Keel Infrastructure Corp. (NASDAQ: KEEL) closed Friday's session at $4.81, recording a 3.66% daily gain and a 9.57% advance over the past five trading days. The stock's upward momentum comes as the company, formerly known as Bitfarms, pursues a strategic pivot from bitcoin mining toward AI-focused data-center operations.
With U.S. equity markets closed Monday for Memorial Day, traders used Friday's close as a reference point ahead of Tuesday's resumption of trading. Keel's shares have rallied into the long weekend, positioning the company near the center of the small-cap AI infrastructure trade that has captured investor attention.
The company, which redomiciled from Canada to the United States and began trading under the KEEL ticker on Nasdaq and the Toronto Stock Exchange on April 6, is now focused on leasing its powered land at three key locations: Panther Creek, Sharon, and Moses Lake. Chief Executive Ben Gagnon has identified signed leases as the “single most important inflection point” for the business, as they would transform development assets into steady cash flow and unlock project financing.
Keel reports a 2.2-gigawatt pipeline of power capacity, which could serve high-compute data centers. The company's balance sheet provides a cushion for its transition: as of May 8, liquidity stood at approximately $533 million, comprising $336 million in unrestricted cash and $197 million in unencumbered bitcoin. CFO Jonathan Mir stated this is sufficient to “fully fund” operations through lease signings at near-term sites and cover expenses out to 2028.
However, the income statement reveals ongoing challenges. First-quarter revenue from continuing legacy operations fell 23% year-over-year to $37 million. The operating loss widened to $98 million, and the company reported a net loss of $145.4 million, or 24 cents per share on a basic and diluted basis.
Analyst Bill Papanastasiou of Chardan initiated coverage on Keel, along with Galaxy Digital and Riot Platforms, with Buy ratings, grouping them as firms transitioning their power portfolios from bitcoin mining to high-performance computing workloads. He described this as a “significant valuation re-rate opportunity” tied to long-duration leases. Chardan’s report noted Keel’s risk-reward profile as “attractive” given its North American data-center footprint, but flagged ongoing cash burn as a real concern.
The risk case is transparent: Keel’s 10-Q filing warned that the transition from bitcoin mining to digital infrastructure could fail, citing power needs, supplier risk, project delays, higher costs, competition, customer concentration, bitcoin price swings, and regulatory hurdles. If lease deals fall through or customers demand more expensive projects, the stock’s AI premium could dissipate rapidly.
For the coming week, market participants will watch for any developments regarding lease signings at Panther Creek, Sharon, or Moses Lake. The company’s goal is to secure all three leases by the end of 2026. Until then, the narrative may be outpacing tangible progress, leaving the stock’s valuation tied to execution risk.
