Key Highlights

  • Shares rose 5.98% in pre-market trading to $3.72, up from a prior close of $3.51
  • Chief Executive Officer Benjamin Gagnon disclosed an insider purchase of nearly 59,000 shares, worth approximately $196,000, last week
  • Second quarter Revenue of $30.4 million missed the $31.5 million estimate, with an adjusted loss per share of $0.18 missing the $0.08 estimate
  • Liquidity totaled $819 million as of August 7, following a $458 million convertible senior notes offering
  • 52-week range stands at $2.00 to $7.37, with a market Capitalization of $2.12 billion

Shares Rise on Insider Buying Despite Earnings Miss

Keel Infrastructure (NASDAQ:KEEL), formerly Bitfarms, shares rose 5.98% in pre-market trading to $3.72, up from a prior close of $3.51, extending gains from Friday's close as investors continue to respond positively to Chief Executive Officer Benjamin Gagnon's insider purchase of nearly 59,000 shares, worth approximately $196,000, disclosed last week. The stock's rebound continues despite a recent earnings miss, with second quarter revenue of $30.4 million missing the $31.5 million estimate and an adjusted operating loss of $0.11 per share, driven partly by accelerated Depreciation from mining-rig shutdowns at the company's Panther Creek and Scrubgrass sites.

Adjusted EBITDA came in at negative $24 million versus $7 million a year earlier, reflecting the company's ongoing transition from bitcoin Mining toward data-center infrastructure. Wall Street remains broadly bullish on the stock with a consensus Buy rating and an average price target between $6.17 and $6.25, even as investors weigh execution risk on the company's hyperscaler leasing pipeline against near-term earnings losses tied to the transition away from bitcoin mining.

What Keel Infrastructure Does

Keel Infrastructure is a North American digital and energy infrastructure company that develops, owns, and operates data centers and power generation Assets to support high-performance computing and artificial intelligence workloads. Headquartered in New York City and founded in 2017, the company maintains a development pipeline of approximately 2.2 gigawatts with established grid interconnections in key power markets, including Pennsylvania and Washington in the United States, as well as Quebec, Canada. Its infrastructure assets include owned power generation facilities co-located with data centers and renewable hydroelectric capacity.

Liquidity Strengthened Ahead of Site Commercialization

Liquidity totaled $819 million as of August 7, 2026, up from $533 million in early May, following a $458 million convertible senior notes offering that was upsized from $350 million in June. Management believes current Liquidity fully funds cash needs through 2028 and intends to fully liquidate the company's remaining bitcoin position, standing at 1,861 BTC as of August 7. All three priority sites, Moses Lake, Sharon, and Panther Creek, are in active commercial negotiations with multiple potential tenants, including hyperscalers, AI companies, and GPU clouds, with 2027 power delivery targeted at each site.

Where Things Stand

Keel Infrastructure's continued rise reflects investor confidence in the company's leadership, reinforced by the CEO's own insider purchase, even as the underlying Business works through near-term losses tied to its transition away from Bitcoin Mining and toward Data Center infrastructure. With substantial liquidity now in place through 2028 and multiple priority sites in active commercial negotiations, the pace of tenant signings will likely be the key catalyst determining whether the stock can sustain its current momentum.