Nasdaq-Listed Bitfarms Sold All Its BTC: Is It Still a Bitcoin Stock?

Keel Infrastructure, the Nasdaq-listed Bitcoin miner formerly called Bitfarms, sold its entire 2,261-coin BTC reserve last quarter and said it will sell every newly mined coin the same day. The company sold 2,520 BTC in the quarter ended Sept. 30, raising $192 million at an average of about $76,200 per coin while recording a $32 million realized loss. It is converting power sites into high-performance computing data centers for AI; chief executive Ben Gagnon said creditworthy bidders are negotiating at three near-term sites, but no lease has been signed. Revenue fell 59% to $28 million, and shares fell 9.5% to $1.90 by 9:40 a.m. ET Thursday.