-- Keel Infrastructure (KEEL.TO), up 3.6% in U.S. pre-market trade, said Wednesday that it has closed the sale of its 70 MW site in Paso Pe, Paraguay, for total net proceeds of US$13 million, from an originally agreed price of up to US$30 million.
The revision reflects the deterioration in Bitcoin mining economics and "broader macro factors", the company said in a statement.
"This sale marks the end of a chapter. Keel Infrastructure now has a 100% North American portfolio, with zero Latin American exposure and no remaining non-core assets to manage or divest," said chief executive Ben Gagnon.
"The price adjustment reflects where Bitcoin mining economics stand today and our thesis remains the same. We brought forward roughly two to three years of estimated free cash flow under current market conditions, in cash, and upfront."
Gagnon said the capital will be immediately allocated to Keel's HPC/AI pipeline development, which the company expects will be able to generate much stronger returns.
Keel Infrastructure shares were last seen up US$0.10, to US$2.90, in New York trading.