CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Keel (KEEL) Sells Entire Bitcoin Treasury for $192 Million, Will Sell BTC Daily

Bitcoin Magazine logo

Published on

Add as a preferred source on Google
Keel (KEEL) Sells Entire Bitcoin Treasury for $192 Million, Will Sell BTC Daily

Bitcoin Magazine

Keel (KEEL) Sells Entire Bitcoin Treasury for $192 Million, Will Sell BTC Daily

Keel Infrastructure sold its entire bitcoin treasury in the third quarter, offloading 2,520 bitcoin for $192 million and leaving the company with only nominal holdings at Sept. 30, the former Bitfarms miner reported Thursday.

The sales covered the 2,261 bitcoin Keel held going into the quarter plus the 259 it mined, and the company said it timed them during periods of strength. Going forward, bitcoin mined from Keel’s remaining Quebec operations will be sold on a daily basis, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.”

The move completes a shift Keel began earlier this year, when the company, then still trading as Bitfarms (BITF), started selling its stack and winding down U.S. mining to fund high-performance computing and AI infrastructure.

Keel Infrastructure Corp. rebranded from Bitfarms after completing a U.S. redomiciliation to Delaware in April and now describes itself as a North American digital infrastructure and energy company. Legacy bitcoin mining still shows up in the results, but the center of gravity has moved.

S. bitcoin mining in the second quarter and because the average bitcoin price declined. Adjusted EBITDA swung to a negative $27 million from a positive $19 million. General and administrative expenses roughly doubled to $34 million as the company hired senior specialists and booked higher stock-based compensation. The company still posted about $780 million of unrestricted cash as of Nov. 4 and said it has no current need for debt or equity financing before signing a lease.


Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.