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

Keel Infrastructure, the Nasdaq-listed miner formerly called Bitfarms, sold its entire 2,261-coin Bitcoin (BTC) reserve last quarter. Every coin it mines from now on will be sold the same day. That leaves shareholders without a stockpile of coins to lift the stock. Yet Keel’s revenue still depends on Bitcoin’s price until AI data center tenants sign leases. Is Bitfarms Still a Bitcoin Stock? Keel sold 2,520 BTC in the quarter ended Sept. 30, its results show. That covered the reserve plus 259 newly mined coins and raised $192 million. The sales averaged about $76,200 per coin. Keel said it sold “during periods of strength,” yet its income statement records a $32 million realized loss on them.

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