NEW YORK, June 29, 2026, 08:01 EDT
- Keel Infrastructure started trading as part of the Russell 3000 after the U.S. open Monday.
- Shares were quoted at $6.165, up 2.24% before the bell, after 122.41 million traded on Friday.
- About 20% of the public float traded on Friday. Short interest made up 14.52% of float.
- The index trade comes after a $458 million convertible note sale and before the 2026 lease targets.
Keel Infrastructure Corp. NASDAQ:KEEL traded higher in premarket on Monday, climbing after the data-center and energy infrastructure company was named to the Russell 3000 Index. Shares quoted at $6.165 as of 08:01 a.m. EDT, up 2.24% from Friday’s $6.03 close. The change takes effect at the U.S. open.
Friday’s volume stood out. MarketWatch put turnover at 122.41 million shares, about 273% of the 65-day average. That’s roughly 20.4% of the public float of 601.03 million shares. Short interest was 87.29 million shares, or 14.52% of float, on June 15.
| Keel trading frame | Latest verified figure |
|---|---|
| Friday close | $6.03 |
| 08:01 a.m. EDT premarket quote | $6.165 |
| Friday volume | 122.41 mln shares |
| Volume vs 65-day average | 273% |
| Public float | 601.03 mln shares |
| Friday volume as share of float | 20.4% |
| Short interest as of June 15 | 87.29 mln shares |
| Short interest as share of float | 14.52% |
MarketScreener, using S&P Capital IQ, said Keel was added to the Russell 2000 Growth Benchmark and the Russell 3000E Index on Monday. The move lands Keel in both the broader Russell 3000 and growth indexes, which could prompt growth-oriented trackers to pick up the stock.
Keel CEO Ben Gagnon said the index inclusion would help bring Keel to more investors. Gagnon also said the company has spent the last 18 months moving ahead with its energy pipeline.
Russell’s June 2026 index changes kicked in after the market closed on June 26, with new membership lists starting from the June 29 open. FTSE Russell used NYSE and Nasdaq closing prices on June 26 to finish the rebalance. Nasdaq said asset managers adjust portfolios using the updated Russell member list.
| Index event | Confirmed data | Investor read |
|---|---|---|
| Russell 3000 addition | Goes live at Monday’s U.S. open | Now eligible for broad index funds |
| Russell 2000 Growth addition | Shown by S&P Capital IQ through MarketScreener | Growth funds now can buy in |
| Rebalance pricing | Set from June 26 market close | Most forced trades probably landed at Friday’s close |
| Monday premarket move | Stock up 2.24% at 08:01 a.m. EDT | Seeing if any demand is left after rebalance |
Keel is coming into the index as a high-beta infrastructure name, not as an earnings pick. In Q1, revenue from its ongoing legacy business dropped 22% to $36.99 million. The loss from continuing operations widened to $127.57 million, and adjusted EBITDA was negative $16.71 million.
The balance sheet tells a newer story. Keel finished a $458 million sale of 1.250% convertible senior notes due 2032 on June 9. The conversion price started at about $7.41 a share, which is around 23% above where the stock finished on Friday. Capped calls hit $11.86 a share at the start.
| Operating and capital frame | Figure |
|---|---|
| Q1 revenue | $36.99 mln |
| Q1 loss from continuing ops | $127.57 mln |
| Q1 adjusted EBITDA | -$16.71 mln |
| Liquidity at May 8 | About $533 mln |
| Convertible notes closed June 9 | $458 mln |
| Initial conversion price | $7.41/share |
| Initial capped-call price | $11.86/share |
Keel Infrastructure stock has jumped ahead of most other crypto-related infrastructure names. MarketScreener put Keel up 708.09% for the year. Hut 8 Corp. NASDAQ:HUT climbed 596.60%, CleanSpark Inc. NASDAQ:CLSK gained 53.05%, while MARA Holdings Inc. NASDAQ:MARA slipped 3.26%. Still, Keel dropped 4.13% over the last five days before Monday’s open.
Keel reports a 2.2 gigawatt pipeline in Pennsylvania, Washington, and Québec. In May, the company said it had secured zoning and was advancing site work at Panther Creek, Sharon, and Moses Lake. At that time, Keel said liquidity should be enough to cover those projects up to lease signing.
