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- Securities Litigation (new) — Putative class action alleges materially false statements about business operations and internal controls from March 2023 to December 2024, with unquantified exposure.
Keel (ex-Bitfarms) pivots to HPC/AI data centers, exits Bitcoin mining amid $145M Q1 loss
Filed May 11, 2026 · Period ending March 31, 2026 · ~2 min read
Key Changes
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Company redomiciled from Canada to U.S. and renamed from Bitfarms to Keel Infrastructure Corp. on April 1, 2026, completing strategic pivot from Bitcoin mining to HPC/AI data center leasing. 2.2 GW pipeline grew 450% YoY to support hyperscaler contracts.
MD&A: Business Model verify on EDGAR → -
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Q1 2026 net loss widened to $145.4M from $55.6M prior year, driven by $41.4M Bitcoin fair-value loss, $21.6M debt extinguishment charge (Macquarie facility repayment), and negative 71% gross margin as Bitcoin revenue fell 22% on lower prices and higher network difficulty.
Notes: Operating Results verify on EDGAR → -
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Committed $170.2M ($121.4M in 2026, $48.9M in 2027) for HPC infrastructure construction across U.S. and Canadian sites. Issued $40M letter of credit (backed by restricted cash) for Pennsylvania facility electricity; additional $60.8M letter of credit required by Jan 2027.
Legal Proceedings: HPC Commitments verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jul 14, 2026 · How we verify