New York, May 21, 2026, 14:05 EDT
Keel Infrastructure Corp. gained 7.1% to $4.53 at 1:44 p.m. EDT Thursday, near its $4.66 52-week high. Traders picked up shares, betting on the ex-Bitfarms company’s AI power-infrastructure push. IREN and Cipher Digital moved higher too. The broader U.S. markets dropped as oil and Treasury yields climbed. Google Finance showed 22.31 million shares of KEEL traded, below its 33.41 million average, with a market cap around $2.71 billion.
The stock’s move isn’t only about crypto mining. Investors are trying to see if Keel can switch its energy-heavy mining sites to high-performance computing, or HPC. That means big server clusters for AI and other demanding compute work.
Bull case for KEEL. Alliance Global’s Brian Kinstlinger upped his price target last week to $8 from $5, kept a Buy, citing three main HPC/AI sites in permitting for a total of 478 megawatts. The analyst said demand for HPC/AI isn’t the problem. Permits and leases are, because of a shortage of power.
Keel is backing up its thesis. The company this month said it had zoning locked in and was moving ahead on Panther Creek, Sharon, and Moses Lake. Liquidity stood at $533 million as of May 8. CEO Ben Gagnon called the rebrand “the completion of a nearly two-year strategic transformation.” CFO Jonathan Mir said, “Our liquidity stands at approximately $533 million.” Keel Infrastructure
Keel’s ticker is new to the screens. The SEC filing from April 1 named Keel as Bitfarms Canada’s successor, saying its shares would start trading as “KEEL” on both Nasdaq and Toronto Stock Exchange starting April 6. Bitfarms was set to be delisted at the same time.
But the trade comes with risk. Keel’s 10-Q for the March quarter listed revenue at $36.99 million, down from $47.65 million the year before, and a net loss of $145.35 million, bigger than the $55.55 million loss from last year. The filing said its move from bitcoin mining to digital infrastructure may not work out, pointing to risks around heavy power needs, rising costs, rivals, funding, and swings in bitcoin prices.
The shares are still vulnerable to setbacks in permits or lease schedules. Signing a tenant would make the AI data center strategy look more real. But more delays could push investors back to losses, capex worries, and the old bitcoin-tied business.
Peers are a factor as well. The power and compute push has driven up much of the digital infrastructure group, though it’s also brought more competition for Keel. Miners, data center landlords, and energy-backed developers all want in on the same AI load growth.
The transaction landed in the normal U.S. trading day. Nasdaq marks Memorial Day, May 25, as a market holiday on its 2026 calendar, so traders face a shorter week.
KEEL is acting like a stock with a story moving ahead of the numbers. Leases and construction need to start matching the action in the shares.
