The market is pricing a story that Wall Street has yet to fully endorse. Keel Infrastructure, the former Bitcoin miner Bitfarms, has seen its shares more than triple since April — a roughly 200% surge in three months — pushing the stock well past the average analyst price target of $5.29. The Nasdaq close of $6.29 and a Toronto Stock Exchange finish of C$9.93 reflect a 5.36% and 12.33% daily gain respectively, underscoring the enthusiasm for the company’s pivot from crypto mining to AI-ready data centers.
That pivot is now formally complete. Keel Infrastructure moved its corporate domicile from Canada to the United States, and PricewaterhouseCoopers’ US arm has taken over auditing duties from PwC Canada. CFO Jonathan Mir said there were no disagreements with the previous auditor and that past reports were unqualified. The relocation, combined with the rebranding that CEO Ben Gagnon called the final step in a structural transformation, has erased any lingering association with the bitcoin operations that once defined the company.
To build the high-performance computing infrastructure that AI workloads require, Keel placed $458 million in convertible notes in June. The bonds carry a 1.25% coupon, mature in 2032, and will fund equipment and development at three sites: Panther Creek, Sharon, and Moses Lake. Mir stated that current liquidity is sufficient to cover operations and development through 2028. Despite a cash and equivalents position of roughly $357 million, long-term debt weighs heavily on the balance sheet — a reality that has not cooled investor enthusiasm.
Should investors sell immediately? Or is it worth buying Keel?
The first quarter of 2026 showed the costs of reinvention. Revenue fell 23% to $37 million, and the net loss from continuing operations reached $128 million. Yet the market has looked past the red ink, focusing instead on the future. Keel’s shares have rebounded sharply from a low near $4.80 in early June, a gain of almost 30% in a few weeks. In Toronto, the stock has materially outperformed the benchmark index over the last six months and now trades well above its 200-day moving average.
Technically, the stock is testing the upper band of its 52-week range of $0.70 to $6.60. Roughly 13.4% of the float is held short, a dynamic that could fuel additional buying pressure if the rally continues. The next catalyst arrives with second-quarter earnings later in 2026, when Keel must demonstrate that its operational progress can keep pace with the market’s lofty expectations. CEO Gagnon has said the company aims to convert its current sites into firm contracts and secure new leasing agreements and permits for projects such as Panther Creek and Moses Lake — moves that will define the stock’s trajectory from here.
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