Bitcoin · The Block
From bitcoin bull to ‘complete demolition’: Keel CEO bets on AI’s greater value
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Keel Infrastructure CEO Ben Gagnon was still calling the company’s bitcoin business "strong" and expressing confidence in its mining economics in May 2025.
Key facts
- Keel also said it sold 1,085 BTC for $75 million between April 1 and Aug
- Keel Infrastructure CEO Ben Gagnon was still calling the company’s bitcoin business "strong" and expressing confidence in its mining economics in May 2025
- Keel, which officially rebranded from Bitfarms in April, has undertaken one of the sharpest strategic pivots among publicly traded bitcoin miners, a group that includes MARA, Hut 8, and CleanSpark
- Fifteen months later, he is overseeing the "complete demolition" of bitcoin mining facilities as Keel (KEEL) pursues greater value in artificial intelligence infrastructure
Summary
Fifteen months later, he is overseeing the "complete demolition" of bitcoin mining facilities as Keel (KEEL) pursues greater value in artificial intelligence infrastructure. "We've been working on winding down the bitcoin business for some time,” Gagnon said Tuesday morning during an interview with CNBC. Keel, which officially rebranded from Bitfarms in April, has undertaken one of the sharpest strategic pivots among publicly traded bitcoin miners, a group that includes MARA, Hut 8, and CleanSpark. Keel also said it sold 1,085 BTC for $75 million between April 1 and Aug. 7 as part of its previously announced wind-down of its bitcoin position, leaving the company with 1,861 BTC on its balance sheet.