Keel CEO Bets on AI as Company Abandons Bitcoin Mining

Keel Infrastructure, formerly Canadian bitcoin miner Bitfarms, completed its U.S. redomiciliation and rebrand on April 1, 2026, recasting itself as a developer of high-performance computing and AI data centers. Chief Executive Ben Gagnon, once bullish on bitcoin mining, now argues that constrained power supply and grid-connected sites can generate greater long-term value through AI infrastructure. The shift puts Keel among miners repurposing energy-heavy assets as demand for accelerated computing rises.

On Aug. 10, Keel said it had completed the decommissioning of all U.S. bitcoin-mining operations and was negotiating with multiple prospective tenants at three priority sites. Liquidity stood at about $819 million on Aug. 7, including $698 million of unrestricted cash and $121 million of unencumbered bitcoin. Keel sold 1,085 bitcoin for $75 million between April 1 and Aug. 7, leaving 1,861. Second-quarter revenue fell 50% from a year earlier to $30 million, while the company posted a $141 million operating loss.