Keel Infrastructure

Keel Infrastructure Corp.

Treasury Qualification

Treasury classificationBitcoin Miner with Strategic Holdings

Qualification tierCore Directory

Directory statusIncluded

Ownership statusCompany-attributable Bitcoin held on a consolidated basis by Keel Infrastructure and its subsidiaries, including Bitfarms Ltd. Keel reported 2,469 BTC as of March 31, 2026. The filing identified no restricted digital assets at that date. Keel became the ultimate parent of Bitfarms on April 1, 2026, so the holdings are counted once under Keel and must not be duplicated in a separate Bitfarms record.

Strategic intent

Keel operates a formal digital-asset management program under which it holds Bitcoin for intrinsic value and as a source of liquidity. Management may sell treasury Bitcoin to fund operations and expansion. Although Keel is strategically pivoting toward HPC and AI infrastructure, it continues to operate legacy Bitcoin-mining assets and retain a substantial corporate Bitcoin balance.

Bitcoin Treasury

BTC counted in directory2,469 BTC

Estimated value$157,383,936BTC price retrieved: July 28, 2026 at 19:56 UTC

Holdings as ofMarch 31, 2026

Average purchase priceNot disclosed

Ownership and Restrictions

Component figures are shown only when separately disclosed. “Not separately disclosed” does not imply zero.

Total BTC reported2,469

Unencumbered / unrestricted2,469

Pledged as collateral0

Loaned to third parties0

Subsidiary-owned2,469

Other restricted / receivable0

Latest Financial Results

Reporting period: Three months ended March 31, 2026

Revenue$36,992,000

Operating income/loss$-98,388,000

Net income/loss$-145,353,000

Cash$357,277,000

Management

Chief executive officer: Benjamin Gagnon
Chief financial officer: Jonathan Mir
Executive chair: Edith Hofmeister (Independent Chair)

Research Notes

Keel Infrastructure reported 2,469 BTC with a fair value of approximately $168.5 million as of March 31, 2026. Its digital-asset roll-forward showed zero restricted Bitcoin at quarter-end. The company mined 388 BTC from continuing operations, earned 78 BTC from discontinued operations, received 7 BTC through hosting revenue, and sold 64 BTC during the quarter. Keel maintains a digital-asset management program under which Bitcoin is held for intrinsic value and liquidity, with management authorized to sell treasury Bitcoin to fund operations and expansion. Effective April 1, 2026, Keel became the ultimate parent of Bitfarms Ltd. through a one-for-one redomiciliation and rebranding transaction. This record therefore represents the consolidated Keel/Bitfarms group and prevents duplicate counting. Keel is pivoting its primary growth strategy toward HPC and AI infrastructure but continues legacy Bitcoin-mining operations in the United States and Canada. For the quarter ended March 31, 2026, revenue was $36.992 million, operating loss was $98.388 million, and net loss was $145.353 million. Total assets were $1.067 billion, total liabilities were $647.576 million, and cash was $357.277 million.