₿$73,459.79▼ 0.12%
Keel Infrastructure Corp.
KEEL🇺🇸Reserve
Keel Infrastructure (formerly Bitfarms) operates Bitcoin mining and HPC/AI data centers across North America. The company accumulates BTC through mining operations and has used convertible notes and project financing for infrastructure development. Redomiciled from Canada to Delaware in April 2026.
BTC Holdings
2,469 BTC
180d
Stock PriceUpdated 11h ago
$5.68▲ 1.07%
180d
Total financing
588.00M USD
180d
mNAV
22.42x▲ 1.19%
180d
Leverage
138.9%
180d
BTC Risk
27.08%0.7x
Sats/Share
345
180d
Mkt capFD
4.07B USD
SharesFD
716.05M
Fiat reserve
336.00M USD
Total reserve
517.37M USD
Dilution
18.6%
Coverage
22.4 yr
BTC mix
0%
Analytics
BTC Coverage
FinancialsUnverified
US-GAAPQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets$1.1B▲32.9%
Total Liabilities$647.6M▲302.8%
Stockholders' Equity$419.1M▼34.7%
Cash & Equivalents$357.3M▲310.9%
Total Debt$577.4M▲1021.6%
Digital Assets$168.5M▼11.0%
Income Statement
Revenue$37M▼45.6%
Operating Income$-98.4M▼432.7%
Net Income$-145.4M▼274.9%
Interest Expense$3.6M▲75.5%
Cash Flow
Operating Cash Flow—
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| KEEL-Jan31 | Oct '25 – Jan '31 | 1.375% | 588.00M USD | 588.00M USD | 6.86 USD | 0.7x |
| Total | 588.00M USD | |||||
Recent Changes
Fri, May 8, 2026
Shares Outstanding
602.9M→603.8M+977.5K(+0.2%)
Form 10-Q (Q1 2026)
Fiat Reserve
357.3M→336.0M-21.3M(-6.0%)USD
Approximate. Total liquidity ~$533M = ~$336M unrestricted cash + ~$197M unencumbered BTC.
Form 8-K (Q1 2026 earnings press release)Tue, Mar 31, 2026
BTC Holdings
2.1K→2.5K+409 BTC(+19.9%)
Form 10-Q (Q1 2026)
Fiat Reserve
87.0M→357.3M+270.3M(+310.9%)USD
Form 10-Q (Q1 2026)
Fri, Mar 27, 2026
Shares Outstanding
601.6M→602.9M+1.3M(+0.2%)
10-K cover-page count; supersedes mis-cited shares_snapshots#973 (8-K Apr 2026 Exhibit 99.1 does not disclose count)
Form 10-K (2025)Fri, Feb 6, 2026
Debt OutstandingRepaymentKEEL-MQ
100.0M→0-100.0M(-100.0%)
Full repayment of $100M outstanding
U.S. Redomiciliation and Keel Infrastructure RebrandWed, Dec 31, 2025
BTC Holdings
1.8K→2.1K+233 BTC(+12.8%)
Includes 64 restricted BTC held by third party for selling contracts
Form 10-K (2025)Shares Outstanding
479.3M→601.6M+122.2M(+25.5%)
Form 10-K (2025)
Debt Outstandingexercisekeel-infrastructure-warrant-apr-2025
5.3M→0-5.3M(-100.0%)
Form 10-K (FY2025 Annual Report)
Tue, Dec 16, 2025
BTC Holdings
1.4K→1.8K+425 BTC(+30.3%)
BTC Holdings Tracker