Keel Infrastructure (KEEL) has raised $458mn through a convertible senior notes offering, providing fresh capital to accelerate its development of artificial intelligence and high-performance computing (HPC) infrastructure.
Keel Secures $458mn To Accelerate AI Pivot as Investors Reward Mining Reinvention
10 June 2026 - 15:23 CEST
By Sandmark staff
The financing, which closed on 9 Jun, comes just over two months after Bitfarms completed its rebranding and redomiciliation to the US as Keel Infrastructure. The company has positioned the move as a strategic shift towards building power, land and data centre infrastructure for AI workloads.
While Keel’s shares fell following the announcement, the stock has more than doubled year-to-date, making it one of the strongest performers among publicly listed Bitcoin miners as investors increasingly value companies based on their AI infrastructure potential rather than Bitcoin production alone.
Net proceeds from the offering will support the development of Keel’s existing projects, including Panther Creek, Sharon and Moses Lake, while allowing the company greater flexibility to pursue additional opportunities in its pipeline, the company said.
Miners pivot towards AI infrastructure
The raise reflects a broader industry trend as Bitcoin miners seek new revenue streams amid challenging mining economics. Rising network difficulty, lower profitability and higher power costs have pushed several operators to repurpose infrastructure for AI and HPC hosting.
Keel has been among the more ambitious in this transition. Following the acquisition of Stronghold Digital Mining and the rebranding earlier this year, the company has focused on assembling sites and infrastructure to meet growing demand from AI customers. Chief executive Ben Gagnon has previously outlined plans to significantly expand the company’s AI and HPC capabilities.
Other miners, including Core Scientific, Riot Platforms, IREN and TeraWulf, have also moved to allocate capacity towards AI workloads. Keel has indicated it is exploring a near-complete shift away from Bitcoin mining by 2027 in favour of AI infrastructure hosting.
Investors back the infrastructure trade
The successful $458mn raise, structured with a 1.25% coupon and capped-call transactions to limit dilution, suggests investors remain willing to fund companies with credible AI infrastructure strategies. The deal underscores how some of the sector’s most highly valued miners are now being assessed primarily on their power capacity, land holdings and ability to support AI workloads rather than their Bitcoin output.
