With AI Deals in Focus, Keel CEO Buys $200,000 of Stock on Dip

Keel Infrastructure (NASDAQ: KEEL) CEO Ben Gagnon has bought 58,888 company shares after the Bitcoin mining, and AI data center developer’s stock declined following its second-quarter results.

Gagnon acquired the shares on Aug. 13 at a weighted-average price of $3.33, resulting in a purchase price of about $196,097, according to a Form 4 filed with the SEC on Friday. The shares were bought in multiple transactions at prices ranging from $3.32 to $3.33. Gagnon’s directly owned stake increased about 4.6% to 1,347,736 shares from 1,288,848.

The filing classifies the transaction with code “P,” which the SEC defines as an open-market or private purchase. The prices were within Keel’s Nasdaq trading range of $3.29 to $3.67 on Aug. 13, making the transaction consistent with an open-market secondary-market purchase.

The purchase came three days after Keel reported second-quarter revenue of $30 million, down 50% from a year earlier, as it shut bitcoin mining operations and continued its shift toward infrastructure for high-performance computing and AI customers.

Keel shares fell 12% to $3.40 on Aug. 10, the day the results were released, from $3.88 in the previous session. The stock closed at $3.31 on the purchase date before rebounding 6% to $3.51 on Aug. 14, according to Nasdaq trading data. The latest close remained about 9.5% below its pre-earnings level and roughly 52% below its 52-week high of $7.37.

Formerly known as Bitfarms, Keel completed its US redomiciliation and rebranding in April. The company is winding down legacy Bitcoin mining and developing a 2.2-gigawatt data-center and energy-infrastructure pipeline across Pennsylvania, Washington state and Québec.