Keel Infrastructure Corp. (KEEL) Stock Price & How to Invest

Keel Infrastructure Corp (Nasdaq and TSX: KEEL) is the renamed and redomiciled successor to Bitfarms Limited, a bitcoin miner founded in 2017 that completed a Delaware redomicile and rebrand on April 1, 2026. The company owns and develops digital and energy infrastructure across Pennsylvania, Washington, and Quebec, and is winding down its remaining bitcoin mining while redirecting its roughly 2.2 gigawatt power pipeline toward data centers built for artificial-intelligence and HPC workloads. In practice, its edge is grid-connected power sites with interconnections already in place, which are the scarcest input for new AI compute capacity.

The investment picture is a classic infrastructure-transition wager. Trailing revenue of roughly $229 million reflects the legacy mining business, and that top line is shrinking as mining shuts down (first-quarter 2026 revenue fell about 23% year over year to roughly $37 million) while the AI data-center revenue is still largely in the future. The company is deeply unprofitable, has raised convertible debt and equity to fund the buildout, and its market value already prices in substantial success at converting power capacity into signed hyperscaler leases. Whether KEEL rewards or disappoints depends almost entirely on lease execution and financing terms, not on current earnings.

The AI data-center revenue is largely prospective, so the market capitalization prices in leases that have not yet been signed at scale, and any delay or failure to land hyperscaler tenants would undercut the thesis. The company is deeply unprofitable (a first-quarter 2026 net loss near $145 million) and burning cash, so ongoing dilution or additional debt is likely. Legacy mining revenue is shrinking faster than data-center revenue is arriving. Execution risk on permitting, power delivery, and construction timelines is high, and the shares are volatile and sentiment-driven, trading heavily on AI-infrastructure enthusiasm that can reverse quickly.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Keel Infrastructure Corp.'s investor relations page or your broker.

• Revenue (TTM): ~$229M
• Q1 2026 revenue: ~$37M (down ~23% YoY)
• Q1 2026 net loss: ~$145M
• Market cap: ~$2.8B
• Shares outstanding: ~604M
• Total liquidity: ~$533M

KEEL trades at a high multiple of a shrinking trailing revenue base (roughly 12 times sales) because investors are valuing the roughly 2.2 gigawatt development pipeline, not current earnings, which are sharply negative. The company funded its buildout partly with about $458 million of convertible notes due 2032. Figures are approximate and as of July 2026.

There are three common ways to get KEEL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so KEEL sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where KEEL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

KEEL is a bet that a bitcoin miner's stranded power capacity converts into leased AI data-center capacity before the losses and dilution catch up.

Whether KEEL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is KEEL a buy?, and where the stock could go from here in the KEEL stock forecast.

For income investors, whether KEEL pays a dividend and how the payout looks is covered in does KEEL pay a dividend?