₿$70,727.77▼ 2.98%
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
2,060 BTC
180d
Stock Price
$2.14
180d
Total financing
588.00M USD
180d
mNAV
10.11x
180d
Leverage
343.9%
180d
BTC Credit
2011 bps0.3x
Sats/Share
299
180d
Mkt capFD
1.47B USD
SharesFD
688.57M
Fiat reserve
86.95M USD
Total reserve
232.65M USD
Dilution
14.2%
Coverage
18.0 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$1.3B▲94.2%
Total Liabilities$736M▲1134.4%
Stockholders' Equity$560.4M▼7.8%
Cash & Equivalents—
Total Debt$669.5M▲46716.0%
Digital Assets$180.3M▲105.9%
Income Statement
Revenue$229.3M▲18.9%
Operating Income$-149.6M▼39.1%
Net Income$-284.5M▼426.3%
Interest Expense$8.6M▲2308.7%
Cash Flow
Operating Cash Flow$-226.6M▼61.2%
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 | 0.3x |
| Total | 588.00M USD | |||||
Recent Changes
Wed, Apr 1, 2026
Shares Outstanding
556.5M→602.9M+46.3M(+8.3%)
Form 8-K (U.S. redomiciliation completion)
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
448.7M→556.5M+107.8M(+24.0%)
Shares Outstanding History
Tue, Dec 16, 2025
BTC Holdings
1.4K→1.8K+425 BTC(+30.3%)
BTC Holdings Tracker
Tue, Oct 21, 2025
Debt OutstandingIssuanceKEEL-Jan31
588.0M
Includes full exercise of $88M initial purchaser option
Closing of $588M Convertible Senior Notes