Riot signs a huge lease. Plus, analysis on Keel’s (lack of) deal flow, Bitdeer’s earnings, and bank ratings.
Will we see three deals for KEEL this year?
Keel Infrastructure (NASDAQ: KEEL), formerly known as Bitfarms, made a splash last year with a meteoric rise in its stock price.
A few months after announcing its intention to move from bitcoin mining to AI/HPC, coupled with its redomiciling to the U.S., the market reacted warmly. The stock shot from around a $1 per share to over $7 in as little as a few weeks.
A little over one year later, and investors in KEEL are waiting on the long-anticipated delivery of its first AI lease.
Adding to the excitement, Keel CEO Ben Gagnon recently stated on an industry podcast that the market should anticipate not one, but three lease signings in 2026.
This promise had some weight behind it, as Keel has three distinct sites in advanced stages of development. As peers — including perceived laggards — rifle off leases, it seemed likely Keel would close a deal soon.
The issue? Well, government and inertia.
As it happens, all three sites are tied up in permitting and zoning issues. And with data centers becoming a national, bipartisan issue, there’s some concern that these dates could continue to slip.
Asked directly whether Keel still expects three lease signings in 2026 on Keel’s earnings call, Gagnon declined to reaffirm the target, saying only that negotiations remain active across all three sites. It’s not a matter of interested buyers, Gagnon said, but one of process. He expects "interest from the very largest players to deepen as the site reaches execution-ready status on permitting," adding, "that is the pattern in this market: the bigger the counterparty, the more they value certainty."
Gagnon urged patience to his investors, noting that “a lease is not a trophy for a press release.” Certainly not. But the market is also hungry for the right press releases to show execution.
Analysts have framed Texas Governor Greg Abbott’s data center audit for ERCOT’s Batch Zero as potentially a favorable turn of events for developers outside of the Lone Stare state including Keel. While they are stuck in the permit office, there’s a +400 GW queue down in Texas. Which one do you think moves faster?
In the News
Riot Platforms signs $9.1 billion, 191 MW AI lease at Rockdale, signs LOI for 1 GW Corsicana site: Q2 Earnings
Riot Platforms (NASDAQ: RIOT) entered into a 20-year agreement at its Rockdale, Texas, campus covering 191 MW of critical IT capacity with an unnamed frontier AI lab. Riot also said second-quarter revenue came in at $174.2 million, a 14% increase from $153 million a year earlier.
Riot CEO Jason Les further stated on Monday's earnings call that the firm also signed an LOI with an unnamed tenant at the Corsicana facility, a 1 GW facility in Texas.
Bitdeer revenue rises 47%
Bitdeer reported $228.8 million of second-quarter revenue, up 47% from last year. Its net loss widened to $92.3 million.
Self-mining produced $168.4 million of revenue. AI Cloud revenue rose to $14 million from $1.3 million. The company spent $266 million on capital projects during the quarter. Borrowings reached $1.8 billion.
KEEL Q2 revenue falls 50% as liquidity reaches $819 million: Q2 Earnings
KEEL (NASDAQ/TSX: KEEL), formerly Bitfarms, reported second-quarter revenue from continuing legacy operations of $30.4 million on Monday, down 50% from $60.9 million a year earlier.
The Daily Meme
Before you go, do you mind filling out this quick survey? It truly helps us understand who is reading plus listening to Blockspace!