NEW YORK, July 5, 2026, 14:04 EDT
- Keel finished July 2 at $4.59 on Nasdaq, dropping 14.68% ahead of the July 3 market holiday in the U.S.
- The stock’s Toronto listing ended Friday up 0.77% at C$6.54. Investors got an early look at where things stand after the selloff before U.S. markets open again.
- Nasdaq finished roughly 38% under the $7.41 initial conversion price on Keel’s June convertible note.
Keel Infrastructure Corp. (NASDAQ:KEEL; TSE:KEEL) starts Monday’s U.S. trade with mixed moves. KEEL saw a tough Nasdaq finish before the break, but picked up slightly in Toronto after. Nasdaq was closed July 3 for the Independence Day holiday. Toronto’s exchange stayed open, letting KEEL shares trade there Friday.
| Read-through | Latest print | Why investors care |
|---|---|---|
| Nasdaq KEEL | $4.59, fell 14.68% on July 2; off 27.60% this week | U.S. shares dropped sharply right before the long weekend |
| TSX KEEL | C$6.54, added 0.77% on July 3 | This was the first Canadian trade after the U.S. pause, but it’s in CAD |
| Nasdaq Composite | 25,832.67, down 0.8% July 2; gained 2.1% for the week | KEEL slid as tech stocks posted a weekly gain |
| Russell 2000 | 2,996.11, off 0.5% July 2; also down 0.5% this week | Small-caps dropped much less than KEEL |
TradingView pegged KEEL at $4.59, off 27.60% for the week. StockAnalysis listed the TSX at C$6.54 on July 3. AP data had the Nasdaq Composite up 2.1% this week and the Russell 2000 down 0.5%.
The Russell index piece is key here: Keel got included in the Russell 3000 at the U.S. open June 29. FTSE Russell claims roughly $21.2 trillion tracks their indexes. CEO Ben Gagnon called it “a meaningful milestone for Keel.” Even so, shares ended the week down. Keel Infrastructure
The focus now isn’t the index tag but the new terms around the convertible note. Keel finished up a $458 million 1.250% convertible senior note deal on June 9. Net proceeds landed near $445.4 million before expenses and capped-call costs. The deal set a $7.41 initial conversion price and a capped-call at $11.86.
| Level | Price | Move from $4.59 Nasdaq close |
|---|---|---|
| Nasdaq last close | $4.59 | — |
| 52-week high | $7.37 | up 60.6% |
| Note initial conversion price | $7.41 | up 61.4% |
| Capped-call cap | $11.86 | up 158.4% |
Monday’s U.S. open is squeezed by that setup. The notes aren’t in the money unless shares get above $7.41. If the stock returns to its 52-week high, the conversion price moves back into play. WallStreetZen listed the Nasdaq price at $4.59 on July 2, with the 52-week high at $7.37.
There was nothing thin about the July 2 selloff. Nasdaq KEEL volume hit 49.9 million shares, Barron’s/FactSet said, which is 110.70% of the 65-day average. The data had 603.83 million total shares out and 87.29 million shares sold short, putting short interest at 14.52% of the float. That day’s trading was about 8.3% of shares out and close to 57% of reported short interest.
Power and leases are still the main bull drivers. Citizens analyst Greg Miller started coverage of Keel with a Market Outperform and a $10 price target on June 24. He cited a shift from crypto to AI and a roughly 2 gigawatt global pipeline. Citizens said the full pipeline, if fully leased and delivered, could mean over $44 a share in the long run.
Keel says it has funding for its near-term projects. In May, CFO Jonathan Mir said the company’s liquidity of about $533 million “fully funds the capital required” for Panther Creek, Sharon and Moses Lake through lease execution. Keel reported $336 million in unrestricted cash and $197 million in unencumbered Bitcoin as of May 8. From Jan. 1 to May 8, the company sold 269 Bitcoin for $20 million. Keel Infrastructure
Bitcoin isn’t driving the story at Keel like it used to, but it’s not out. At a June 22 investor event, Mir called Keel’s Bitcoin mining “an element of our past” and said the last of its Bitcoin work is winding down. Brian Kinstlinger, director of research at Alliance Global Partners, started the event noting Keel’s power capacity is moving toward HPC and AI data centers. Seeking Alpha
Looking at next week, U.S. markets get back up Monday when the Nasdaq opens after the break. The tape will watch if U.S. pricing tracks the C$6.54 gain from Toronto or holds below the $7.41 note conversion level in normal Nasdaq hours, 9:30 a.m. to 4:00 p.m. ET.
