NEW YORK, June 24, 2026, 08:20 EDT
- Citizens started coverage of Keel Infrastructure, rating it Market Outperform. The firm set a price target of $10.
- Keel shares traded close to $7 ahead of the Nasdaq cash open. The stock ended Tuesday at $6.60.
- The call on the stock depends on whether Keel can lease its 2.2-gigawatt power pipeline for AI and high-performance computing.
Keel Infrastructure Corp traded higher ahead of the U.S. session Wednesday. Citizens started coverage on the company, which used to be known as Bitfarms, assigning a Market Outperform rating. The note cited Keel’s planned move from bitcoin mining to AI-focused power and data center assets.
Citizens analyst Greg Miller assigned a $10 price target, saying that points to a 51% gain from shares at $6.60. Miller mentioned Keel’s move from crypto to AI and its about 2-gigawatt pipeline, with power in Pennsylvania, Washington state, and Quebec. The firm noted a gigawatt equals 1,000 megawatts, a unit used by big data-center projects.
Keel traded at $6.98 in the premarket at 8:07 a.m. EDT, after closing at $6.60 Tuesday, according to MarketScreener. Nasdaq’s regular hours are 9:30 a.m. to 4 p.m. ET, and June 24 does not show up on Nasdaq’s 2026 holiday list. MarketScreener
Keel trades as KEEL on Nasdaq and the Toronto Stock Exchange. The New York company says it builds and owns data centers and power assets for high-performance computing, or HPC, which includes AI training and inference tasks.
Bitfarms is now Keel Infrastructure after an April 1 rebrand and move to the U.S., shifting focus from bitcoin mining to North American digital and energy infrastructure. The company’s next sites are Panther Creek and Sharon in Pennsylvania and Moses Lake in Washington.
Keel CEO Ben Gagnon told investors in May the company is moving into its next phase with “strong momentum” and a target to get the three projects ready for lease signing by 2026. CFO Jonathan Mir added in the Q1 release that current liquidity “fully funds the capital required” to get the sites to that point. GlobeNewswire
Keel posted $37 million in first-quarter revenue, a 23% drop from last year. Loss from continuing operations came to $128 million, or 21 cents a share. As of May 8, Keel reported liquidity of about $533 million, with $336 million in unrestricted cash and $197 million in unencumbered bitcoin.
Keel wrapped up a $458 million sale of 1.25% convertible senior notes due 2032 this month. The notes let holders switch their debt into stock at set terms. Keel said it got about $445.4 million in net proceeds before expenses and capped-call costs. The capped-call deals are meant to limit share dilution if shares move higher.
Applied Digital signed a 15-year AI data-center lease this month, saying the deal is worth $5.2 billion with a U.S. investment-grade hyperscaler. Keel has yet to announce a big anchor lease for Panther Creek, Sharon or Moses Lake.
But there is execution risk on the stock. Keel warned of delays, going over budget, needing permits, power reliance, customer issues and rivals with established HPC data centers as possible threats. The company also called trading in its shares highly speculative.
