Keel Infrastructure winds down Bitcoin mining as it shifts toward AI data centers

Keel Infrastructure has shut down its US Bitcoin mining operations and is in the process of winding down its remaining Bitcoin position as it transitions to a high-performance computing infrastructure-focused business, according to a new SEC filing.

The company stopped mining at its Washington State facility on April 28 and began converting the site into an 18 MW HPC data center. On June 29, it ended mining at its Panther Creek, Scrubgrass and Sharon sites in Pennsylvania.

Keel is advancing three priority sites, including Moses Lake in Washington and Panther Creek and Sharon in Pennsylvania, with site development and permitting progressing across the portfolio.

The company said zoning and land-development approvals have been secured at Panther Creek and Sharon, while environmental permit applications are advancing across all three sites. It is also in active negotiations with prospective tenants at the sites.

Keel raised $458 million through convertible notes during Q2 and held $698 million in unrestricted cash and $121 million in unencumbered Bitcoin as of Aug. 7. It sold 1,085 BTC for $75 million during the April-August period as part of its Bitcoin wind-down, reducing its balance to 1,861 BTC.

The company reported Q2 revenue of $30 million, down from $60 million a year earlier, while its operating loss reached $141 million. Adjusted EBITDA was negative $24 million, compared with positive $7 million in Q2 2025.