Russell 3000 Entry Boosts Keel’s Volume, but the Real Test Hinges on Lease Signatures
Veröffentlicht: 27.06.2026 um 07:06 Uhr, Redaktion boerse-global.de
Keel Infrastructure enjoyed a fleeting moment of index-driven demand this week, but the underlying narrative remains a high-stakes race between a ballooning pipeline of power assets and a cash-burning balance sheet that has yet to generate a dollar of AI-related lease revenue.
The former Bitfarms, which completed its rebranding on April 1, 2026, was added to the preliminary list for the Russell 3000 on June 18. The annual rebalancing took effect after the close on June 26, triggering a wave of mechanical buying from funds tracking the widely followed index. FTSE Russell estimates that $12.2 trillion in assets are either invested in or benchmarked to its Russell family of indexes. By mid-afternoon on the rebalancing day, trading volume in Keel shares had surged past 29 million, a figure far above the stock’s typical daily turnover. The price edged up 2.56% to $6.02, with an intraday range of $5.50 to $6.15 and a market capitalisation of $3.64 billion.
Index inclusion is a one-off event, however. The real question for Keel is whether the additional institutional visibility will translate into lasting investor conviction once the rebalancing dust settles. That conviction, in turn, depends on a single, unproven variable: the ability to convert a 2.2-gigawatt development pipeline into signed, long-term leases with hyperscalers or other AI tenants.
The company’s strategic logic is compelling on paper. Electricity has become the scarcest resource in the AI boom, with US data centre spending reaching $49.5 billion in the first four months of 2026 alone — nearly four times the year-ago level. Demand could hit 45 gigawatts by 2030, doubling 2024 consumption. Keel controls grid connections in Pennsylvania, Washington and Québec, and holds 341 megawatts of energised capacity, with another 430 megawatts secured. The barriers to replicating those hookups are high: local authorities rejected more than 70 data centre projects in the first third of 2026, exceeding the total rejections in all of 2025.
Should investors sell immediately? Or is it worth buying Keel?
But the transition from crypto miner to infrastructure landlord is expensive, and the financial statements show every stitch of the operation. First-quarter revenue dropped to $36.99 million, while the operating loss nearly tripled to $98.39 million and the net loss widened to $145.35 million. Keel still carries $357.3 million in cash against $573.2 million in long-term debt. The company insists it is funded through 2028, but that cash cushion relies on the assumption that new leases will eventually materialise — and that the legacy Bitcoin-mining business, now wound down, will not be needed to plug gaps.
Indeed, Keel has already sold its 70-megawatt site in Paraguay and liquidated 269 bitcoin between January and May, raising $20 million. The portfolio now consists entirely of North American assets. The priority for the remainder of 2026 is to sign leases at three sites: Panther Creek, Sharon and Moses Lake. Management expects first lease revenue no earlier than 2027, meaning the company will have to burn through another year of losses without any contribution from the new business line.
The stock’s recent price action reflects this tension. After surging from around $5 at the end of May to above $7.16 by late June — fuelled by the general AI euphoria and the Russell listing — shares retreated sharply to close at $5.87 before the rebalancing day. The intraday volatility has been extreme: a single session on the rebalancing day saw a spread of nearly 90 cents between the open and the low.
Keel at a turning point? This analysis reveals what investors need to know now.
Keel’s next public appearance is the Needham AI Infrastructure Conference on August 12. The company has not announced any new customer agreements or financing since closing a convertible note deal in early June. For now, the market is left to weigh a real asset — scarce grid capacity in high-demand corridors — against a financial profile that remains deeply in the red. Investors are betting that signatures will arrive before the clock on that cash cushion runs out. So far, the pen has not moved.
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