Keel Infrastructure Stock Rises as $458 Million AI Data Center Financing Puts Lease Deals in Focus
Keel Infrastructure Corp. stock is back in focus after the former Bitfarms closed a $458 million offering of 1.250% convertible senior notes due 2032, giving the company more capital to pursue its shift from Bitcoin mining toward AI data center infrastructure. Convertible senior notes are debt securities that can later convert into shares under set conditions, so they can strengthen liquidity but also raise future dilution questions. Keel said the deal included the full exercise of a $58 million purchaser option and generated about $445.4 million in net proceeds before offering expenses and capped-call costs. The financing matters for KEEL’s share price because the company’s valuation is now tied less to near-term mining economics and more to whether it can secure long-term customers for high-performance computing, or HPC, workloads used in AI and other compute-heavy applications. Keel said part of the proceeds funded capped-call transactions, a type of options structure designed to reduce potential share dilution from note conversion, up to an initial cap price of $11.86 per share. The notes carry an initial conversion price of about $7.41, a 25% premium to Keel’s $5.93 Nasdaq closing price on June 4.