New York, June 20, 2026, 10:02 ET
- Keel’s shares finished Friday on the TSX at C$9.93, up 12.33%. The company’s Nasdaq-listed shares last changed hands Thursday at $6.29, up 5.36%.
- U.S. markets stayed closed Friday for Juneteenth and will not open over the weekend. Monday is the next trading session.
- Investors are looking at the stock’s rally while Keel is still losing money as it moves from bitcoin mining over to AI and high-performance computing.
Keel Infrastructure Corp starts the week with its stock trading close to recent peaks. Canadian-listed shares climbed Friday. Its Nasdaq shares saw strong gains in the last session ahead of the Juneteenth holiday. The company, formerly Bitfarms, remains in the pack of power-backed artificial-intelligence infrastructure plays.
The timing is key here. U.S. trading in Keel stopped for the Juneteenth holiday on June 19 and didn’t reopen before the weekend. Nasdaq marks Juneteenth as a market holiday in 2026, with normal hours at 9:30 a.m. to 4:00 p.m. ET. When markets reopen Monday, U.S. investors will get their first shot at the stock after it rallied Friday in Canada.
Keel shares finished at $6.29 on Nasdaq June 18, climbing 32 cents, or 5.36%. Volume was 87.30 million. Tiger Brokers put last week’s close at $5.59, so the stock gained about 12.5% for the shortened week. After hours, not much movement, with shares at $6.28.
Stocks moved up. The S&P 500 closed 1.1% higher, while the Nasdaq Composite gained 1.9% on June 18, according to the Associated Press, ahead of the Juneteenth market holiday. The rally pushed up smaller, high-beta tech and infrastructure stocks linked to AI spending.
Keel’s new corporate filing had nothing to do with a lease or business deal. The company disclosed in a June 16 SEC filing that the audit committee picked PricewaterhouseCoopers LLP in the U.S. to audit for 2026, and dropped PwC Canada after Keel moved its base to the U.S. The filing also said Keel had no issues or reportable events with PwC Canada.
Keel wrapped up a larger balance-sheet deal earlier this month, closing $458 million in 1.250% convertible senior notes due 2032. Buyers took up the full $58 million overallotment option. Convertible notes can convert into stock under specific terms. Keel put net proceeds at $445.4 million, before offering costs and capped-call expenses. The company used a capped call to help limit dilution for holders above $11.86 a share.
Keel said the new funds will help it pay for deposits on long-lead equipment, secure letters of credit, and move forward on data-center projects. The focus for now is Panther Creek and Sharon in Pennsylvania, plus Moses Lake in Washington, with less weight on legacy bitcoin mining.
Keel’s management hasn’t minced words on the pivot. In May, CEO Ben Gagnon called the Keel rebrand “the completion of a nearly two-year strategic transformation.” CFO Jonathan Mir said liquidity “fully funds” the company through lease work, construction at Moses Lake, and expenses out to 2028. Keel posted Q1 revenue of $37 million, down 23%. Loss from continuing operations was $128 million. GlobeNewswire
The trade is crowded. Keel gets compared to ex-crypto mining and AI-infra stocks like IREN, Core Scientific and Applied Digital. In those names, investors are bidding up shares based on their power, grid access and land, not on actual earnings. S&P Global Market Intelligence says miners such as IREN and Core Scientific are putting more of their focus on high-performance computing, or HPC, which is about running large clusters for AI and data-heavy tasks.
The play cuts both ways. B. Riley Securities analyst Nick Giles told Business Insider former crypto miners have outperformed most had expected, but Clear Street’s Brian Dobson said 2026 will be about execution on those deals. Keel still hasn’t shown it can flip its sites into leased, high-yield AI campuses as quickly as some investors now seem to expect.
Here’s the catch: shares have outpaced what Keel’s business supports. Google Finance listed eight analysts on the name, seven rating it a buy and one a hold. Their average 12-month price target is $5.29, which is under the last Nasdaq close of $6.29; the highest target out there is $8.00. If leases get held up, costs jump, power deals slow, bitcoin prices slip, or that convertible note comes up again, the mood could change next week.
