Keel Infrastructure, the miner formerly known as Bitfarms, sold its entire bitcoin treasury in the third quarter, Bitcoin Magazine and Crypto Insiders reported. The company sold 2,520 BTC, made up of 2,261 BTC it already held plus 259 mined in the quarter. Bitcoin Magazine puts the proceeds at $192 million and Crypto Insiders at about 170 million euros, a difference of currency only.
Keel held only a nominal amount of bitcoin at September 30. Its Quebec mining continues, and its output is sold daily, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings,” according to the company.
The financial results show the strain on mining. Revenue from continuing operations fell to $28 million from $68 million, and adjusted EBITDA was negative $27 million, compared with positive $19 million a year earlier. General and administrative costs roughly doubled to $34 million. Crypto Insiders reported a third-quarter net loss of nearly 56 million euros. Keel had about $780 million of unrestricted cash as of November 4.
Chief executive Ben Gagnon said in the release: “Power supply is getting scarcer while demand keeps climbing.” The company’s pipeline is about 2.2 GW, with secured capacity of 478 MW that could rise to nearly 1.9 GW. Construction at Moses Lake, Washington, began in September, and Keel expects its first energized high-performance computing revenue in 2027.
The sale follows a broader trend: Crypto Insiders noted that Riot cut its holdings by almost 79% in the same quarter.
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Sources:
Bitcoin Magazine: Keel sells entire bitcoin treasury for $192M
Crypto Insiders: Bitcoinminer verkoopt volledige Bitcoinvoorraad voor 170 miljoen euro
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