Former bitcoin miner Bitfarms reports $145 million Q1 net loss amid Keel rebrand, AI transition

Keel Infrastructure Corp. (Nasdaq: KEEL) reported a $145 million net loss for the first quarter of 2026 as it shifted resources from bitcoin mining toward high-performance computing and artificial intelligence infrastructure. 

The New York-based entity became the ultimate parent company of Bitfarms Ltd. on April 1. As part of the deal, Bitfarms rebranded to Keel Infrastructure, a move the company said in a Monday statement followed its redomiciliation to the U.S. and strategic shift.

According to the statement, the $145 million net loss was driven by a $41 million non-cash loss from changes in the fair value of digital assets and a $22 million loss related to the extinguishment of its Macquarie credit facility.

Operating loss was $98 million, compared with $35 million in the same quarter a year earlier, according to the firm.

General and administrative expenses rose to $27 million from $18 million a year earlier. The company attributed the increase to professional services tied to the U.S. redomiciliation, GAAP conversion, and the Paso Pe sale that closed April 21.

Keel said the results reflect ongoing restructuring efforts, including its exit from Latin America and a continued reduction of its bitcoin holdings. It sold 269 bitcoin between Jan. 1 and May 8 for $20 million in proceeds as part of that process.

CEO Ben Gagnon stated that the rebranding marks the completion of a strategic transformation focused on "supply constrained HPC/AI markets in North America." Gagnon noted that the company is entering 2026 with a vision of advancing these primary sites through lease execution.

Per the statement, Keel’s liquidity stood at approximately $533 million as of May 8. This balance comprises $336 million in unrestricted cash and $197 million in unencumbered bitcoin. 

Shares of Keel Infrastructure rose 8.3% to close at $4.30 on May 11, according to The Block's crypto stocks page.