Nasdaq-Listed Bitfarms Sold All Its BTC: Is It Still a Bitcoin Stock?

Keel Infrastructure, the Nasdaq-listed miner formerly called Bitfarms, sold its entire 2,261-coin Bitcoin (BTC) reserve last quarter. Every coin it mines from now on will be sold the same day.

That leaves shareholders without a stockpile of coins to lift the stock. Yet Keel’s revenue still depends on Bitcoin’s price until AI data center tenants sign leases.

Is Bitfarms Still a Bitcoin Stock?

Keel sold 2,520 BTC in the quarter ended Sept. 30, its results show. That covered the reserve plus 259 newly mined coins and raised $192 million.

The sales averaged about $76,200 per coin. Keel said it sold “during periods of strength,” yet its income statement records a $32 million realized loss on them.

The company says selling Quebec output daily ends its exposure to price swings on held Bitcoin.

Its quarterly filing adds the other side. It warns Bitcoin’s volatility will keep hitting profits at its remaining mines, one of its few revenue sources for now.

On Keel’s own figures, the answer is partly. It no longer owns Bitcoin, but it still earns its money mining it until AI tenants start paying rent.

Shares fell 9.5% to $1.90 by 9:40 a.m. ET Thursday, down nearly 18% over five days, Nasdaq data show.

Why Are Bitcoin Miners Selling Their Coins?

Rival Riot Platforms sold 79% of its Bitcoin last quarter to fund Texas AI data centers. BeInCrypto reported in August that miners were becoming net sellers of the coins they mine.

Keel’s daily sales are small, roughly three coins a day at third-quarter output. The bigger shift is where the money goes.

Keel is turning its power sites into high-performance computing (HPC) data centers, the chip-heavy facilities behind AI. Building began in Moses Lake, Washington, in September, with first HPC revenue expected in 2027.

“We remain strongly capitalized, with approximately $780 million of cash liquidity and no current need for debt or equity financing before signing a lease,” Jonathan Mir, CFO, Keel Infrastructure said.

Its quarterly filing also lists $1.02 billion in long-term debt at Sept. 30. Meanwhile, revenue fell 59% to $28 million.

Chief executive Ben Gagnon said several creditworthy bidders are negotiating at three near-term sites. No lease has been signed yet. Keel lists a Pennsylvania executive order on data centers among its risks, alongside local opposition to data centers.