Keel Infrastructure sold its entire bitcoin treasury during the third quarter, disposing of 2,520 bitcoin for $192 million and retaining only nominal holdings as of Sept. 30, the former Bitfarms miner reported Thursday.

The sales included the 2,261 bitcoin Keel held at the start of the quarter and the 259 bitcoin it mined during the period. The company said it executed the sales during periods of strength. At those totals, the disposals imply an average price of roughly $76,000 per bitcoin. Going forward, bitcoin produced at Keel’s remaining Quebec operations will be sold daily, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings,” according to the company’s third-quarter results.

The decision completes a transition that began earlier this year, when the company was still operating under the Bitfarms name and ticker BITF. Bitfarms began selling its bitcoin holdings and winding down U.S. mining operations to finance high-performance computing and artificial intelligence infrastructure, as previously reported by Bitcoin Magazine.

From bitcoin mining to digital infrastructure

Keel Infrastructure Corp. rebranded from Bitfarms after completing its U.S. redomiciliation to Delaware in April. The company now describes itself as a North American digital infrastructure and energy company. Bitcoin mining continues to appear in its financial results, but the business is increasingly focused on high-performance computing and AI infrastructure.

Revenue from continuing operations declined to $28 million from $68 million a year earlier. Keel attributed the reduction largely to its decision to stop U.S. bitcoin mining in the second quarter and to a decline in the average bitcoin price. Adjusted EBITDA turned negative at $27 million, compared with positive adjusted EBITDA of $19 million a year earlier. General and administrative expenses approximately doubled to $34 million as the company hired senior specialists and recorded higher stock-based compensation. The numbers capture a business in mid-transition: legacy bitcoin operations are winding down while the AI infrastructure build-out has yet to generate revenue.

Keel reported approximately $780 million in unrestricted cash as of Nov. 4. It said it currently has no need for debt or equity financing before signing a lease.

“Power supply is getting scarcer while demand keeps climbing,” CEO Ben Gagnon said in the release. “Keel’s 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter.”

CFO Jonathan Mir said capital deployed before a lease is signed becomes equity in project financing. He added that Keel continuously evaluates opportunities to recycle capital.

Keel’s AI infrastructure plans

Construction began at Moses Lake in September after Keel cleared its Notice to Proceed. The company expects the Washington site to be its first energized facility generating high-performance computing revenue, beginning in 2027. Keel also engineered an optional plan to support Nvidia’s next-generation Vera Rubin architecture at the site.

Permitting advanced at the Sharon and Panther Creek sites in Pennsylvania. Load studies could increase secured data center capacity from 478 megawatts to nearly 1.9 gigawatts if the Panther Creek and Scrubgrass expansions proceed. Keel has also moved to consolidate older bitcoin mining sites into a single AI campus, as reported in its consolidation plans.

The company’s development pipeline totals approximately 2.2 gigawatts, with grid interconnections already in place across Pennsylvania, Washington State and Québec. Keel is seeking to lease that capacity before the proceeds from the bitcoin sale and its remaining Quebec mining operations are depleted.

Keel’s strategy follows a broader shift among public bitcoin miners. Riot Platforms and Hut 8 have sold thousands of bitcoin this year to finance AI construction and share buybacks, according to Bitcoin Magazine. Riot also named Anthropic this week as the tenant in a roughly $28 billion Texas lease, Bitcoin Magazine reported. The same dynamics run through Keel’s quarter: a lower average bitcoin price weighed on mining revenue, while demand for powered data center capacity keeps climbing.

Keel’s remaining mining operations are in Quebec, where regulated electricity rates continue to support production. The bitcoin generated there will no longer be held on the company’s balance sheet. Instead, Keel plans to sell the coins on the day they are mined, converting hashrate into cash for its infrastructure development rather than maintaining a treasury whose value fluctuates with the bitcoin price.

The company still needs to close leases on the terms described by Gagnon before its cash reserves are spent. Keel said competitive tension is high at all three near-term sites and that multiple creditworthy parties are involved in discussions. Until a lease is signed, the $192 million sale remains the clearest indication that Keel has abandoned its bitcoin treasury strategy.

This article was written by Micah Zimmerman and first appeared on Bitcoin Magazine.