NEW YORK, August 12, 2026, 12:55 EDT —
Keel Infrastructure Corp. NASDAQ:KEEL shares rose about 9.6% to $3.60 in Wednesday trading. Investors were weighing a larger liquidity pool against another sharp earnings decline. The stock remained near the middle of its 52-week range.
The balance-sheet change is the stronger signal. Keel reported $819 million of liquidity as of August 7. That gives management time to negotiate data-center leases without relying on near-term mining cash flow.
But the commercial gap remains open. Keel said it is in active talks with multiple prospective tenants at three priority sites. It did not announce a signed lease with the second-quarter results.
| KEEL market measure | August 12 reading | Investor comparison |
|---|---|---|
| Share price | $3.60 | Up 9.57% intraday |
| Market value | $2.22 billion | About 2.7 times reported liquidity |
| 52-week high | $7.37 | Current price about 51% lower |
| 52-week low | $2.00 | Current price about 80% higher |
Liquidity now equals roughly 27 times second-quarter revenue. Cash accounts for most of it. Bitcoin remains a smaller, volatile reserve.
| Liquidity measure | May 8, 2026 | August 7, 2026 | Change |
|---|---|---|---|
| Total liquidity | $533 million | $819 million | +54% |
| Unrestricted cash | $336 million | $698 million | +108% |
| Unencumbered Bitcoin | $197 million | $121 million | -39% |
| Cash share of liquidity | 63% | 85% | +22 percentage points |
Much of the increase came from financing. Keel issued $458 million of 1.25% convertible senior notes due in 2032. Net proceeds were about $445.4 million before expenses and capped-call costs. The capped calls cover conversion-related dilution up to a stock price of $11.86.
Chief Executive Ben Gagnon framed the constraint plainly: “Power is the constraint. Everything else is downstream of it.” He said all three priority sites were nearing full permitting. Multiple prospects are negotiating for each site, he added. SEC filing
| Priority site | Company-stated power | Scale | Current commercial status |
|---|---|---|---|
| Panther Creek, Pennsylvania | 350 MW secured; expansion to 510 MW | 336 acres | Active; permits advancing |
| Sharon, Pennsylvania | 110 MW secured | 17 acres | Active; early-stage development |
| Moses Lake, Washington | 18 MW energized | 6 acres | Active; modular deployment |
The wider pipeline is larger. Keel lists 341 MW of energized capacity, 430 MW of secured capacity and 1.5 GW of expansion potential. The total multi-year pipeline reaches 2.2 GW. Those figures show scale, not contracted revenue.
The legacy business is fading faster. Second-quarter revenue fell 50% to $30 million. Keel attributed the decline to a lower average Bitcoin price and the April shutdown of Moses Lake mining. It has now decommissioned all U.S. Bitcoin mining operations.
| Quarterly measure | Q2 2026 | Q2 2025 | Year-on-year change |
|---|---|---|---|
| Revenue | $30 million | $60 million | -50% |
| General and administrative expense | $31 million | $19 million | +63% |
| Operating result | -$141 million | +$11 million | -$152 million swing |
| Continuing-operations result | -$64 million | +$13 million | -$77 million swing |
| Adjusted EBITDA | -$24 million | +$7 million | -$31 million swing |
The operating loss included $84 million of non-cash depreciation. Still, higher overhead and negative adjusted EBITDA show the transition has a real carrying cost. Chief Financial Officer Jonathan Mir said, “We are better capitalized today than at any point in our Company’s history.”
| Analyst | Firm | Recommendation | Target | Date |
|---|---|---|---|---|
| Michael Grondahl | Northland Securities | Buy, maintained | $7.00 | August 11 |
| Brian Dobson | Clear Street | Buy, maintained | $5.00 | August 11 |
| Mike Colonnese | H.C. Wainwright | Buy, reiterated | $5.50 | August 11 |
| Brian Kinstlinger | Alliance Global Partners | Buy, maintained | $7.00 | August 10 |
| Stephen Glagola | KBW | Hold, maintained | $4.50 | July 28 |
Analyst sentiment is constructive but wide. Google Finance shows eight buy ratings and one hold. The average 12-month target is $6.63, versus $3.60 today. The range runs from $4.50 to $10.00.
Risks: Keel has no announced anchor tenant for its priority sites. Permits, construction schedules and financing terms could slip. Bitcoin prices still affect residual liquidity, while the convertible notes add leverage and potential dilution.
The next proof point is commercial. A binding lease would turn power capacity into visible revenue and financing terms. Until then, the stock rests on liquidity, permits and management’s ability to convert negotiations into contracts.
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