Keel Infrastructure said it has now shut down all of its U.S. bitcoin mining operations as it shifts those properties toward artificial intelligence and high-performance computing development. The company disclosed the move in its second-quarter results, outlining a broader transition away from mining at those sites.
Alongside the operational shutdown, Keel sold 1,085 BTC for $75 million between April 1 and Aug. 7. The sales reduced its bitcoin holdings to 1,861 BTC, which the company said were worth about $121 million in unencumbered coins as of Aug. 7.
Mining fleet decommissioned
The company said it completed the decommissioning of its U.S. mining fleet to clear the way for construction tied to AI and high-performance computing data centers. The announcement marks a full halt to bitcoin mining activity at those U.S. locations.
Keel took over in April and rebranded from Bitfarms. It said the new business is intended to operate as a North American digital infrastructure and energy company with a substantial development pipeline.
Bitcoin sales help fund the transition
Keel’s filing showed that it sold 1,085 BTC over a little more than four months, from April 1 through Aug. 7, generating $75 million. After those sales, the company reported holding 1,861 BTC on its balance sheet.
The remaining holdings were described as unencumbered and valued at about $121 million as of Aug. 7. The disclosure indicates the company is using part of its bitcoin treasury while it repurposes former mining assets for a different type of data center business.
Quarterly results show pressure from the buildout
For the second quarter of 2025, Keel said its ongoing business produced $11 million in operating income. At the same time, its broader results reflected the cost of the transition and other charges during the year.
The company reported a $141 million operating loss for the year, including $84 million in non-cash depreciation. Loss from continuing operations came to $64 million, or $0.11 per share, while adjusted EBITDA was negative $24 million.
Costs rise as AI hiring expands
General and administrative expenses increased to $31 million from $19 million, according to the company. Keel attributed that rise to hiring connected to its AI buildout.
The latest results show a company in the middle of a strategic reset: it has exited U.S. bitcoin mining, reduced its bitcoin reserves, and is directing those sites toward AI and high-performance computing infrastructure. The next confirmed step is construction on those redeveloped properties as Keel advances the pipeline it has outlined.
Source: Cryptopolitan