Keel Infrastructure Sells Entire Bitcoin Treasury for $192 Million, Adopts Daily Sales Model

Keel Infrastructure, formerly Bitfarms, has liquidated its entire Bitcoin treasury reserve and will immediately sell all newly mined coins on a daily basis. During the third quarter ended September 30, the company offloaded 2,520 BTC—comprising 2,261 reserve coins and 259 mined tokens—generating $192 million at an average realized price near $76,200, alongside a $32 million realized loss. The shift eliminates cryptocurrency volatility as Keel pivots toward AI and high-performance computing data centers. The announcement coincided with weak third-quarter results, with revenue declining 59% year-over-year to $28 million and an adjusted EBITDA loss of $27 million.