KEEL Stock Plunges On $350M Debt Offering: Retail Just Wants To Buy The Dip

• Keel also said that in connection with the offering, it expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers to hedge potential dilution.
• The company said it intends to use the proceeds to fund the capped call transactions and for general corporate purposes, including data center expansion projects.
• Last week, CEO Benjamin Gagnon said the company had engaged with an unusually high number of investors following its first-quarter earnings call.

Shares of Keel Infrastructure Corp. (KEEL) plunged nearly 8% in overnight trading on Thursday, extending declines from the market close following the company's announcement of a significant debt offering.

The digital and energy infrastructure company said on Thursday that it intends to offer $350 million in convertible senior notes due in 2032, with an option for initial buyers to purchase an additional $58 million of the notes.

Following the announcement, the company jumped onto the retail radar, with a 98% surge in message volumes on Stocktwits as investors actively discussed the impact of the offering, with some anticipating a major contract announcement.

KEEL Debt Details

The company said that the notes will be fully guaranteed by Bitfarms Ltd., a wholly owned subsidiary of Keel. The convertible notes will be senior unsecured debt obligations and will pay interest semi-annually.

Keel also said that in connection with the offering, it expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers to hedge potential dilution.

Keel said it intends to use the proceeds from the offering to fund the capped call transactions and for general corporate purposes, including deposits for long-lead equipment and data center expansion projects.

Deal Speculation

Keel Infrastructure, formerly known as Bitfarms Ltd., has drawn significant speculation about a potential data center lease with a major hyperscaler, following CEO Benjamin Gagnon's remarks earlier this week that the company had engaged with an unusually high number of investors during its first-quarter earnings call.

“We have now spoken with 129 investors since our Q1 earnings call on May 11. For comparison in the entirety of 2025, we met with 168 investors,” Gagnon said in a post on X last week.  “While we always strive to make ourselves accessible to investors, we have to pump the brakes on further investor calls.”

KEEL Stock: Retail Stance

On Stocktwits, retail sentiment around the company stayed in the ‘extremely bullish’ territory over the past week amid ‘high’ message volumes.

One bullish user praised the debt offering and predicted a price hike for the company’s shares. They said, “offering are smart in this market ; it will get gobbled up and we will probably be back to 6+ by tmrw or early next week ; this is a $20 stock.”

Another bullish user said, “IT MEANS THEY HAVE DEALS!!!!!!!!”

A third user advised buying the dip as “THIS IS THE LAAAST CHANCE TO BUY IN THAT LEVELS.”

A fourth user called the move a “a classic setup moment,” adding that “what they’re funding” is the “core story.”

KEEL stock has rallied 128% so far in 2026.

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