Keel Infrastructure Corp. SEC Filings

Keel Infrastructure Corp. (KEEL) reported that Chief Operating Officer Wilson Liam Daniel purchased 30,769 shares of common stock on 2026-08-20 in an open market or private transaction at a weighted average price of $3.25 per share, with individual trade prices ranging from $3.24 to $3.25. After this transaction, he directly holds 100,978 shares of Keel Infrastructure common stock.

Keel Infrastructure Corp. executive Wilson Liam Daniel, Chief Operating Officer, purchased 26,472 shares of Keel common stock on 2026-08-17 at $3.78 per share in an open-market or private transaction. Following this buy, his directly held stake increased to 70,209 shares. The filing indicates the trade was not made under a Rule 10b5-1 trading plan.

Keel Infrastructure Corp. director and Chief Executive Officer Benjamin Gagnon purchased 58,888 shares of common stock on August 13, 2026. The weighted average purchase price was approximately $3.33 per share, with individual trades executed between $3.32 and $3.33. Following this open-market purchase, Gagnon directly holds 1,347,736 common shares. The transaction was not made pursuant to a Rule 10b5-1 trading plan.

Keel Infrastructure Corp., newly redomiciled from Canada to the U.S. and now the parent of Bitfarms, reported a net loss of $64.995 million for the quarter and $210.348 million for the six months ended June 30, 2026, compared with losses of $5.501 million and $61.054 million a year earlier. Quarterly revenue fell to $30.430 million from $60.908 million, while cost of revenues and heavy non‑cash charges drove a gross loss of $86.753 million. Results reflect a strategic transition away from Bitcoin mining toward high‑performance computing (HPC) and AI data center infrastructure, including the June 29, 2026 shutdown of U.S. mining sites and sales of Argentina and Paraguay operations, which are reported as discontinued operations.

Keel’s balance sheet shows cash of $715.516 million and total assets of $1.416 billion, but long‑term debt increased to $1.026 billion, driven by the 2025 and new 2026 convertible notes. A $77.040 million gain on capped call derivatives partially offset operating losses. Depreciation accelerated as useful lives were revised for assets at shuttered mining sites, adding about $67.662 million of expense year‑to‑date. The company continues to classify Bitcoin mining as its sole reportable segment while it builds out HPC and AI‑oriented energy and data center assets.

Keel Infrastructure Corp. reported a challenging second quarter of 2026 as it continues its pivot from Bitcoin mining to high‑performance computing infrastructure. Revenue from continuing operations was about $30.4 million, down 50% year over year, mainly due to lower average Bitcoin prices and the shutdown of U.S. cryptocurrency mining at Moses Lake in April 2026.

Cost of revenues rose significantly, driving a gross loss of roughly $86.8 million and an operating loss of about $140.8 million, versus operating income a year earlier. Loss from continuing operations was $64.0 million, and net loss was approximately $65.0 million. Adjusted EBITDA from continuing operations declined to negative $23.7 million in Q2 2026 from positive $6.6 million in Q2 2025.

Keel emphasized its balance sheet strength during this transition. It raised $458 million via a convertible note offering in the quarter and, as of August 7, 2026, held total liquidity of about $819 million, including $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. The company sold 1,085 BTC for $75 million as part of winding down its Bitcoin position, leaving 1,861 BTC. Management highlighted progress on permitting and site development across its three priority North American HPC data center sites and the decommissioning of all U.S. Bitcoin mining operations.

BlackRock, Inc. reports beneficial ownership of 50,946,789 shares of KEEL INFRASTRUCTURE CORP common stock, representing 8.4% of the outstanding class. BlackRock has sole voting power over 50,261,648 shares and sole dispositive power over 50,946,789 shares, with no shared voting or dispositive power. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of KEEL’s outstanding common shares.

Keel Infrastructure Corp. Chief Executive Officer Benjamin Gagnon exercised derivative awards covering 215,579 shares of common stock at a price of $0.00 per share. Following the transactions, he holds 1,288,848 common shares directly and 431,159 restricted stock units that vest yearly in three equal installments starting July 10, 2026.

Keel Infrastructure Corp. Chief Operating Officer Liam Daniel Wilson reported compensation-related equity activity on July 10, 2026. He acquired 76,424 shares of common stock through the exercise of restricted stock units, which vest yearly in three equal installments starting July 10, 2026. To satisfy tax obligations, 32,687 shares were withheld by the issuer at $4.67 per share rather than sold in the open market. After these transactions, he holds 43,737 common shares directly and 152,849 RSUs, each RSU representing a contingent right to one share or cash at the issuer’s election.

Keel Infrastructure Corp. principal accounting officer Marc-Andre Ammann reported compensation-related equity activity on July 10, 2026. He acquired 28,480 shares of common stock through the exercise of restricted stock units, while 15,183 shares were withheld at $4.67 per share to satisfy tax obligations, leaving 13,297 common shares and 56,961 RSUs reported as directly held.