Cryptocurrency Miner Suffers Massive $145 Million Deficit Amidst Corporate Identity Overhaul

Table of Contents Keel Infrastructure Corp. reported a $145 million net loss for the first quarter of 2026 after pivoting from bitcoin mining to AI infrastructure. The New York-based company completed its rebrand from Bitfarms Ltd. and redomiciled to the United States. Shares rose 8.3% to close at $4.30 on May 11 following the earnings release. Bitfarms became Keel Infrastructure Corp. on April 1 after the company finalized its U.S. redomiciliation. The firm said the change marked its transition toward high-performance computing and artificial intelligence infrastructure. It also became the ultimate parent company of Bitfarms Ltd. as part of the restructuring. The company said it redirected capital and operations toward supply-constrained HPC and AI markets in North America. CEO Ben Gagnon stated that the rebranding completes a strategic transformation. He said the company now focuses on “supply-constrained HPC/AI markets in North America” and advancing primary sites through lease execution. Keel Infrastructure reported a $145 million net loss for the first quarter of 2026. The company attributed $41 million of the loss to non-cash changes in digital asset fair value. It also recorded a $22 million loss from extinguishing its Macquarie credit facility. Operating loss reached $98 million during the quarter, compared with $35 million a year earlier. General and administrative expenses rose to $27 million from $18 million year over year. The company linked the increase to professional services tied to U.S. redomiciliation, GAAP conversion, and the Paso Pe sale. The Paso Pe transaction closed on April 21, according to the company statement. Keel said it continues restructuring efforts and exited operations in Latin America. It also reduced its bitcoin holdings as part of the transition strategy. Between Jan. 1 and May 8, the company sold 269 bitcoin for $20 million in proceeds. Keel stated that the sales formed part of its broader shift away from bitcoin mining. The company now allocates resources toward AI-focused infrastructure projects. As of May 8, Keel reported liquidity of about $533 million. This balance included $336 million in unrestricted cash and $197 million in unencumbered bitcoin. The company released the figures in its latest financial statement. Shares of Keel Infrastructure rose 8.3% and closed at $4.30 on May 11. The stock move followed the company’s earnings disclosure and operational update. The company confirmed the figures in its official statement. Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.