Keel Infrastructure Decommissions U.S. Bitcoin Mining, Pivots to AI and HPC Construction: how 13 outlets framed it

Keel pivots after Q2 hit

In that same quarter ended June 30, 2026, Keel reported $30 million in revenue, down 50% year-on-year, and an operating loss of $141 million compared with operating income of $11 million in the same period last year.

Keel also said it sold 1,085 Bitcoin for $75 million after April 1 and held 1,861 BTC as of Friday, as it continued its wind-down of its Bitcoin holdings.

The company reported about $819 million in liquidity, including $698 million in unrestricted cash, as it shifted its focus toward AI and HPC infrastructure.

Liquidity fuels the shift

Keel’s pivot was framed around power availability, with CEO Ben Gagnon saying, "Power is the constraint; everything else derives from that."

In its second-quarter disclosure, Keel tied the revenue decline to "a decline in the average Bitcoin (BTC) price and the shutdown of its Moses Lake crypto mining operations in April 2026."

The company reported liquidity of $819 million as of Aug. 7, split between $698 million in unrestricted cash and $121 million in unencumbered Bitcoin, while it continued converting mining sites into data centers.

Keel also said its U.S. withdrawal happened in stages, with Bitcoin mining at its Washington State site ending on April 28 and mining ceasing at Panther Creek, Scrubgrass and Sharon in Pennsylvania on June 29.