Keel has borrowed a billion dollars
for data centres and signed nothing

Keel Infrastructure carries $1,025,829,000 of debt, $715,516,000 of cash and no signed data centre lease. The company says so itself: "As of the date of this Annual Report, we have not yet entered into any HPC data center lease agreements." Six months on, the position was unchanged.

If the name is unfamiliar, it is new. Bitfarms redomiciled from Canada to Delaware on 1 April 2026, shareholders received one Keel share each, and the stock began trading on Nasdaq and the TSX as KEEL on 6 April. The old company survives as a subsidiary, renamed Backbone Hosting Solutions in June. Everything below comes from the filings of CIK 0001812477, which reports in US dollars to a 31 December year end.

What the mining business now looks like

Revenue for the three months to 30 June 2026 was $30,430,000, against $60,908,000 a year earlier, on cost of revenues of $117,183,000. That is a gross loss of $86,753,000 — minus 285 per cent, on the filed statements, before anybody adjusts anything.

Most of that is depreciation: $84,149,000, of which $62,993,000 is accelerated, booked when asset lives were shortened at four sites as mining stopped. That is a fleet write-down routed through depreciation as a change in estimate rather than through the impairment line. Strip it and the gross loss is nearer $24m.

The reported EBITDA of positive $19,444,000 needs care: it is positive only because a $77,040,000 non-cash gain on capped-call derivatives sits above the line. Adjusted EBITDA, which strips that out, is minus $23,693,000 against plus $6,595,000 a year ago.

The number that went missing

Keel used to publish what it cost to mine a bitcoin. The last time it did was the third quarter of 2025: a Direct Cost of $48,200 a coin and a Total Cash Cost of $82,400. Neither figure appears in either 2026 quarterly report, and nor does hashrate in exahashes, though the annual report still gave 14.8 EH/s at the end of 2025.

Applying the company's own definition to its own filed figures, direct cash cost for the June quarter was $54,229 a coin on continuing operations. The same arithmetic on the 2025 quarter gives $38,509, up about 41 per cent, and sits below the company's published $48,200 because that divided by total coins including operations since discontinued. On a loaded basis — everything bar accelerated depreciation, credited with non-mining revenue — June runs to roughly $228,616 a coin against revenue of $73,048. Mining covers its electricity with something to spare and nothing else.

Signed, announced, or said out loud

There are no signed customer leases, and no letters of intent or term sheets named, valued or dated in any filing either. The exhibit index carries an indenture, a capped-call form and employment agreements, nothing commercial. Nothing has been filed since 21 August, and monthly production updates stopped after the move to US reporting, leaving no filed third-quarter data.

What does exist is binding in the other direction. At 30 June the company carried $219,602,000 of capital commitments, $146,857,000 of it due this year, plus a $60,800,000 letter of credit due by 31 January 2027. The annual report adds a 350 MW supply agreement with PPL at Panther Creek and a $128,742,000 Vertiv equipment commitment struck in November 2025, most likely a component of that $219.6m rather than an addition. It also notes that project financing generally requires a signed lease first.

A point of method. The quarterly release is furnished under Item 2.02, not filed, putting it outside the liability regime covering the statements — though the same document's exhibit index contradicts itself by footnoting it "Filed herewith". Every financial line ties to the 10-Q and the XBRL. Absent from the reviewed accounts is the headline: $819m of liquidity and 1,861 bitcoin, both dated 7 August.

Bear and bull

The bear case is a development company whose cash engine is dying faster than the new business arrives. Bitcoin mined fell 36 per cent, US mining ceased at the end of June, the treasury is 35.7 per cent below cost and being sold anyway, and equity fell 41 per cent in six months while debt rose 53.

The bull case is the balance sheet and the grid. The two convertible issues are $1,046,000,000 of principal at a blended coupon near 1.32 per cent, with no note maturing before 2031 and capped calls bought for about $111m against the dilution. The Panther Creek supply agreement is an entitlement a new entrant cannot buy. If a lease is signed, the waiting will look like foresight. The filings give no date by which it must be.

All figures from SEC EDGAR filings of Keel Infrastructure Corp (formerly Bitfarms Ltd), CIK 0001812477: the 10-Q for the quarter ended 30 June 2026; the 2025 10-K; the 8-K of 10 August and its furnished Exhibit 99.1; and the 2025 interim reports. Cross-checked against the XBRL company facts endpoint. Retrieved 19 October 2026. Derived, not disclosed: both cost-per-coin figures, revenue per coin and the overhang — the company publishes no cost-to-mine or hashrate figure for any 2026 period. Unverified: current hashrate and third-quarter production. Figures are US dollars throughout. A securities class action naming the chief executive is outstanding and unprovided for. Not a recommendation to buy, sell or hold any security.