KEEL is pivoting from bitcoin mining to AI/HPC data centers with secured power assets (2.2 GW pipeline) at strategic sites like Sharon and Panther Creek. The bull case hinges on landing major AI leases by end of 2026, which would re-rate the company as markets value power assets over mining; management execution could drive 2-10x returns.
KEEL Jan 15 2027 $5 calls are a bullish bet on the data center lease deal closures expected by end of 2026 catalyzing a significant stock move higher.
KEEL is pivoting from crypto to AI data center infrastructure with 2 GW of energy already secured and 3 lease deals expected by end of 2026. The combination of low market cap ($2.5B), strong cash position through 2028 limiting dilution, and comparables like NBIS/HUT that have already run up significantly suggest 2-3x returns by end of 2025 and potential 10x by end of 2028 once operational.
Author holds 4.00 calls expiring 5/15 on KEEL (formerly BITF), already in-the-money ahead of Monday earnings. Expects strong upside run on earnings beat.
Keel (formerly Bitfarms) redomiciled to the US, trades at 70 cents per watt versus $4-23 per watt for peers, and holds 2.2 GW pipeline with 400 MW secured power. Management is advancing deals at flagship sites (Panther Creek, Sharon); when a tenant agreement is signed, the stock should re-rate significantly higher.
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