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Business Description
Keel Infrastructure Corp (Nasdaq/TSX: KEEL), formerly Bitfarms Ltd., is a publicly traded power and data center developer that completed a redomiciliation from Canada to Delaware and began trading under its new name on April 6, 2026, operating five campuses across Pennsylvania, Quebec, and Washington State.
Founded in 2017 as Bitfarms, the company built a North American Bitcoin mining fleet that reached 14.8 EH/s of operated hash rate in fiscal year 2025 (at an energy efficiency of approximately 19 W/TH), generating $229 million in revenue, a 72% increase year-over-year. The company previously operated data centers in Canada, the United States, Paraguay, and Argentina; Latin American assets were classified as discontinued operations by year-end 2025 as the company reoriented its portfolio around North American infrastructure.
In February 2026, Bitfarms announced a U.S. redomiciliation plan and rebrand as Keel Infrastructure. Shareholders approved the arrangement on March 20, 2026, and KEEL shares replaced BITF on Nasdaq and the Toronto Stock Exchange on April 6, 2026. The company formally declared it was no longer a Bitcoin mining company, pivoting to high-performance computing and AI data center infrastructure.
Keel Infrastructure's portfolio spans five campuses: Panther Creek and Sharon in Pennsylvania, Sherbrooke in Quebec, Moses Lake in Washington State, and Scrubgrass in Pennsylvania. Energized capacity stands at 341 MW, with 430 MW secured. The multi-year development pipeline totals 2.2 GW, including 1.5 GW of expansion-stage capacity, anchored by Scrubgrass, which carries up to 1.3 GW of potential via grid and on-site natural gas generation.
The flagship project is Panther Creek, a 350 MW HPC/AI campus in eastern Pennsylvania, underwritten by a $300 million project financing facility restructured from a Macquarie debt arrangement in October 2025. Electricity service agreements with PPL Electric provide for 50 MW of energized capacity by end-2026 and 300 MW as early as 2027. The Sharon campus (110 MW) received zoning board approval for a planned expansion in 2026. Moses Lake, Washington (18 MW) is targeted as the first campus to deliver power to customers, with a first-half 2027 timeline.
As of March 27, 2026, the company held approximately $520 million in total liquidity: roughly $359 million in unrestricted cash and $161 million in unencumbered Bitcoin. Campus sites are located in cooler-climate regions, with Northeast average temperatures of 45°F enabling free-air cooling efficiencies for high-density HPC workloads. Keel Infrastructure is marketing capacity to hyperscalers and enterprise compute customers, targeting initial megawatt deliveries to paying customers in 2027.
