NEW YORK, May 24, 2026, 13:02 EDT
- Keel Infrastructure ended trading Friday at $4.81 on Nasdaq, rising 3.66% for the session and gaining 9.57% in the last five days.
- Nasdaq traders get a short week as U.S. stock markets are closed Monday for Memorial Day.
- The next test isn’t switching tickers again. It’s if Keel lands data-center leases at Panther Creek, Sharon, or Moses Lake this year.
Keel Infrastructure Corp. shares climbed ahead of the long weekend, closing Friday at $4.81 as buyers stuck with the ex-Bitfarms name during its pivot away from bitcoin mining to AI-focused power and data-center plays. The stock’s rally over the past five sessions puts it close to the thick of the market’s small-cap AI infrastructure trade.
The timing is key here. With U.S. cash equity markets closed Monday for Memorial Day, traders have to use Friday’s close as their reference ahead of Keel’s Nasdaq listing when trading starts up again Tuesday.
Keel is taking former crypto-mining assets and pitching them as a data-center play. The company says it is based in New York, lists under KEEL on Nasdaq and TSX, and has a 2.2-gigawatt pipeline. That’s power that could go to data centers with high compute needs. A gigawatt is 1,000 megawatts.
Bitfarms redomiciled to the U.S., changing its legal base and creating the new company. An SEC filing said Keel became the Delaware parent for Bitfarms starting April 1. KEEL shares were scheduled to start trading on Nasdaq and the Toronto Stock Exchange on April 6.
Chief Executive Ben Gagnon is pitching the company as a North American digital infrastructure developer instead of just a miner with a different brand. In remarks this month, he said Keel owns powered land in Pennsylvania, Quebec and Washington and is working on more than 2 GW of high-performance computing campuses. HPC, or high-performance computing, refers to clusters of machines for AI and other heavy workloads.
Lease signings are key, Gagnon said, with a signed lease the “single most important inflection point” for the business. That can turn development assets into steady cash flow and open up project financing. Keel said getting three leases signed by year-end 2026 is the goal, one each at Panther Creek, Sharon and Moses Lake.
Bulls have the balance sheet in their corner. Keel said liquidity stood at about $533 million as of May 8, with $336 million in unrestricted cash and $197 million in unencumbered bitcoin. CFO Jonathan Mir said that is enough to “fully fund” the business through lease signings at its near-term locations and cover other expenses out to 2028. GlobeNewswire
Income statement numbers didn’t look great. Revenue from continuing legacy operations dropped 23% to $37 million in the first quarter. Operating loss got bigger, coming in at $98 million. The 10-Q listed a net loss of $145.4 million, with basic and diluted loss at 24 cents per share.
The competitive landscape is changing. Chardan analyst Bill Papanastasiou started coverage on Keel, Galaxy Digital, and Riot Platforms with Buy ratings, grouping the three as firms moving their power portfolios from bitcoin mining to HPC workloads. He called it a “significant valuation re-rate opportunity” linked to long-duration leases. TipRanks
Chardan called Keel’s risk-reward “attractive” thanks to its North American data-center footprint, but flagged its ongoing cash burn as a real concern. That’s the story: build the power sites, hope for tenants next, take the losses in the meantime. Investing.com
The risk case is clear. Keel said in its 10-Q that moving from bitcoin mining to digital infrastructure could fail. The company pointed to power needs, supplier risk, project delays, higher costs, competition, customer concentration, bitcoin swings and regulation. If lease deals fall through, or if customers want more expensive projects, the stock’s AI premium might fade fast.
Keel is in focus for the coming week. The April ticker shift got attention, but traders now want to see if Keel can land signed, financeable leases from its powered acreage. Until then, there’s a sense the story may be outpacing real progress.
