Keel Infrastructure Plans $400 Million Convertible Preferred Notes Offering, Expected to Close Around June 9, 2026

Keel Infrastructure, a Nasdaq-listed Bitcoin mining company formerly known as Bitfarms, said it plans to raise $400 million through an offering of convertible preferred notes. According to ChainCatcher, the company expects the offering to close around June 9, 2026, subject to market conditions and other closing requirements. Keel said proceeds will be used to pay costs related to capped call transactions and for general corporate purposes, including long-term equipment deposits and credit support tied to data center construction. If underwriters exercise an option to increase the offering size, the company said part of the additional net proceeds would fund additional capped call transactions, with the remainder used for general corporate purposes.