Keel Infrastructure Completes Bitcoin Mining Exit Amid 50% Q2 Revenue Decline
The company has finalized the closure of all its Bitcoin mining facilities in the United States while transitioning its focus to artificial intelligence and high-performance computing infrastructure.
According to Keel Infrastructure's second-quarter financial report released on Monday, the company has fully decommissioned its entire United States Bitcoin mining infrastructure as it prepares for the construction of high-performance computing (HPC) facilities.
The digital infrastructure firm disclosed quarterly revenue of $30 million, representing a 50% year-over-year decline. This significant revenue reduction was primarily driven by lower average Bitcoin (BTC) valuations and the closure of the company's Moses Lake cryptocurrency mining facility in April 2026.
Additionally, the company disclosed an operating loss of $141 million for the quarter, a stark contrast to the $11 million in operating income recorded during the corresponding period in the previous year. Within this loss figure, $84 million was attributed to non-cash depreciation expenses.
While numerous Bitcoin mining companies have diversified into AI infrastructure offerings, Keel stands out as one of the rare firms to completely terminate its United States Bitcoin mining activities during its transition to HPC. Bit Digital and Crusoe are among other companies that have similarly suspended mining operations in favor of AI-focused initiatives.
As of Friday, Keel maintained a position of 1,861 BTC following the sale of 1,085 BTC, which generated $75 million in proceeds since April 1, representing part of the company's strategic liquidation of its Bitcoin treasury. The firm also disclosed approximately $819 million in total liquidity, which includes $698 million in unrestricted cash holdings.
According to Yahoo Finance, Keel's stock price experienced a 12% decline on Monday.