Keel Infrastructure sold its entire bitcoin treasury in the third quarter, comprising 2,520 BTC for $192 million, while leaving only nominal holdings as of September 30. The sales covered the 2,261 BTC held entering the quarter and the 259 BTC mined, and future production from its Quebec sites will now be sold daily to eliminate exposure to bitcoin price movements. This strategy accompanies the end of U.S. mining in favor of high-performance computing and artificial intelligence infrastructure. Revenue from continuing operations fell from $68 million to $28 million, adjusted EBITDA swung from positive $19 million to negative $27 million, and the company held about $780 million in unrestricted cash as of November 4. With a development portfolio of roughly 2.2 gigawatts, Keel is now seeking to lease its sites before the proceeds from the bitcoin sales are depleted.
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