Key points
- Keel Infrastructure's (KEEL) chief operating officer filed a second Form 4 in three days on Aug. 20, buying more stock at $3.25.
- That's about 14% below the $3.78 he paid on Aug. 17.
- His direct stake is up 131% in about a week, and neither filing has the 10b5-1 box checked.
A Form 4 landed for Keel Infrastructure (KEEL) on Thursday, and it wasn't the first one this week from the same person. Liam Wilson, the company's chief operating officer, bought KEEL on Aug. 17, then came back three days later and bought more shares than he'd bought the first time. What made me pull the second filing is the price: he paid less the second time.
The first batch on Aug. 17 priced at $3.78, while the second batch came in at a $3.25 weighted average per the filing's own footnote, in a range of $3.24 to $3.25 and about 14% cheaper than the first.
| Insider | Role | Date | Shares | Price | Value | 10b5-1 plan? |
|---|---|---|---|---|---|---|
| Ben Gagnon | CEO, director | Aug. 13 | 58,888 | $3.33 (avg) | $196,097 | No |
| Liam Wilson | COO | Aug. 17 | 26,472 | $3.78 | $100,064 | No |
| Liam Wilson | COO | Aug. 20 | 30,769 | $3.25 (avg) | $99,999 | No |
Wilson chose both purchase dates himself: the Rule 10b5-1 box sits blank on both Form 4s. Ben Gagnon, the CEO, bought earlier the same week on Aug. 13, also on a date he set himself. Between the two of them Keel's top two executives have put close to $400,000 into the stock over seven days.
Wilson's stake, before and after
Before any of this Wilson held 43,737 shares directly. The Aug. 17 purchase took him to 70,209 and Thursday's purchase took him to 100,978, up 131% in about a week. All of it came from buying on the open market.
Where KEEL has been trading
KEEL closed at $3.77 on Monday, the day of Wilson's first purchase, then dropped to $3.16 the next day and closed at $3.25 on Wednesday; it closed at $3.37 on Thursday, the day of Wilson's second purchase.
It remains well below the $6.66 close it reached back on June 22, before Keel's move away from Bitcoin mining ran into a rough second-quarter report on Aug. 10; a Form 4, though, only states what happened and at what price, and leaves the reason to the reader.
What's here is two purchases from the same person three days apart, priced about 14% apart; a similar move came from the CEO the week before, on a date he set for himself too.
The first two purchases and Keel's rough second quarter are covered in a piece from last week. Keel is one of several former Bitcoin miners chasing AI and data center tenants, a shift that also lifted IREN in July.
I found a similar repeat-buying pattern this month at Nokia, where five insiders have bought again and again since April. Fresh KEEL filings post to our insider tracker as they land.
Sources
- SEC Form 4 for Liam Daniel Wilson filed Aug. 20, 2026 (accession 0001812477-26-000029): 30,769 shares bought Aug. 20 at a $3.25 weighted average ($3.24 to $3.25), 100,978 shares held directly afterward, 10b5-1 box unchecked
- SEC Form 4 for Liam Daniel Wilson filed Aug. 17, 2026 (accession 0001812477-26-000027): 26,472 shares bought Aug. 17 at $3.78, 70,209 shares held directly afterward, 10b5-1 box unchecked
- SEC Form 4 for Benjamin Gagnon filed Aug. 14, 2026 (accession 0001812477-26-000025): 58,888 shares bought Aug. 13 at a $3.33 weighted average, 1,347,736 shares held directly afterward, 10b5-1 box unchecked
- KEEL daily closing prices via live market data: Aug. 17 $3.77, Aug. 18 $3.16, Aug. 19 $3.25, Aug. 20 $3.37
This is not investment advice. Do your own research before trading any stock mentioned here.
Last updated Aug. 20, 2026.
