NEW YORK, August 21, 2026, 12:08 EDT — Keel Infrastructure Corp. NASDAQ:KEEL shares rose 1.2% to $3.41 in Friday trading. That price almost exactly matched the reported weighted cost of three recent insider purchases.
- Three insider purchases totaled 116,129 shares and about $396,160.
- Their combined reported weighted cost was $3.4114 per share.
- Keel has a 2.2-gigawatt pipeline, but no tenant lease was announced.
The near-perfect match gives investors a clean marker for the insider signal. At $3.41, the stock sat 0.04% below the three purchases’ combined cost, using the weighted-average prices disclosed in the filings.
The latest filing came after Thursday’s close. Chief Operating Officer Liam Wilson bought 30,769 shares on August 20 at a reported weighted average of $3.25. The purchase cost about $99,999 and lifted his direct holding to 100,978 shares.
Intraday market snapshot
| Metric | August 21 reading | Reference |
|---|---|---|
| Share price | $3.41, up 1.19% | 11:58:29 EDT |
| Session range | $3.29–$3.78 | Open: $3.50 |
| Volume | 28.06 million | 34.48 million average |
| Market value | $2.10 billion | 617.57 million shares |
| 52-week range | $2.00–$7.37 | Price was 54% below the high |
Wilson also bought 26,472 shares at $3.78 on August 17. Chief Executive Ben Gagnon bought 58,888 shares at $3.33 on August 13. The reported prices place the cluster’s combined cost at $396,160.45.
Open-market insider purchases
| Buyer | Trade date | Shares | Reported price | Approximate value |
|---|---|---|---|---|
| Ben Gagnon, CEO | August 13 | 58,888 | $3.33 | $196,097 |
| Liam Wilson, COO | August 17 | 26,472 | $3.78 | $100,064 |
| Liam Wilson, COO | August 20 | 30,769 | $3.25 | $99,999 |
| Combined | August 13–20 | 116,129 | $3.4114 weighted | $396,160 |
The purchases remain small beside Keel’s equity value. Their combined cost equals about 0.019% of its $2.10 billion market capitalization. That makes the buying a confidence signal, not a balance-sheet event.
Keel is the renamed successor to Bitcoin miner Bitfarms. It is shifting toward power-backed sites for artificial-intelligence and high-performance computing. The company says its development pipeline totals 2.2 gigawatts across five campuses.
That pipeline has not yet produced an announced tenant lease. On August 10, Keel said three priority sites were nearing full permitting while prospective tenants negotiated. Gagnon put the strategy plainly: “Power is the constraint. Everything else is downstream of it.” Keel second-quarter results
Legacy operations: second-quarter reset
| US$ millions, except per share | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $30.43 | $60.91 | -50% |
| General and administrative costs | $31.31 | $19.38 | +62% |
| Operating result | -$140.77 | +$10.81 | Turned to loss |
| Continuing-operations result | -$63.95 | +$13.20 | Turned to loss |
| Continuing EPS | -$0.11 | +$0.02 | Turned to loss |
| Adjusted EBITDA | -$23.69 | +$6.60 | Turned negative |
The funding cushion is substantial. Keel reported $819 million of liquidity on August 7, including $698 million of unrestricted cash and $121 million of unencumbered Bitcoin. That total equaled 39% of Friday’s market value.
Cash burn is the counterweight. Second-quarter revenue halved to $30.43 million, while the operating loss reached $140.77 million. Keel also raised $458 million through convertible notes, which can create future dilution if converted.
A fresh Pennsylvania development reduced one immediate policy concern. Keel said Thursday that permitting at Panther Creek and Sharon remained on schedule after Governor Josh Shapiro’s new data-center standards. The statement did not add a tenant or change capacity.
Analyst recommendations
| Analyst and firm | Recommendation | Target | Upside from $3.41 | Date |
|---|---|---|---|---|
| Michael Grondahl, Northland | Buy | $7.00 | 105% | August 11 |
| Brian Dobson, Clear Street | Buy | $5.00 | 47% | August 11 |
| Mike Colonnese, H.C. Wainwright | Buy | $5.50 | 61% | August 11 |
| Brian Kinstlinger, Alliance Global | Buy | $7.00 | 105% | August 10 |
| Stephen Glagola, KBW | Hold | $4.50 | 32% | July 28 |
| Gregory Lewis, BTIG | Buy | $8.00 | 135% | July 22 |
| Gregory P. Miller, Citizens JMP | Buy | $10.00 | 193% | June 24 |
Risks: The $3.41 insider cost is a reference point, not support. Shares could fall if leases slip, permitting slows or development spending drains liquidity. Bitcoin volatility and convertible-note dilution add separate pressure.
The next valuation step depends on a signed lease with disclosed capacity, timing and economics. Until then, Keel’s 2.2-gigawatt pipeline remains development potential rather than contracted revenue.
Related articles: NASDAQ:KEEL
