New York, June 19, 2026, 13:10 EDT
- Keel (NASDAQ: KEEL) finished at $6.29 on Thursday, gaining 5.36% before U.S. exchanges closed for Juneteenth. In Toronto, Keel shares were up 17.19% at CA$10.36 as of 12:30 p.m. EDT Friday.
- Keel sold $458 million in convertible notes. The company said the deal gives it more funding options for data-center projects.
- Lease execution at Panther Creek, Sharon, and Moses Lake is the next test, with losses, dilution risk, and construction delays still a concern.
Keel Infrastructure’s stock jumped on the Toronto exchange Friday, with its Nasdaq shares quiet due to the Juneteenth holiday. Investors continued to drive up the former Bitfarms, betting on AI data center demand and moving past crypto mining. The U.S. shares last finished at $6.29, gaining 5.36% Thursday. Toronto shares traded at CA$10.36 midday Friday, up 17.19%.
Timing is a factor here. Keel wants the market to see it as a player with rare power and locations that can handle high-performance computing, or HPC, instead of just bitcoin mining. HPC powers AI training and operation—so Keel needs to show signed leases, grid deals, financing, and solid execution to back that up.
The stock’s move suggests some of that proof might be on the way. Keel’s Nasdaq shares jumped 19.13% in the past week, rising 55.12% for the month, TradingView showed. Google Finance tracked 87.3 million shares traded Thursday, passing average daily volume of roughly 50 million.
Keel’s new funding round stands out as the key short-term catalyst. The company said June 9 it wrapped up a $458 million offering of 1.25% convertible senior notes set to mature in 2032. These notes can convert to shares or cash later on as laid out in the terms. Keel set the initial conversion price at about $7.41 per share. Some of the proceeds went to capped-call transactions, a kind of option to curb dilution if the stock moves higher.
The company said it will use the rest of the proceeds for general corporate purposes, which include long-lead equipment deposits and letters of credit for data-center projects. It also said this financing, together with capped calls and its current liquidity, gives it enough flexibility to get Panther Creek, Sharon and Moses Lake through lease talks.
Keel management is looking to 2026 as the deadline to turn current sites into contracts. CEO Ben Gagnon said in May that the company has “strong momentum” for “lease execution in 2026.” CFO Jonathan Mir said Keel is putting capital into areas where “returns are most compelling.” GlobeNewswire
Keel’s first-quarter numbers reflect a business still in flux. The company posted revenue of $37 million, down 23% from the same period last year, with a continuing operations loss of $128 million, or 21 cents per share. Adjusted EBITDA came in at negative $17 million.
Keel made some housekeeping moves after shifting its parent to the U.S. In a June filing, the audit committee put PwC USA in as independent auditor for 2026 and dropped PwC Canada. The company said in the filing there weren’t any fights with PwC Canada over accounting or disclosure issues.
Why traders are watching this group: IREN said it struck a strategic partnership with Nvidia to roll out as much as 5 gigawatts of AI infrastructure. TeraWulf says it has 2.3 gigawatts of power under its control and pitches its campuses as power-secured sites for AI and HPC. In this market, having access to power is the asset, and landing a big hyperscale lease is the score that counts.
The risk case isn’t complicated. Keel has pointed to issues like operating losses, project delays, overruns, financing gaps, competition for locations, heavy reliance on a few customers, and the threat of dilution if it sells securities. If lease talks fall behind, or if power and build costs rise above new funding, the latest rally could leave Keel exposed.
Keel capital got a boost last week, along with gains in the share price. Now the focus shifts: is the market paying up for a real backlog of data-center business, or just hopes for one? Nasdaq trading picks up its regular Monday-to-Friday run after the break, which means U.S. names will look at Toronto’s move on Friday before KEEL opens again.
