Nasdaq-Listed Bitfarms Sold All Its BTC: Is It Still a Bitcoin Stock?
Keel Infrastructure, the Nasdaq-listed miner previously known as Bitfarms, bought its total 2,261-coin Bitcoin (BTC) reserve final quarter. Every coin it mines any longer will probably be bought the identical day.
That leaves shareholders with out a stockpile of cash to elevate the inventory. Yet Keel’s income nonetheless relies on Bitcoin’s value till AI information heart tenants signal leases.
Is Bitfarms Still a Bitcoin Stock?
Keel bought 2,520 BTC within the quarter ended Sept. 30, its results present. That lined the reserve plus 259 newly mined cash and raised $192 million.
The gross sales averaged about $76,200 per coin. Keel mentioned it bought “during times of energy,” but its earnings assertion data a $32 million realized loss on them.
The firm says promoting Quebec output every day ends its publicity to cost swings on held Bitcoin.
Its quarterly filing provides the opposite facet. It warns Bitcoin’s volatility will maintain hitting earnings at its remaining mines, considered one of its few income sources for now.
On Keel’s personal figures, the reply is partly. It now not owns Bitcoin, nevertheless it nonetheless earns its cash mining it till AI tenants begin paying hire.
Shares fell 9.5% to $1.90 by 9:40 a.m. ET Thursday, down practically 18% over 5 days, Nasdaq information present.
Why Are Bitcoin Miners Selling Their Coins?
Rival Riot Platforms sold 79% of its Bitcoin final quarter to fund Texas AI information facilities. BeInCrypto reported in August that miners had been becoming net sellers of the cash they mine.
Keel’s every day gross sales are small, roughly three cash a day at third-quarter output. The larger shift is the place the cash goes.
Keel is popping its energy websites into high-performance computing (HPC) information facilities, the chip-heavy amenities behind AI. Building started in Moses Lake, Washington, in September, with first HPC income anticipated in 2027.
“We stay strongly capitalized, with roughly $780 million of money liquidity and no present want for debt or fairness financing earlier than signing a lease,” Jonathan Mir, CFO, Keel Infrastructure said.
Its quarterly submitting additionally lists $1.02 billion in long-term debt at Sept. 30. Meanwhile, income fell 59% to $28 million.
Chief govt Ben Gagnon mentioned a number of creditworthy bidders are negotiating at three near-term websites. No lease has been signed but. Keel lists a Pennsylvania govt order on information facilities amongst its dangers, alongside local opposition to data centers.
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