. jumped as much as 5% late Friday, reaching $5.03 on Nasdaq to match its 52-week high. Traders kept picking up shares of the former Bitfarms as it moves into AI data-center infrastructure. KEEL traded at $4.87 as of 2:52 p.m. EDT, with 31.84 million shares swapped versus a 33.91 million average volume.
Keel is testing its identity in the market this week. The question investors are facing is whether Keel is mainly a crypto-mining proxy or is now an infrastructure play with power capacity to lease out to AI and high-performance computing firms. High-performance computing (HPC) uses big clusters for AI and other demanding jobs. Keel said it has 2.2 gigawatts in its development pipeline — with 1 gigawatt equal to 1,000 megawatts of power.
Nasdaq made the move in regular hours—not on a holiday. The exchange lists normal trading from 9:30 a.m. to 4 p.m. ET. Nasdaq Trader’s 2026 calendar shows Monday, May 25 closed for Memorial Day.
Keel shares in Toronto traded with the same bid. The TSX stock climbed 4.87% to C$6.67 as of 2:45 p.m. EDT after hitting C$6.95, matching its 52-week high. Keel had a C$4.01 billion market cap according to Google Finance.
Keel is a fresh name for the company. Bitfarms wrapped up its U.S. redomiciliation on April 1. Keel shares are set to start trading on Nasdaq and the Toronto Stock Exchange as KEEL on April 6, swapping out the old Bitfarms symbol.
Keel’s latest numbers landed mixed. CEO Ben Gagnon said in the May 11 update that the rebrand “the completion of a nearly two-year strategic transformation.” CFO Jonathan Mir said liquidity “fully funds the capital required” for near-term site work. The company held $533 million in liquidity as of May 8, with $336 million in unrestricted cash and $197 million in unencumbered bitcoin. Revenue fell 23% to $37 million. The operating loss grew to $98 million.
Price targets on the name are scattered, and there’s no firm view on risk. HC Wainwright’s Mike Colonnese kept a Buy and bumped his target to $5.50 from $3.70 on May 11. Benzinga’s ratings page showed a $5.25 average from four analysts, with targets ranging from $3 to $8.
Jane Street Group and affiliates disclosed owning 30.5 million Keel shares, or 5.1%, in a Schedule 13G filed May 18. They reported shared voting and investment power, saying the stake wasn’t about changing or influencing control.
Tech strength pushed Canada’s main stock index to a record Friday. The broader tone got a lift as tech names moved up. “The market focus has shifted more toward what’s happening in the tech world,” Allan Small, senior investment adviser at iA Private Wealth, told Reuters. Reuters
IREN is the peer here, a past crypto miner now part of the AI infrastructure story. Last week, MarketWatch said investors are looking at IREN’s $2 billion convertible-debt proposal, which follows a Nvidia-based 5-gigawatt buildout. The piece notes the big funding needs in the compute trade before steady profits show up.
Keel isn’t hiding the risk. Its 10-Q lays out that the company’s HPC data center push hangs on snagging customers, handling capital, and putting up the next batch of sites. The filing also lists a $32.64 million purchase commitment, dated May 3, to back an 18-megawatt build in Washington State over about 14 months. Leases that fall through or tighter financing could make Friday’s run look like it got ahead of any locked-down deals.
