Digital and energy infrastructure provider Keel Infrastructure has closed $458 million of convertible senior notes, with a portion of the proceeds earmarked for its data center projects.

The notes offering of $458m aggregate principal amount of 1.250 percent convertible senior notes was closed on June 9, due 2032. Initial purchasers have the option to exercise a further $58m in notes.

Keel will take $445.4m in net proceeds, after deducting initial purchasers’ discounts and commissions. The initial conversion price is around $7.41 per share of common stock, an approximate 25 percent premium on the sale price of $5.93 per share reported on June 4.

The remaining amount will be used for a number of purposes, including funding deposits for long-lead equipment and collateralizing letters of credit related to expanding and/or accelerating data center development projects.

Keel was launched in 2017 under the name Bitfarms. The company currently owns more than a dozen Bitcoin mining data centers across the US, Canada, and Argentina. In January 2026, the company said it would pivot towards AI and HPC data centers.

In April, the zoning board of Sharon, Pennsylvania, approved a planning proposal for a 110MW data center developed by Keel.

Keel says it has a pipeline of 2.2GW with an established grid connection already in place and is delivering scalable infrastructure solutions across Pennsylvania and Washington in the US, and Québec in Canada.