Jim Cramer used the July 22 episode of Mad Money to draw attention to Keel Infrastructure (KEEL), a former Bitcoin miner that has repositioned itself as an AI data center infrastructure developer. Cramer pointed to a growing hedge fund position as a key reason the company merits attention.

What Cramer Highlighted

Cramer identified Situational Awareness LP, the fund run by AI researcher Leopold Aschenbrenner, as a notable holder of KEEL shares. Regulatory filings show the fund increased its position by 188% during the first quarter of 2026. Its holdings now stand at nearly 20 million shares, compared with roughly 6.9 million shares previously.

New analyst coverage also arrived on July 22. BTIG initiated coverage of Keel Infrastructure with a Buy rating and an $8 price target. Based on the stock’s $4.65 closing price, that target implied roughly 72% upside. The firm cited Keel’s power portfolio as the company’s central asset.

That focus reflects a broader constraint in AI infrastructure: large data centers require access to sizable, reliable power capacity before customers can commit workloads. BTIG also noted broader sector activity, saying hyperscalers and AI enterprise customers have signed around 10 colocation contracts totaling roughly 2 gigawatts across the industry this year.

The Company Behind KEEL

Keel Infrastructure is the rebranded successor to Bitfarms. The company completed its transition in April from a Canadian Bitcoin mining business into a Delaware-based AI infrastructure developer.

Keel now controls a 2.2 gigawatt power pipeline spanning Pennsylvania, Washington, and Quebec. However, the company has not yet secured its first hyperscale colocation contract, a milestone that BTIG and other analysts are monitoring as a potential catalyst. For a company shifting from mining to hosting AI workloads, a signed colocation agreement would help show whether its power assets can be converted into long-term data center revenue.

The company also carries a debt-to-equity ratio above 140% and has negative free cash flow. Those metrics leave execution risk in focus, even as its power pipeline attracts positive analyst attention.

KEEL’s 52-week trading range, from $0.98 to $7.37, underscores the volatility surrounding AI infrastructure names that have yet to announce a signed customer.

Cramer’s Track Record and the Keel Call

Cramer’s comments on Keel follow a more difficult period for some of his other technology-related calls. BeInCrypto has tracked the so-called Inverse Cramer pattern during the current earnings season, including Intel’s decline hours after Cramer called it his favorite stock.

That backdrop gives KEEL supporters a reason for caution alongside the positive attention. Still, Situational Awareness LP’s position was established more than a quarter before Cramer’s endorsement.

BTIG’s target is also tied to a specific catalyst that analysts are watching rather than broad enthusiasm for the crypto-to-AI pivot trade. That trade has also produced setbacks, including American Bitcoin’s post-IPO stagnation.

Whether Keel secures a hyperscaler agreement will determine how the company’s repositioning is ultimately judged, rather than Cramer’s television airtime alone.