Jim Cramer highlighted Keel Infrastructure (KEEL) on his July 22 Mad Money episode, pointing to a hedge fund's expanding stake. The same day, BTIG initiated coverage with a Buy rating and an $8 price target — implying roughly 72% upside from the $4.65 close. The stock is up almost 100% in 2026, but the company has yet to land its first hyperscale colocation contract.
The hedge fund that moved
Situational Awareness LP, a fund run by AI researcher Leopold Aschenbrenner, increased its KEEL position by 188% in Q1 2026. It now holds nearly 20 million shares, up from about 6.9 million. That kind of concentrated bet from a fund with a research-driven focus on AI infrastructure caught Cramer's attention — and likely BTIG's as well.
From Bitcoin miner to AI developer
Keel Infrastructure is the rebranded successor to Bitfarms. The company completed its shift from a Canadian Bitcoin miner to a Delaware-based AI infrastructure developer in April 2026. It controls a 2.2 gigawatt power pipeline across Pennsylvania, Washington, and Quebec. That's a lot of potential capacity, but the market is waiting for a signed hyperscale colocation deal — the kind of contract that would validate the pivot. Across the sector this year, hyperscalers and AI enterprise customers have signed about 10 colocation deals totaling roughly 2 gigawatts.
The risks Cramer didn't mention
Keel carries a debt-to-equity ratio above 140% and negative free cash flow. That's a heavy load for a company still proving its new business model. Cramer's previous tech calls have been followed by declines — Intel dropped hours after he named it his favorite stock. The timing isn't great for a high-debt, pre-revenue story, but the stock's 52-week range of $0.98 to $7.37 shows how far it's already come.
BTIG and other analysts are watching for Keel's first hyperscale colocation contract as the key catalyst. The company has the power pipeline; now it needs a customer. With the stock at $4.65 and the target at $8, the market is pricing in that deal happening — but it hasn't happened yet.
