Key points
- Keel Infrastructure CEO Ben Gagnon bought about $196,000 of KEEL stock on Aug. 13, and COO Liam Wilson added about $100,000 on Aug. 17.
- Neither purchase ran on a 10b5-1 plan. Both executives picked the dates themselves.
- The buying came days after Keel reported revenue down 50%, with KEEL about 44% below its June high.
Two Keel Infrastructure (KEEL) executives bought stock in the open market, one last Thursday and one on Monday, about $296,000 between them, and the timing is what made me pull the filings. The company had put out second-quarter numbers on Aug. 10, revenue down 50% and a $140.8 million operating loss, and the first buy came in three days later.
Keel used to be Bitfarms. The Bitcoin miner adopted its new name at the end of March 2026 while shifting away from crypto mining and toward data centers for AI and high-performance computing. It now describes itself as a digital infrastructure and energy developer. The company has a 2.2 gigawatt pipeline spanning Pennsylvania, Washington State and Quebec, and its shares trade in both Toronto and on Nasdaq.
Ben Gagnon, the CEO and a director, bought first. According to his Form 4, he paid a weighted average of $3.33 for 58,888 shares on Aug. 13. The purchase was worth about $196,000 and raised his direct ownership to 1,347,736 shares.
Liam Wilson filed four days afterward. On Aug. 17, he bought 26,472 shares at $3.78, spending about $100,000. He entered the trade with 43,737 shares and left it holding 70,209.
| 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 |
The Rule 10b5-1 checkbox near the top of a Form 4 tells you whether an insider made the trade under a schedule established in advance. Neither filing has that box checked. Gagnon saw KEEL on Aug. 13, when it closed at $3.31, and elected to buy. Wilson made the same choice on Monday with the shares at $3.78.
Where KEEL was trading
KEEL reached $7.37 intraday on June 22 before finishing the session at $6.66. It closed at $3.31 on Aug. 13, about 50% below that June close. Some of the decline followed the Aug. 10 quarterly report: the shares dropped 12.4% that day, falling from $3.88 to $3.40. Gagnon bought at the low end of that move.
On Monday, Aug. 17, KEEL rebounded 7.1% and closed at $3.76. Wilson bought that day at nearly the same price. The bounce still left the stock about 44% below its June high. It was also comfortably above the 52-week low of $1.18, recorded in August 2025 before the new strategy took hold.
What did KEEL's second quarter look like?
Keel's income statement was ugly. Second-quarter revenue fell 50% from a year earlier to $30.4 million. The company blamed lower Bitcoin prices and the April closure of its mining operation in Moses Lake, Washington. Its $140.8 million operating loss included $84.1 million in non-cash depreciation. Adjusted EBITDA moved from positive $6.6 million a year ago to negative $23.7 million, while hiring for the buildout helped push general and administrative expenses up 62% to $31.3 million. Keel has decommissioned every U.S. Bitcoin mining operation to make the locations available for data center construction.
The balance sheet tells a different story. Keel raised $458 million through a convertible note offering during the quarter and reported $819 million of total liquidity as of Aug. 7, made up of $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. It sold 1,085 Bitcoin for $75 million between April and early August and still holds 1,861 BTC. "We are better capitalized today than at any point in our Company's history," CFO Jonathan Mir said in the earnings release.
On the development side, the company said zoning and land approvals came through at its Panther Creek and Sharon sites in Pennsylvania, the first Vertiv equipment modules arrived at Moses Lake, and it signed an agreement with Hydro-Sherbrooke covering the conditional transfer of 96 megawatts of capacity for a data center project in Sherbrooke, Quebec. Keel is one of several former Bitcoin miners chasing AI tenants for their power, a group we covered when the whole cohort rallied in July and one where a signed lease can move the stock the way IREN's $2.8 billion in contracts did. None of Keel's three priority sites has a signed tenant yet.
Gagnon addressed that directly in the release. "Power is the constraint. Everything else is downstream of it," he said. "Today all three of our priority sites are nearing full permitting with multiple prospective tenants negotiating for each one. With $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington, we are negotiating from a position of strength."
Fresh KEEL filings reach our insider tracker as they post, and the company's full filing history sits on its KEEL stock page.
Sources
- SEC Form 4 for Benjamin Gagnon, CEO and director of Keel Infrastructure Corp., filed Aug. 14, 2026 (accession 0001812477-26-000025): 58,888 shares bought Aug. 13 at a $3.33 weighted average ($3.32 to $3.33), 1,347,736 shares held directly afterward, 10b5-1 box unchecked
- SEC Form 4 for Liam Daniel Wilson, COO, 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
- Keel Infrastructure Q2 2026 earnings release, Aug. 10, 2026 (8-K, accession 0001812477-26-000021): revenue $30.4 million (down 50%), operating loss $140.8 million, adjusted EBITDA negative $23.7 million, $819 million liquidity as of Aug. 7, Gagnon and Mir quotes
- KEEL daily prices, Nasdaq: June 22 intraday high $7.37 and close $6.66, Aug. 10 close $3.40 (down 12.4%), Aug. 13 close $3.31, Aug. 17 close $3.76 (up 7.1%)
- SEC EDGAR company record CIK 0001812477: former name Bitfarms Ltd through March 31, 2026
