New York, May 25, 2026, 11:11 (EDT)
- Keel’s Nasdaq line is shut for Memorial Day, after the stock closed Friday at $4.81, up 3.66% on the day and about 9.6% over five sessions.
- The Toronto listing kept trading Monday, rising to CA$7.09, up 6.94%, at 10:50 a.m. EDT.
- The market is weighing Keel’s shift from bitcoin mining toward power-backed data centers for artificial intelligence workloads, with lease execution the main test for the week ahead.
Keel Infrastructure’s Toronto-listed shares rose on Monday while its Nasdaq stock sat out the Memorial Day holiday, extending investor interest in the former Bitfarms business as a power-and-data-center trade rather than a bitcoin miner.
The U.S. market pause matters because Nasdaq is the deeper venue for KEEL. Nasdaq’s own holiday calendar lists Memorial Day, May 25, as closed, with regular trading hours otherwise running from 9:30 a.m. to 4:00 p.m. Eastern.
On Friday, Keel closed at $4.81 on Nasdaq, up 3.66%, with volume of about 39.4 million shares. The stock ended the week higher after a rough Monday, rising from $4.39 at the prior Friday close and posting a 5-day gain of about 9.6%, market data showed.
In Toronto, the trade did not wait. Keel was quoted at CA$7.09, up 6.94%, at 10:50 a.m. EDT, after touching CA$7.17, according to Google Finance data.
The rally has a clear hinge: investors are paying for the chance that Keel can turn power capacity into leases for high-performance computing, or HPC, the large computer clusters used for heavy workloads such as AI model training. Keel says it is developing data centers and energy infrastructure for HPC and AI workloads and has a 2.2 gigawatt pipeline, with gigawatts measuring large-scale power capacity.
Keel’s May 11 results gave the market the roadmap. The company said zoning had been secured and site development was on track at Panther Creek, Sharon and Moses Lake, while land development and environmental permits were still in progress.
Ben Gagnon, Keel’s chief executive, said in the release that the rebrand marked the end of a nearly two-year transformation, adding that the company had exited Latin American megawatts and focused on “some of the highest-demand and most supply constrained HPC/AI markets in North America.” He said Keel was now working to advance Panther Creek, Sharon and Moses Lake through lease execution in 2026. Keel Infrastructure
The numbers were less tidy. Keel reported first-quarter revenue of $37 million, down 23% from a year earlier, and a loss from continuing operations of $128 million, or 21 cents a share. Adjusted EBITDA, a company measure of operating profit before interest, tax, depreciation and some other items, was negative $17 million.
Jonathan Mir, the chief financial officer, said Keel had about $533 million of liquidity — cash and assets it can use — as of May 8, including $336 million in unrestricted cash and $197 million in unencumbered bitcoin. He said that was enough to fund the three near-term sites through lease signing, start construction at Moses Lake and cover general and administrative costs through 2028.
The bitcoin overhang is shrinking, but it has not vanished. Keel said it sold 269 bitcoin for $20 million from Jan. 1 through May 8 as part of its previously disclosed wind-down of the position.
Sell-side support has helped the story. A May 12 MT Newswires item carried by MarketScreener showed Chardan raised its Keel price target to $5.50 from $4.50 and kept a buy rating; MarketScreener also showed an average target price of $5.40 from nine analysts.
The peer read is why lease timing matters. Applied Digital signed a $7.5 billion, 15-year lease in April for 300 megawatts of computing capacity at a new AI data-center site, while IREN markets AI cloud, colocation and build-to-suit data centers and says it has more than 4.5 GW of power secured. Keel is trying to prove its own pipeline can attract the same kind of tenant demand.
But the downside case is plain. In its quarterly filing, Keel warned that its strategic shift from bitcoin mining to digital infrastructure may not succeed, that AI-focused data centers may not become profitable, and that projects face delays, cost overruns, competition, regulatory constraints and financing needs. Those risks cut straight at the reason the stock has been moving.
The week ahead starts with Tuesday’s Nasdaq reopen. Traders will be looking less for bitcoin production and more for signs that Keel can convert zoning, permits and power into signed AI infrastructure leases.
