Keel Infrastructure Corp. has finalized the sale of its 70-megawatt Paso Pe facility in Paraguay for approximately $13 million after adjustments, well below the original deal's potential $30 million price tag. The transaction marks the company's complete exit from Latin America as it accelerates its pivot toward high-performance computing (HPC) and AI-driven data center infrastructure. A megawatt measures power capacity, critical for large-scale computing operations.
The sale comes just weeks after Keel completed its U.S. redomiciliation on April 1, shifting its corporate legal base from Canada to Delaware. Management has framed both the rebranding and the geographic shift as strategic moves away from Bitcoin mining—where computers earn and verify bitcoin—toward HPC, which powers AI and other data-intensive workloads. The company, formerly known as Bitfarms, now operates under the ticker KEEL on Nasdaq and the Toronto Stock Exchange.
Ben Gagnon, Keel's chief executive, described the Paraguay sale as "the end of a chapter," noting that the company now holds "zero Latin American exposure." Proceeds from the sale will be used to fund its HPC and AI projects. Gagnon attributed the discounted price to softer Bitcoin mining economics and broader macroeconomic pressures, according to a company statement via GlobeNewswire.
Investors reacted positively to the news. Keel shares climbed 5.4% to $3.42 as of 11:50 a.m. in New York, according to Benzinga, giving the company a market capitalization of approximately $2.06 billion. The stock traded near the top of its 52-week range, which spans from $2.00 to $3.55.
The transition from Bitfarms to Keel was executed through a securities filing on April 1, where Keel—a Delaware-incorporated entity—became the top holding company. Shareholders exchanged their Bitfarms stock on a one-for-one basis into Keel shares. The new ticker, KEEL, began trading on both exchanges as of April 6.
Despite the strategic shift, the company carries significant financial weight. As of March 27, Bitfarms listed $520 million in cash and bitcoin on its balance sheet, along with a 2.2-gigawatt project pipeline spread across Washington, Pennsylvania, and Quebec. For the full year 2025, revenue reached $229 million, but net losses totaled $284.5 million.
Keel is not alone in betting on power assets for AI. Hut 8 recently inked a $7 billion lease for a Louisiana data center, as reported by Reuters in December. Meanwhile, research from S&P Global Market Intelligence's Visible Alpha highlighted IREN and Core Scientific as other miners pivoting their capacity toward HPC and AI. Analysts have noted that ex-crypto mining companies have outperformed expectations, but success will hinge on executing deals effectively.
The risks, however, are substantial. Keel's filings explicitly state that the transition from Bitcoin mining to HPC infrastructure may not succeed. AI data centers require significant capital, and the company lists financing limitations, delays, cost overruns, power supply issues, and customer risk as real threats to its strategy. With the Paraguay sale complete, Keel now holds additional cash but faces the critical challenge of converting its North American grid-tied sites into leased AI infrastructure before mining economics deteriorate further.
