Shares of Bitfarms Ltd. rocketed 23.6% to $3.93 on July 30, snapping back from a punishing two-day slide that had erased nearly 34% of the stock's value from its July 23 close of $4.81. The catalyst: a broad improvement in crypto sentiment, with Bitcoin up 2.02% and Ethereum gaining 1.57%, pulling mining names higher in lockstep with a 2.08% Nasdaq rally. Keel Infrastructure Surges 24% on Crypto Bounce, but Does a Company Leaving Bitcoin Behind Still Deserve to Trade Like a Mining Stock?
Shares of Keel Infrastructure (KEEL) — formerly Bitfarms — jumped 23.6% to $3.93 on July 30, clawing back a chunk of the 34% slide that took the stock from $4.81 to $3.18 over the prior five sessions. The spark was a crypto sentiment rebound: Bitcoin rose 2.02%, Ethereum gained 1.57%, and the Nasdaq climbed 2.08%, dragging the entire mining sector higher. But for a company actively leaving Bitcoin mining, that tight correlation raises a question shareholders must answer: what exactly are they owning?
• The Stock Still Moves Like a Miner, Even Though the Company Says It Isn't One Anymore. CEO Ben Gagnon declared in late 2025: "We are no longer a Bitcoin company, we are an infrastructure-first owner and developer for HPC/AI data centers."
The company has announced plans to "wind down our Bitcoin mining business in 2026 and 2027." Yet today's crypto-driven whipsaw proves the market hasn't caught up with the rebrand. Until data-center revenue materializes — initial data center revenue isn't anticipated until 2027 — the stock will keep riding Bitcoin's waves.
• A Massive Debt Load Is Financing the Pivot. Keel carries $588 million in convertible notes due 2031 inherited from the Bitfarms era. On top of that, it closed an additional $458 million convertible offering in June 2026 at a 1.25% coupon due 2032. That's over $1 billion in convertible debt for a stock trading under $4. The June notes convert at roughly $7.41 per share — nearly double the current price — but if shares stay depressed, that debt becomes a straightforward cash obligation rather than equity.
• The Power Pipeline Is Real, but Unproven. Keel claims a 2.2 GW power capacity pipeline, including 648 MW of secured data center capacity and 1,513 MW of additional identified capacity across U.S. and Québec sites.
The company held $520 million in liquidity as of early 2026. That runway matters, but converting old mining sites into AI-ready facilities is capital-intensive, and no signed hyperscaler lease has been publicly disclosed.
• Today's Bounce Doesn't Erase the Structural Risk. A 23.6% up day following a 34% five-session decline simply illustrates the stock's extreme volatility. Analysts have flagged margin compression, interest expense surges, and ongoing dilution risk. Until Keel signs anchor tenants and books real infrastructure revenue, the rebound is sentiment — not substance.