Keel ends U.S. Bitcoin mining after $65 million Q2 loss, pivots to AI
AI Market Summary
Keel's shutdown of U.S. Bitcoin mining and stated intent to fully liquidate its remaining 1,861 BTC in 2026 reinforces the sector's shift from mining toward AI/HPC amid tougher mining economics. Recent sales (1,085 BTC) and the pivot signal reduced mining capacity and potential future supply overhang from treasury disposal plans, even as the move is framed as balance-sheet and infrastructure reallocation rather than a crypto market call.
Impact level
● Medium
Affected assets
BTC/USDT-1.01%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Keel said it has exited its U.S. Bitcoin mining business and is redirecting its power portfolio toward artificial intelligence. The company reported second-quarter revenue fell 50% year over year to $30.4 million, with a net loss of about $65 million. It sold 1,085 BTC for roughly $75 million and held 1,861 BTC valued at approximately $121 million, with a plan to liquidate its Bitcoin position in 2026. Total liquidity was approximately $819 million as of Aug. 7.
