Overview
- Keel disclosed on Aug. 10 that it has decommissioned all U.S. Bitcoin mining sites and is repurposing those locations for AI and high‑performance computing workloads.
- Second‑quarter results showed revenue of about $30.4 million, an operating loss near $140.8–$141 million driven largely by accelerated depreciation, a net loss of roughly $65 million, and adjusted EBITDA from continuing operations of about negative $24 million.
- Keel raised $458 million through convertible notes and reported total liquidity of roughly $819 million made up of about $698 million in unrestricted cash and $121 million in unencumbered Bitcoin, after selling 1,085 BTC for approximately $75 million and retaining 1,861 BTC as of Aug. 7.
- The company says its three priority sites—Moses Lake, Sharon and Panther Creek—are nearing permitting, have taken initial equipment deliveries and are in active negotiations with multiple prospective tenants, but no U.S. HPC revenue has been recognized yet.
- Key near‑term milestones to watch are signed tenant contracts, final permits, construction financing and the first commercial HPC revenues, any of which will determine if Keel’s power‑focused pivot captures durable AI demand and revalues its former mining assets.