Keel Infrastructure Corp. (formerly Bitfarms) (BITF)

The sleeper story is that Vera Rubin is an engineering nightmare they're betting the entire company on, despite zero customers having hardware and specs changing in real-time. Yes, they have $533M in liquidity, but they're burning $25M quarterly with zero leases signed and permits slipping to 'mid-late summer' while still mining Bitcoin at 14 exahash despite promising an accelerated exit. The binding constraint isn't power or permits, it's that nobody has signed a lease yet despite months of 'active conversations.' Management's tell: 'We would expect to have an ATM in place at some point this year.' My view changes if they sign even one binding lease with an investment-grade tenant in Q2.