Keel Infrastructure Corp. (formerly Bitfarms) (BITF)

Bitfarms is executing a faith-based pivot to HPC that's running 6 months behind their narrative. While the Macquarie financing validates the strategy directionally, the master site plans aren't done, equipment isn't ordered, and customer conversations are preliminary despite owning these sites since March. The binding constraint isn't power or location, it's execution capability and customer acquisition in a market where every Bitcoin miner is chasing the same hyperscaler dollars. Management's admission that customer diligence takes 9-12 months means no HPC revenue until late 2026 while they burn $6M/month. My view changes if they announce a signed LOI with a named hyperscaler or demonstrate meaningful progress on master site plans by end of Q2.