NEW YORK, July 3, 2026, 11:05 EDT
- Keel closed at $4.59 in the U.S. on Thursday, falling 14.68%. Nasdaq was closed Friday for the Independence Day holiday.
- The one-day drop wiped out around $477 million in equity value, more than the $445.4 million net from June notes, by calculation.
- The stock finished down 38% from the notes’ original $7.41 conversion price.
- Toronto stocks moved up Friday, with light trading as U.S. markets were closed.
Keel Infrastructure Corp (NASDAQ:KEEL; TSE:KEEL) heads into the U.S. holiday with its shares on Nasdaq trading lower than the convertible note pricing from last month, under the original conversion level, and well below the capped-call upper limit.
Nasdaq says July 3 is Independence Day observed, so U.S. markets are closed. Trading starts again Monday at 9:30 a.m. Eastern. Keel ended its last U.S. session Thursday at $4.59, off 79 cents, or 14.68%, on volume of 49.9 million shares.
The Toronto line stayed open Friday. Keel traded at C$6.62 as of 10:47 a.m. EDT, up 2.0%. Volume was 594,570 shares, which is around 10% of the 65-day average.
This drop was a lot bigger than the move in the index on July 2. The Nasdaq Composite lost 0.8%. The S&P 500 was about flat, while the Dow gained 1.1% to finish at 52,900.07.
| July 2 close | Move |
|---|---|
| Keel, Nasdaq | -14.68% |
| Nasdaq Composite | -0.8% |
| S&P 500 | flat |
| Dow Jones Industrial Average | up 1.1% |
Keel shares are moving as traders see it as a North American AI and high-performance-computing infrastructure name. But its latest numbers still show it’s losing money as it shifts out of Bitcoin mining. The company told investors it has a 2.2 GW pipeline and is listed on Nasdaq and TSX as KEEL.
MarketWatch figures show that with 603.83 million shares out, Thursday’s 79-cent decline wiped about $477 million off Keel’s market cap. Keel reported raising roughly $445.4 million in net proceeds before fees and capped-call costs from its June 9 convertible note closing.
| Measure | Amount |
|---|---|
| Thursday’s equity value reduction, by estimate | ~$477 million |
| Principal on convertible notes | $458 million |
| Gross proceeds, no costs or capped-call | $445.4 million |
| Yearly cash coupon at 1.25% on notes | ~$5.7 million |
Keel set the notes after Nasdaq closed at $5.93 on June 4. The notes come with a $7.41 conversion price and an $11.86 capped-call cap. Shares are at $4.59, down 22.6% from the June 4 price, down 38.1% from conversion, and 61.3% below the cap.
| Price marker | Price | Distance from $4.59 close |
|---|---|---|
| Thursday close | $4.59 | — |
| June 4 note reference sale price | $5.93 | -22.6% |
| Initial conversion price | $7.41 | -38.1% |
| Capped-call cap price | $11.86 | -61.3% |
Russell inclusion didn’t halt the drop. Keel said Monday it was added to the Russell 3000 at the U.S. open. MarketWatch had the Nasdaq shares down 23.88% for the last five sessions through Thursday, but still up 95.32% for the year.
Short interest brings more to the story. MarketWatch reported 87.29 million shares sold short as of June 15, or 14.52% of the float. Those $458 million notes convert at $7.41, which comes out to about 61.8 million shares. That puts short interest at roughly 1.4 times the possible conversion amount.
Executives keep calling the company a pure-play infrastructure developer. “We are a pure-play infrastructure developer and owner,” Chief Executive Ben Gagnon said in April. Last month, CFO Jonathan Mir said, “Our liquidity stands at approximately $533 million.” That number was before the company closed its June note. Keel Infrastructure
Keel’s Q1 numbers show a thin base for the new story. Revenue fell 22% to $36.99 million. Net loss was $145.35 million. Adjusted EBITDA came in at minus $16.71 million. As of May 8, the company had $533 million in liquidity, split between $336 million in unrestricted cash and $197 million in Bitcoin not pledged as collateral.
Looking to next week, key public prices to watch are $4.52, Thursday’s low, $5.38 for the July 1 close, $5.93 as the note reference sale price, and $7.41 for the conversion. The next investor event on the company’s calendar is the Needham AI Infrastructure Conference set for Aug. 12.
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