Introduction: The Realization of Faith and the Art of Financial Reports

On November 6, 2026, as we carefully studied the financial reports of these two mining companies, we found that the cryptocurrency mining industry has reached a crossroads. Once, Bitfarms (now Keel) and Core Scientific were steadfast Bitcoin miners, aiming to acquire and hold as much BTC as possible. But today, Keel has smashed the piggy bank, holding nearly two hundred million U.S. dollars to embrace the era of computational power brought by Jensen Huang and OpenAI; meanwhile, Core Scientific has mastered the rules of Wall Street, creating over 1.1 billion dollars of "non-cash wealth" through the fluctuations in warrant values. This indicates that publicly listed mining companies have completely transformed—becoming either AI contractors or players in financial derivatives.

1. Keel's 192 Million Dollar Cash-Out: The Ultimate Awakening of Heavy Asset Industry

Keel Infrastructure (formerly Bitfarms) emptying their holdings of 2,520 Bitcoins is arguably the most tragic yet clear-sighted strategic shift of this financial reporting season. For a long time, "holding mined Bitcoins (HODL)" was the only politically correct way for North American listed mining companies to attract investors. However, Keel's management has seen through the harsh reality during the halving cycle: mining difficulty is increasing exponentially, the profit margins from pure SHA-256 mining are being infinitely compressed, and accumulated Bitcoins on the balance sheet, if not sold, will forever remain a pile of non-cash-generating dead assets. Meanwhile, the global demand for HPC (High-Performance Computing) data centers for training AI large models is at an explosive stage. Keel possesses extremely valuable power grid connection quotas and experience in building physical data centers. Therefore, the company decisively converted 2,520 Bitcoins into 192 million dollars in cash at a high macro level. This substantial sum will become the strongest ammunition for its transformation into an AI data center. Announcing that future mining will be "produced and sold immediately" means Keel has completely stripped away the speculative attributes of crypto spot trading and returned to being a traditional infrastructure company relying on earning stable service fees and providing physical energy. Using the dividends of the previous era (BTC) to buy a ticket to the next era (AI), Keel's turnaround is exceptionally graceful.

2. Core Scientific's Billion-Dollar Valuation Code: Warrant's "Reverse Dividend"

In contrast to Keel's down-to-earth approach, Core Scientific's financial report is a thrilling tightrope walk in finance. How can a company with quarterly revenue of 233 million dollars generate a net profit of 1.178 billion dollars? The answer lies in its complex history of capital restructuring and warrant terms. Typically, when a company's stock price soars in a crypto bull market, previously issued warrants (which give investors the right to buy stock at a lower price) are seen as potential liabilities for the company. However, under complex fair value accounting adjustments, the value changes of these liabilities can be reflected as "non-cash income" on the income statement under specific exercise expectations and stock price models. In other words, Core Scientific did not actually earn this 1.1 billion dollars in cash in reality. But this paper profit is extremely lethal for the U.S. stock market. It can instantly lower the company’s price-to-earnings ratio (P/E), making financial indicators appear extremely attractive and thus attracting a large number of quantitative funds and passive index buy orders. This accounting magic based on derivative rules is the highest embodiment of how crypto concept stocks arm themselves within the Wall Street system, while also placing extremely high demands on retail investors' ability to discern.

The market upheaval on November 5 revealed the ruthlessness and rationality of crypto capital to us. In this race, no company will martyr itself for simply "faith." Tron is buying because it must defend its public chain user base; Core Scientific's profits soar because it has tamed Wall Street's financial rules; while Keel emptying its bottom warehouse uses the most basic business logic to tell us: when the market value of a digital asset is large enough, selling it to exchange for real-world steel, electricity, and AI computational power is the strongest closed loop for capital appreciation.

Data source: https://bbx.com/ Crypto concept stock information database, organized based on yesterday's global public company announcements and SEC/TSE disclosure documents.

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