New York, June 8, 2026, 05:06 (EDT)
Keel Infrastructure shares traded up in Monday’s pre-market, recovering slightly after Friday’s steep drop. The company had priced a larger debt deal for its AI data center expansion. Shares last indicated at $5.29 ahead of the Nasdaq open, a gain of 3.1% from Friday’s $5.13 close. The stock plunged 13.5% Friday. Nasdaq opens at 9:30 a.m. Eastern, with pre-market trading from 4:00 a.m. to 9:30 a.m.
Timing is key as Keel works to shift its old bitcoin-mining assets into power-hungry infrastructure for high-performance computing, or HPC—tech needed for AI and similar big data tasks. The main question for the market: can the company get low-cost funding without giving away too much future value to noteholders.
Keel on Friday priced $400 million in 1.250% convertible senior notes due 2032, higher than the $350 million it had targeted earlier. These notes can be swapped for shares at set terms. The initial conversion price is about $7.41 a share, which is 25% above Keel’s $5.93 close on Nasdaq on June 4. Buyers also get a 13-day option to get another $58 million of notes.
The company plans to use some of the money for capped call transactions, a hedge to limit dilution if the notes turn into shares. The rest could be used for deposits on long-lead equipment or letters of credit for data-center development. Keel said current liquidity is enough to lease and build out Panther Creek, Sharon and Moses Lake, but the new funding gives it more flexibility to put money into those sites.
Convertible bonds have a strong market right now. U.S. issuance is heading for a record year, according to the Financial Times last week, with AI names taking advantage of the appetite and choppy stocks to get lower-coupon financing.
Keel, which calls itself a North American digital infrastructure and energy firm, has a 2.2-GW pipeline and grid connections across Pennsylvania, Washington and Quebec. The company trades under KEEL on both Nasdaq and the TSX. Keel became Bitfarms’ parent after a U.S. redomicile and rebrand on April 1.
Keel CEO Benjamin Gagnon told investors last month that “power availability is the single biggest bottleneck” for AI growth. After reporting Keel had about $533 million of liquidity as of May 8, CFO Jonathan Mir said the company could keep “developing at the speed our customers require while maintaining discipline.” The Motley Fool
Keel is still swinging. Shares closed Friday at $5.13, off 13.49% for the day and down 9.68% for the last five sessions, according to MarketScreener. But the stock is up 118.30% since Jan. 1.
The pace in the sector keeps picking up. Applied Digital signed a 15-year, $7.5 billion lease in April for 300 megawatts with a mystery U.S. hyperscaler, a big cloud player, according to Reuters. Keel, in its latest materials, lists 2026 lease execution as the next key date for its first locations.
The downside isn’t hard to see. Keel’s latest 10-Q points to its short track record, ongoing losses, the need for steady, cheap power, and risks in supply chains. It also warns about possible project delays, cost overruns, and tough competition from bitcoin miners shifting to data centers. There’s a risk HPC and AI data centers don’t turn a profit.
Monday’s session isn’t just about the pre-market action. Traders are watching to see if buyers view Friday’s drop as typical dilution worries or if it’s positioning for an AI infrastructure play with limited supply. The note deal is set to close around June 9. After that, what matters is signed leases instead of just megawatts shown in presentations.
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