🚨 A mining company sold all 2,520 of its Bitcoin, bringing in $192 million to build AI data centers
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Keel Infrastructure, formerly Bitfarms, disclosed on November 5 that it sold 2,520 BTC in the third quarter ended September 30. Of these, 2,261 came from its entire treasury, while the remaining 259 were mined by still-operating machines.
📉 After the sales, the company was left with just a fraction of its Bitcoin holdings. More dramatically, it announced that it would sell every coin mined each day at its remaining Quebec sites that same day, keeping no Bitcoin exposure.
🔸 This wasn't a fire sale to raise emergency cash. As of November 4, Keel still had about $780 million in unrestricted cash—plenty of firepower. It sold its Bitcoin to pivot: in the second quarter of this year, it had already shut down all its U.S. mining sites and begun converting them into AI and high-performance computing infrastructure.
🧩 The cost of the transition is also clear in its earnings report: third-quarter revenue was $28 million, down from $68 million a year earlier; its loss from continuing operations was $62 million, compared with $11 million; adjusted EBITDA swung from positive $19 million to negative $27 million; and general and administrative expenses doubled to $34 million.
💡 What really matters isn't how well it timed the Bitcoin sales, but how miners' role has changed: they used to turn electricity prices into a call option on Bitcoin; now they sell grid access to AI tenants. The valuation anchor has shifted from coin prices to leases.
⚠️ Construction at the HPC site in Moses Lake, Washington, only began in September, and the company says it won't generate its first revenue until 2027. Two sites in Pennsylvania are still going through approvals. This $192 million is what will carry it through the transition's downtime.
📌 Here's a question for you: If even companies founded on mining don't want to hold Bitcoin, can you still believe the narrative that “miners never sell”?
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Keel Infrastructure, formerly Bitfarms, disclosed on November 5 that it sold 2,520 BTC in the third quarter ended September 30. Of these, 2,261 came from its entire treasury, while the remaining 259 were mined by still-operating machines.
📉 After the sales, the company was left with just a fraction of its Bitcoin holdings. More dramatically, it announced that it would sell every coin mined each day at its remaining Quebec sites that same day, keeping no Bitcoin exposure.
🔸 This wasn't a fire sale to raise emergency cash. As of November 4, Keel still had about $780 million in unrestricted cash—plenty of firepower. It sold its Bitcoin to pivot: in the second quarter of this year, it had already shut down all its U.S. mining sites and begun converting them into AI and high-performance computing infrastructure.
🧩 The cost of the transition is also clear in its earnings report: third-quarter revenue was $28 million, down from $68 million a year earlier; its loss from continuing operations was $62 million, compared with $11 million; adjusted EBITDA swung from positive $19 million to negative $27 million; and general and administrative expenses doubled to $34 million.
💡 What really matters isn't how well it timed the Bitcoin sales, but how miners' role has changed: they used to turn electricity prices into a call option on Bitcoin; now they sell grid access to AI tenants. The valuation anchor has shifted from coin prices to leases.
⚠️ Construction at the HPC site in Moses Lake, Washington, only began in September, and the company says it won't generate its first revenue until 2027. Two sites in Pennsylvania are still going through approvals. This $192 million is what will carry it through the transition's downtime.
📌 Here's a question for you: If even companies founded on mining don't want to hold Bitcoin, can you still believe the narrative that “miners never sell”?
Tap the profile picture to watch the livestream
+ Join my fan group for daily strategies 🚀
#比特币 #BTC #U.S.Stocks
