NEW YORK, July 2, 2026, 13:04 EDT
- Keel Infrastructure stock dropped 13.66% to $4.64 as of 12:36 p.m. EDT, putting its market cap at $2.82 billion.
- Keel dropped about $447 million in equity value during the session, using Google Finance’s share-count figures. That loss lines up with the $445.4 million in net raised from Keel’s June convertible note offering.
- The stock has moved onto the Russell 3000, lifting its profile. Now, the question is if Keel can convert its 2.2 GW pipeline into leases before cash burn becomes a problem for valuation again.
Keel Infrastructure Corp. NASDAQ:KEEL slid hard Thursday, giving back nearly as much market cap as it raised in a June convertible note sale. The drop came three days after its addition to the Russell 3000.
Shares changed hands at $4.64 at 12:36 p.m. EDT, down 13.66%, after dropping to an intraday low of $4.57. Google Finance listed 603.83 million shares outstanding, which means the market cap dropped by around $447 million from the last close. Keel wrapped up a $458 million convertible senior note deal on June 9, with about $445.4 million in net proceeds before costs tied to the offering and capped calls.
| Measure | Latest figure | Why it matters |
|---|---|---|
| Share price | $4.64 | Now sitting under the June 4 sale price for the notes |
| One-day move | -13.66% | Selling carried on even after index inclusion |
| Estimated equity value erased | About $447 mln | Lines up with proceeds from the June notes |
| June note gross proceeds | $458 mln | That fresh debt money meets a smaller equity market cap |
| June note net proceeds | $445.4 mln | Almost the same as the loss implied in one session |
The drop in the stock matters as Keel is moving from bitcoin mining to more capital-intensive data-center and energy infrastructure plays. With shares lower, future funding could get more costly, despite the current note’s low coupon.
Keel said the notes pay 1.25% interest and can convert at around $7.41 a share. That’s about 60% more than Thursday’s close at $4.64 and sits just above Google Finance’s 52-week high of $7.37. The stock has traded away from the conversion price right after the deal.
| Financing marker | Filed level | Gap versus $4.64 |
|---|---|---|
| Initial conversion price | $7.41 | Roughly 60% higher |
| Capped-call cap price | $11.86 | Up about 156% from $4.64 |
| 52-week high | $7.37 | Up close to 59% |
| 52-week low | $2.00 | Stock is still higher |
Keel said some of the note proceeds went to capped-call deals to help cut possible dilution up to an $11.86 share price. The rest could go to corporate uses like deposits on long-lead gear or letters of credit for data-center work.
The company earlier told investors it had around $533 million in liquidity as of May 8. That included about $336 million in unrestricted cash and $197 million in unencumbered bitcoin. From Jan. 1 to May 8, it said it sold 269 bitcoin for $20 million as it wound down that position.
“Our liquidity is about $533 million. That’s enough to fully fund capital needs for Panther Creek, Sharon, and Moses Lake, including lease execution and construction kickoff for Moses Lake, plus G&A through 2028,” CFO Jonathan Mir said in May. Keel Infrastructure
Chief Executive Ben Gagnon said back then that Keel had moved its base to the U.S., pulled out of Latin American megawatts, and shifted its pipeline to target tight supply in North American HPC and AI markets. Gagnon said lease execution at Panther Creek, Sharon and Moses Lake is next, set for 2026.
Leases are getting more attention after the latest price move. Keel posted first-quarter revenue of $37 million, down 23% from the same period last year. The company had an operating loss of $98 million and adjusted EBITDA of minus $17 million.
Keel joined the Russell 3000 at the open on Monday. Gagnon said the company spent 18 months “advancing our energy pipeline” and expects the new index slot will put Keel in front of a wider group of investors. Keel Infrastructure
FTSE Russell said roughly $12.2 trillion in investor assets track or use Russell U.S. indexes, and the rebalanced indexes started trading with the U.S. market open on June 29.
Nasdaq’s regular cash-equity trading goes from 9:30 a.m. to 4 p.m. Eastern. For the Independence Day holiday, the exchange will close on Friday, July 3. That puts Thursday as the final regular session ahead of the break.
