Options Signal Bullish Conviction as Keel Infrastructure Nears AI Data Center Milestones
21.06.2026 - 05:55:49 | boerse-global.de
Investors are placing aggressive bets on Keel Infrastructure shares, with options activity skewing heavily toward bullish calls as the company completes its transition from Bitcoin mining to artificial intelligence infrastructure. The put-call ratio plunged to an extreme 0.08 on Thursday, meaning fewer than one bearish contract traded for every dozen bullish ones — a level that typically suggests traders expect a breakout.
The stock closed at $6.28 on Friday, with daily volume swelling to roughly 87 million shares, well above the average. Over 90% of options contracts that changed hands on Tuesday were calls, and the shares have repeatedly tested resistance around $6.45, only to see every dip met with swift buying.
Behind the optimism lies a strategic overhaul that began in earnest earlier this year. Keel, formerly known as Bitfarms, relocated its headquarters to the United States in April 2026, bringing it geographically closer to the big technology players that are its intended customers. The company also swapped its Canadian auditor for PwC’s U.S. team, a formal step that underscores the shift in corporate identity.
Pivoting Away From a Strained Sector
The move away from pure crypto mining is well-timed. Bitcoin’s mining difficulty dropped noticeably in mid-June, while the cryptocurrency’s price languished for months below estimated production costs. Many rivals are operating deep in the red, forced to liquidate mined holdings just to stay afloat. Keel has responded by systematically selling down its own Bitcoin reserves and plowing the proceeds into tangible infrastructure.
Should investors sell immediately? Or is it worth buying Keel?
The goal is stable, predictable revenue from the booming AI sector. The company is building data centers with a planned capacity of 2.2 gigawatts and expects to generate its first revenue in 2027. Sites in Pennsylvania and Washington are progressing, but the market is waiting for the real catalyst: signed long-term lease agreements with large tenants.
Financing the Transformation
Investors have provided ample runway for the buildout. Keel raised $458 million through a convertible bond issuance in June, a deal that saw such strong demand the company upsized the offering. CFO Jonathan Mir reports total liquidity of around $533 million, enough to cover costs at the planned sites into 2028.
The balance sheet, however, carries notable risks. Cash stands at roughly $357 million against $580 million in debt. Operating cash flow is heavily negative: the company posted a free cash flow deficit of $75 million in the latest quarter. The expansion is expensive and will require patience from shareholders.
Keel at a turning point? This analysis reveals what investors need to know now.
Analyst Martin Toner at ATB Capital Markets rates the stock “Outperform” with a target of C$10. Some observers praise the potential of the AI infrastructure pivot, while others caution that valuations remain stretched and profitability is still years away. For now, the options market suggests the bulls are betting that the next big lease announcement — rather than the next Bitcoin price swing — will determine the stock’s direction in the months ahead.
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