Jun 11, 2026 | Posted by Abdul-Rahman Oladimeji
Digital and energy infrastructure provider Keel Infrastructure has completed a $458 million convertible senior notes offering, allocating part of the proceeds toward its data center developments. The offering, consisting of 1.250% convertible senior notes due 2032, closed on June 9. Initial purchasers also hold an option to acquire up to an additional $58 million in notes.
Keel will receive approximately $445.4 million in net proceeds, with the notes convertible at $7.41 per share, a 25% premium to its June 4 closing price. The funds will support equipment purchases and provide collateral for letters of credit related to expanding and accelerating its data center projects.
Founded in 2017 as Bitfarms, Keel operates more than a dozen Bitcoin mining data centers across the US, Canada, and Argentina. The company announced a shift toward AI and high-performance computing (HPC) data centers in January 2026. Keel has since advanced its expansion plans, securing approval in April for a 110MW data center project in Sharon, Pennsylvania. The company says it has a 2.2GW development pipeline with existing grid connections and is building infrastructure projects across Pennsylvania, Washington, and Québec.