Keel Infrastructure sells 2,520 BTC for $192M as it exits mining

Keel Infrastructure, formerly Bitfarms, sold 2,520 BTC for $192 million in the third quarter of 2026. The company disclosed it on Nov. 5 in its Q3 results. Of the total, 2,261 BTC came from its treasury and 259 BTC from newly mined coins.

Details

By Sept. 30, the end of the quarter, only a nominal amount of bitcoin was left on the balance sheet. Keel will now sell the bitcoin it mines in Quebec every day to remove price exposure.

The company is shifting from mining to AI and high-performance computing infrastructure. Construction at Moses Lake began in September 2026, with the first site generating HPC revenue expected in 2027. Liquidity was about $780 million as of Nov. 4, and Keel says it has no near-term need for new debt or equity. CEO Ben Gagnon said: "Power supply is getting scarcer while demand keeps climbing." Bitcoin.com News also covered the report.

What it means for the market

The sale happened last quarter, so it does not explain today's price action. The bigger point is the trend: some public miners are turning into data-center operators, shedding bitcoin reserves and selling production straight away. That leaves fewer coins in miners' long-term hands.

For the live BTC price see the daily brief; the Bitcoin page has more. This is not investment advice.