Keel Infrastructure Corp
keelinfra.comWhat Do They Do?
Sells computing power to Bitcoin mining pools and develops data centers and energy infrastructure for high-performance computing and artificial intelligence customers.
10-K for FY2025, filed Mar 31, 2026As its historical core business, Bitfarms owns and operates data centers housing computers (referred to as “Miners”) designed for the…View ↗
HPC Infrastructure is our primary growth area. We are developing data centers designed to support HPC and AI workloads, with the intention…View ↗
Bitfarms is a North American digital and energy infrastructure company that develops, owns, and plans to operate data centers and energy…View ↗
How Do They Make Money?
Mining pool operators pay for computing power based on the hashrate provided; fees are calculated daily and paid in Bitcoin.
10-K for FY2025, filed Mar 31, 2026
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$229.3M
-
10-K for FY2025, filed Mar 31, 2026
$229.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Cryptocurrency Mining
Usage-based
10-K for FY2025, filed Mar 31, 2026 |
90% |
Cryptocurrency Mining, FY2025
$206.2M Sources
|
Usage-based |
|
Cryptocurrency Hosting
|
2.0% |
Cryptocurrency Hosting, FY2025
$4.5M Sources
|
|
|
Electrical Services
|
2.0% |
Electrical Services, FY2025
$4.6M Sources
|
|
|
Energy sales
|
6.1% |
Energy sales, FY2025
$14M Sources
|
Who Are Their Customers?
Mining pool operators are customers under hashing-service arrangements. The company plans to lease data-center capacity to hyperscalers and cloud providers, AI companies, and enterprises under long-term contracts.
10-K for FY2025, filed Mar 31, 2026
10-K for FY2025, filed Mar 31, 2026
Bitcoin Mining is our legacy business line, managed for cash generation during the redeployment of our Infrastructure Assets from Mining to…View ↗
Do Revenues Turn Into Profits?
No. It lost $284.5M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$149.6MView ↗
10-K for FY2025, filed Mar 31, 2026
−$284.5MView ↗
10-K for FY2025, filed Mar 31, 2026
−$326.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$65MView ↗
- ▲ +1082% (Loss)
- vs −$5.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Jun 16, 2026
Changed its independent auditor
Appointed PwC USA and dismissed PwC Canada because of the U.S. redomiciliation.
Sources
8-K, filed Jun 16, 2026
On June 11, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Keel Infrastructure Corp. (the “Company”)…View ↗
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Apr 1, 2026
Completed the U.S. redomiciliation and made Keel the parent of Bitfarms
Bitfarms shareholders exchanged each share for one share of Keel common stock.
Sources
8-K, filed Apr 1, 2026
Following completion of the U.S. Redomiciliation, Keel Infrastructure, a corporation formed under the laws of the State of Delaware, is now…View ↗
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