Keel Infrastructure, formerly known as Bitfarms, sold 2,520 Bitcoin in the quarter ended Sept. 30 for about $192 million, liquidating its 2,261-Bitcoin treasury and 259 coins produced through its remaining Quebec operations. The sales averaged approximately $76,200 per coin and produced a $32 million realized loss, although Keel said it sold during periods of market strength. The company plans to sell Bitcoin generated by its remaining Canadian mining operations daily, leaving it with nominal Bitcoin holdings and no treasury exposure to price fluctuations. Revenue from continuing operations fell to $28 million from $68 million a year earlier, while Keel reported a $62 million loss and adjusted EBITDA of negative $27 million, compared with positive $19 million a year earlier. General and administrative expenses doubled to $34 million as the company expanded its management team and developed large-scale infrastructure projects. Keel reported about $780 million in unrestricted cash liquidity as of Nov. 4 and had previously said it did not need debt or equity financing before signing a lease, despite $1.02 billion in long-term debt. The company is shifting its power portfolio toward high-performance computing and AI infrastructure after shutting its U.S. mining operations. Construction began at Moses Lake, Washington, in September, with first HPC revenue expected in 2027, while permitting advanced at the Sharon and Panther Creek sites in Pennsylvania. Keel is studying expansions that could lift secured data-center power capacity from 478 megawatts to as much as 1,928 megawatts, but no major long-term AI lease has been signed. VanEck says AI-focused Bitcoin miners and related infrastructure providers fell about 35% on average in October amid financing concerns, while electricity constraints could support long-term demand. The firm cited a potential 38-gigawatt U.S. data-center capacity shortfall through 2028 and about $23 billion in construction-related debt potentially requiring refinancing in 2027 and 2028.