Keel Infrastructure, formerly known as BitFarms, on Thursday reported first-quarter 2026 revenue of $37 million, down 23% year over year, as it continues to implement a fundamental corporate transformation. The company also posted a net loss of $128 million, including a $41 million loss on its cryptocurrency holdings. As part of its ongoing strategy to reduce its exposure to Bitcoin, Kiel revealed that it has sold 269 Bitcoins. $BTC It has gained $20 million so far this year and eliminated a position that still has about $197 million.
Strategic shift from mining to high-performance computing
First quarter results reflect a company in transition. Keel has completed a multi-step organizational restructuring that included relocating its headquarters from Canada to the United States, rebranding from Bitfarms, divesting its Latin American mining assets, and redirecting its focus to high performance computing (HPC) and artificial intelligence (AI) data center development. Operating loss widened to $98 million in the quarter, primarily due to cryptocurrency-related impairments and costs associated with a strategic shift.
The company currently holds approximately $533 million in total liquidity, with Bitcoin accounting for a significant portion of its balance, although that proportion is decreasing. 269 sales $BTC This is in line with Kiel’s previously stated plan to gradually reduce its Bitcoin holdings, and the move signals a broader industry trend among publicly traded miners who are diversifying away from pure crypto exposure.
Why this matters to the market
Kiel’s focus represents a maturing sector where mining companies are seeking more predictable revenue streams. The HPC and AI data center market offers long-term contracts and high profit margins compared to the volatile Bitcoin mining business, which is sensitive to both hash rate difficulty and hash rate difficulty. $BTC Price fluctuations. Importantly for investors, Kiel is prioritizing balance sheet stability over speculative crypto appreciation.
Impact on Bitcoin holdings and future outlook
Mr. Kiel still holds about $197 million in Bitcoin and remains a significant corporate holder, but the trend is clearly downward. Although the company has not disclosed a specific timeline for further sales, first-quarter activity suggests a methodical approach. The $41 million loss on crypto holdings highlights the risks of maintaining large digital asset vaults during times of price volatility. Keel’s future performance will increasingly depend on its ability to execute in the competitive but growing demand space of HPC and AI.
conclusion
Keel Infrastructure’s Q1 2026 report focuses on companies undergoing radical reinvention. By selling Bitcoin, exiting traditional mining operations, and investing in HPC and AI data centers, Keel is repositioning itself for a more stable, growth-oriented future. The 23% revenue decline and net loss are transition costs, which the company expects to be offset by the long-term value of its new strategic direction.
FAQ
Q1: Why is Keel Infrastructure selling Bitcoin?
Keel is reducing its Bitcoin position as part of a broader strategic shift from pure crypto mining to HPC and AI data center operations, which provide a more predictable and stable revenue stream.
Q2: How much Bitcoin does Keel still have?
As of May 8, 2026, Kiel held approximately $197 million worth of Bitcoin, down from a larger position at the beginning of the year when he sold 269 coins. $BTC For $20 million.
Q3: What is Keel’s new business focus?
Keel has now sold its mining assets in Latin America, relocated its headquarters to the United States, and focused on developing and operating high-performance computing (HPC) and artificial intelligence (AI) data centers.
