New York, May 27, 2026, 15:03 EDT
- Keel was up 7.99% at $5.54 in afternoon Nasdaq trading. The market was still open.
- Investors are trading the stock as an AI-infrastructure and power site play since Bitfarms did its U.S. redomiciliation and changed its name back in April.
- Keel reported $533 million in liquidity, though its first quarter saw revenue drop and the operating loss widen.
Keel Infrastructure Corp. shares gained almost 8% in Wednesday afternoon action, adding to a quick rally for the newly renamed stock. Investors continued to move into names linked to AI data centers, power infrastructure and high-performance computing.
Shares on the Nasdaq traded at $5.54 as of 3:01 p.m. EDT, up 41 cents. Volume was about 39.2 million. The stock has climbed more than 46% in the last month, TradingView shows.
Large-cap tech was mixed, with the Nasdaq flat as investors caught their breath after an AI-driven rally. Chip names dropped, and the Philadelphia SE Semiconductor index retreated after Tuesday’s record. Sean Clark, chief investment officer at Clark Capital Management Group, called the session “a little bit of a pause” after the wider market climb. Reuters
Keel started trading as a new ticker, but it’s not new to the market. Bitfarms finished moving its base from Canada to the U.S. on April 1 and said Keel would start trading on both Nasdaq and the Toronto Stock Exchange under KEEL from April 6, taking over from Bitfarms shares.
This is important with the stock not just seen as a bitcoin miner anymore. Keel said it’s positioning itself as a North American digital and energy infrastructure firm, building data centers and power-tied sites for high-performance computing, or HPC—things like AI model training and large data runs. The company mentioned a 2.2-gigawatt pipeline across Pennsylvania, Washington and Quebec.
Commercial results matter next, not just the story. Keel said zoning was locked in and site development was moving forward at Panther Creek, Sharon and Moses Lake. Land development and environmental permits are still underway. CEO Ben Gagnon said the company started this new phase with “strong momentum.”
Balance sheet strength is the story for now. Keel said as of May 8 the company had around $533 million in liquidity, counting $336 million in cash and $197 million in unencumbered bitcoin. CFO Jonathan Mir said the liquidity pool “fully funds” what’s needed to push the three near-term sites to lease execution.
The income statement shows a tougher picture. Revenue for the first quarter dropped 23% to $37 million. Operating loss got worse, hitting $98 million. Adjusted EBITDA, which leaves out some expenses, turned to a loss of $17 million after seeing a $7 million gain last year.
Keel is jumping into a busy trade. IREN, which also comes from the bitcoin mining space and now does data centers, said Tuesday it’s buying about $1.6 billion in Nvidia Blackwell systems from Dell for a five-year, $3.4 billion cloud AI services contract. “Time-to-compute is everything,” said IREN Co-CEO Daniel Roberts. That sums up why investors are paying premiums for companies that can add power fast. Reuters
But there’s a chance Keel’s infrastructure push takes more time, eats up more money, or misses on the leases bulls are betting on. The company has warned before that its HPC and AI data-center plan might never turn profitable. Keel also pointed to competition from bigger data-center players and bitcoin miners, and flagged permitting trouble, power limits, financing headaches, supply snags, and the risk that customers could default.
Keel finished at C$7.69 on the TSX, gaining from its last close at C$7.09. The stock moved between C$6.92 and C$7.70 during the day, the action was not just on the U.S. side.
Keel shares aren’t moving much on its Q1 results at this point. What matters is if investors buy into its ability to lock in AI-infrastructure leases on its powered land. That’s the next number markets want to see.
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