Keel’s $819M Liquidity Number Is Really $698M Cash and a Shrinking Bitcoin Pile

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Keel Infrastructure’s headline liquidity number from its August 10 earnings release, $819 million, is not $819 million in cash. About $698 million of it is unrestricted cash. The rest, $121 million, is 1,861 Bitcoin the company has not yet sold.

That split matters because of what else happened this quarter. Keel, the company formerly known as Bitfarms before its April 1 rebrand and move to Delaware, first announced on Feb. 6, shut down its last U.S. mining site in Pennsylvania on June 29, following an earlier shutdown at its Washington state site on April 28. Its Bitcoin treasury is no longer a byproduct of an active mining business. It’s a market-exposed asset sitting inside a number the company is presenting as the cash cushion for building AI data centers.

Keel isn’t the only miner making this move. Hut 8, Marathon and CleanSpark have all shifted mining capacity toward AI and high-performance computing hosting over roughly the same stretch, part of a broader move in which public miners sold more than 15,000 BTC combined from their treasuries by March 2026 to fund similar pivots. Keel sold 1,085 of its own BTC for $75 million between April 1 and August 7, leaving the 1,861 BTC it’s still holding. Not every miner’s exit has looked like a pivot into a new business. Poolin filed for Chapter 11 bankruptcy to sell off $52 million in Texas mining assets outright, closing down rather than repurposing.

Divide that $121 million by 1,861 coins and Keel is valuing its remaining Bitcoin at close to $65,000 apiece, not far off where Bitcoin was trading back in March, when that sector-wide selling was already underway. The price hasn’t moved dramatically against Keel’s position since.

What a Bitcoin drop does to the cushion

Run that $121 million sleeve down 20%, 30% or 50% and the total liquidity figure barely moves in percentage terms.

Even at 50% down, Keel would still hold more than $758 million. That $121 million of exposure is real, but it isn’t what determines how long the cash lasts.

What actually eats into the $698 million

What actually eats into the $698 million is the operating loss. Keel reported a $140.8 million operating loss for the quarter, but $84.1 million of that was non-cash depreciation tied to retiring its mining equipment. Strip that out and the loss that actually draws down cash comes to roughly $56.7 million for the quarter. At that pace, before any of the capital spending still needed to finish Panther Creek, Sharon, Moses Lake and the Sherbrooke, Quebec site, the $698 million covers a little over three years.

On the mining side, that transition is done. On the leasing side, it isn’t. All three priority sites remain in permitting and tenant negotiations, and none has signed a lease generating HPC revenue yet.

What’s still open

A couple of numbers around this release don’t fully line up. Keel’s 10-Q lists total cash and equivalents at $715.5 million, a few million above the $698 million in unrestricted cash the company highlighted, a gap that likely comes down to how much of that cash is restricted rather than a contradiction. One account of the convertible notes’ terms puts the conversion price at $7.41, more than double Monday’s closing price of $3.40. One account of the timeline also has the stock joining the Russell 3000 just days before this release, though that didn’t stop Monday’s 12.37% drop.

Keel now has the cash to wait out its own construction timeline, with or without the Bitcoin. Whether it has the leases to justify the wait is what its next two or three quarterly reports will actually answer.