Keel Infrastructure sells its entire bitcoin treasury for $192 million and shifts to daily sales of mined coins
Keel Infrastructure Corp. sold all 2,520 bitcoin it held, receiving $192 million in the third quarter. The sale removed virtually all treasury exposure and the company will now sell any newly mined bitcoin each day. Revenue from continuing operations fell to $27.6 million, and adjusted EBITDA turned negative, while the firm retained about $780 million of cash. Keel said the proceeds will fund its transition to AI and high‑performance computing data centers.
Why it matters
The cash from the bitcoin sale gives Keel a large liquidity buffer to finance its AI‑focused infrastructure build without needing new debt or equity, according to the CFO. The shift to daily bitcoin sales eliminates price‑risk on its balance sheet, which could stabilize future cash flows for investors.
Key facts
- 1Keel sold 2,520 bitcoin for $192 million in Q3, covering the 2,261 bitcoin held at quarter start and the 259 mined during the quarter. bitcoinmagazine.com
- 2The average price realized was roughly $76,200 per bitcoin. finance.yahoo.com
- 3Revenue from continuing operations fell to $27.6 million from $68 million a year earlier, a 59% decline. finance.yahoo.com
- 4Adjusted EBITDA moved to a $27 million loss from a $19 million profit in the prior period. finance.yahoo.com
- 5Keel reported about $780 million of unrestricted cash as of Nov. 4. bitcoinmagazine.com
- 6The company will sell any bitcoin mined in its remaining Quebec operations on a daily basis, effectively removing treasury exposure to bitcoin price movements. bitcoinmagazine.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.