Key Takeaways
Keel Infrastructure Corp. reported a net loss of $145 million for the first quarter of 2026, a period that saw the firm finalize its corporate rebranding from Bitfarms and accelerate a strategic pivot from Bitcoin mining toward high-performance computing for artificial intelligence.
"Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation,” CleanSpark CEO and chairman Matt Schultz said, reflecting a sentiment spreading across the mining industry.
The company's revenue fell 23 percent year-over-year to approximately $37 million, according to its first quarterly report under the Keel banner. The widening losses were driven by a $41 million loss tied to changes in the fair value of its digital assets and a $22 million loss from the extinguishment of a credit facility. Despite the loss, shares in Keel (KEEL) rose more than 9 percent to $4.34 on Monday.
The results underscore the financial pressures on pure-play Bitcoin miners, pushing them to diversify revenue streams by repurposing their energy-intensive infrastructure for the booming AI sector. Keel reported total liquidity of approximately $533 million as of May 8, comprising roughly $336 million in unrestricted cash and $197 million in unencumbered Bitcoin, which it plans to use to advance its development sites.
Keel’s strategy is mirrored by other major players in the sector. MARA Holdings posted a $1.3 billion loss for the first quarter, driven by a roughly $1 billion negative change in the fair value of its digital assets. To fund its own pivot toward AI data centers and retire debt, MARA sold about $1.5 billion worth of bitcoin during the quarter, reducing its holdings from 38,689 to 35,303 coins.
TeraWulf also recorded a net loss of $427 million in the same quarter, but its early pivot showed some results, with HPC revenue hitting $21 million, or about 60 percent of its total revenue. CleanSpark, which saw its shares fall 9.5 percent in after-hours trading following its earnings, is also pushing into AI infrastructure.
The industry-wide shift signals a new phase for publicly traded miners, where success may depend less on hashrate and more on the flexible deployment of power infrastructure between crypto mining and AI computing. Keel is developing a 2.2-gigawatt pipeline, positioning itself to serve both energy-hungry sectors.
This article is for informational purposes only and does not constitute investment advice.
