Keel Infrastructure Corp. (KEEL)

Keel Infrastructure is completing its shift from Bitcoin mining toward AI and high-performance computing data centers. Third-quarter results showed sharply lower revenue, wider adjusted losses, delayed leasing targets, and no signed data-center leases yet, while Moses Lake construction remains tied to planned 2027 revenue. Management also sold its Bitcoin treasury, reducing direct cryptocurrency exposure but increasing reliance on permits, tenants, and project financing.