Bitcoin miner Keel Infrastructure (formerly Bitfarms) liquidates $192M in BTC treasury and signals daily sales of newly mined bitcoin as it pivots to AI data centers.
Macro & Markets ·
Keel Infrastructure, the bitcoin mining operation formerly known as Bitfarms, has liquidated substantially all of its bitcoin treasury, offloading 2,520 BTC for $192 million during the third quarter. The company has signaled plans to sell newly mined bitcoin on a daily basis going forward, marking a strategic shift in treasury management.
The divestment aligns with Keel's broader pivot toward artificial intelligence data center infrastructure. Rather than accumulating bitcoin reserves, the company intends to monetize production continuously, suggesting a reallocation of capital toward its emerging AI-focused operations. This departure from the traditional mining model of holding reserves reflects changing priorities within the organization.
The timing and scale of daily sales remain unspecified, as does the full scope of Keel's AI data center buildout. Unclear too is whether this shift represents a temporary capital redeployment or a permanent change in corporate strategy. Market impact will likely depend on execution velocity and whether other major miners adopt similar sell-through approaches.