North American operator Keel Infrastructure Corp. delivered its Q2 2026 financial report. According to the company's filing, operating losses hit $141 million, down from an $11 million operating profit in the same period last year.
The drop was largely driven by $84 million in non-cash depreciation alongside the total shutdown of US Bitcoin mining operations to repurpose data centers for AI workloads.
Liquidating the crypto treasury
Executive leadership identified power access as the single most constrained asset across tech infrastructure.
"Power is the constraint. Everything else is downstream of it. Eighteen months ago, we positioned the Company around this thesis, and today all three of our priority sites are nearing full permitting with multiple prospective tenants negotiating for each one. With $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington, we are negotiating from a position of strength," said CEO Ben Gagnon.
To fund its new direction, Keel has been steadily winding down its Bitcoin position, dumping 1,085 BTC for $75 million between April 1 and August 7.
The company still holds 1,861 BTC, valued at roughly $121 million.
Total liquidity stands at $819 million, including $698 million in unrestricted cash. During Q2, Keel also raised $458 million via a convertible note offering.
Business restructure
Q2 revenue dropped 50% year-over-year to $30 million. The revenue hit stems directly from shutting down the Moses Lake mining rig in Washington back in April 2026, alongside broader crypto market dynamics.
At the same time, G&A expenses climbed from $19 million to $31 million as the firm aggressively onboarded senior engineers and executives.
Loss from continuing operations came in at $64 million, or $0.11 per share. Adjusted EBITDA swung to negative $24 million, down from positive $7 million a year ago.
