New York, May 21, 2026, 14:05 EDT
Keel Infrastructure Corp. shares climbed 7.1% to $4.53 by 1:44 p.m. EDT Thursday, close to their $4.66 52-week high, as traders bought into the former Bitfarms company’s AI power-infrastructure story. Related names IREN and Cipher Digital also rallied, while broader U.S. indexes fell as oil prices and Treasury yields rose. Google Finance showed 22.31 million shares traded, below KEEL’s 33.41 million average volume, and a market value of about $2.71 billion.
The stock’s latest move is not just a crypto-mining trade. Investors are testing whether Keel can turn power-heavy mining sites into high-performance computing, or HPC — large server clusters used for artificial intelligence and other compute-heavy work.
That is the bull case. Alliance Global analyst Brian Kinstlinger last week raised his price target on KEEL to $8 from $5 and kept a Buy rating, pointing to three primary HPC/AI sites totaling 478 megawatts, still moving through permitting. The firm said a shortage of power for HPC/AI meant demand was not the main issue; permits and leases were.
Keel has tried to feed that thesis. The company said this month it had secured zoning and was advancing development at Panther Creek, Sharon and Moses Lake, with $533 million in liquidity as of May 8. CEO Ben Gagnon said the rebrand marked “the completion of a nearly two-year strategic transformation,” while CFO Jonathan Mir said, “Our liquidity stands at approximately $533 million.” Keel Infrastructure
The new ticker is still fresh. An April 1 SEC filing said Keel was the successor issuer to Bitfarms Canada and that its common stock would begin trading on Nasdaq and the Toronto Stock Exchange under “KEEL” on April 6, while Bitfarms shares would be delisted.
But the trade has a hard edge. Keel’s March-quarter 10-Q showed revenue of $36.99 million, down from $47.65 million a year earlier, and a net loss of $145.35 million, wider than $55.55 million. The filing also warned that its shift from bitcoin mining to digital infrastructure may not succeed, and flagged power dependence, cost overruns, competition, financing needs and bitcoin volatility as risks.
That leaves the shares exposed to any slip in permits or lease timing. A signed tenant could make the AI data-center pivot more tangible. A delay would leave investors staring again at losses, capex and a bitcoin-linked legacy business.
Peers matter, too. The same power-and-compute theme has lifted parts of the digital infrastructure group, but it also makes Keel’s race more crowded: miners, data-center landlords and energy-backed developers are all chasing the same AI load growth.
The trade came during a regular U.S. equity session. Nasdaq’s 2026 calendar lists Memorial Day, May 25, as a full U.S. market holiday, giving the market a short week ahead.
For now, KEEL is trading like a company whose story has changed faster than its income statement. The next test is whether leases and construction can catch up with the stock.
