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Bit Digital vs Keel Infrastructure: BTBT and KEEL compared
Bit Digital is the larger company: $32.1M of revenue in its latest quarter (Q2 2026) against $27.6M for Keel Infrastructure (Q3 2026). Bit Digital is growing faster (+25% against -59% a year earlier). Keel Infrastructure is more profitable, with an operating margin of -27.8% against -257.3%.
Where the money goes: BTBT and KEEL
Bit Digital (BTBT) · Q2 2026
Bit Digital, Q2 2026: revenue $32.1M (+25% year over year), operating margin -257.3%, net loss $112M, operating cash flow $47.9M. The chart follows the revenue to costs, profit and cash.
Keel Infrastructure (KEEL) · Q3 2026
Keel Infrastructure, Q3 2026: revenue $27.6M (-59% year over year), operating margin -27.8%, net loss $62.7M, operating cash flow −$41.9M. The chart follows the revenue to costs, profit and cash.
| Bit Digital (BTBT) | Keel Infrastructure (KEEL) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $32.1M | $27.6M |
| Revenue growth, Y/Y | +25% | -59% |
| Operating margin | -257.3% | -27.8% |
| Net earnings | −$112M | −$62.7M |
| Net margin | -347.7% | -227.2% |
| Operating cash flow | $47.9M | −$41.9M |
Where the revenue comes from
Bit Digital
- Cloud services: $23.8M (74%)
- Colocation services: $4.7M (15%)
- Digital asset mining: $2.4M (7%)
- ETH staking: $903K (3%)
Keel Infrastructure
- Bitcoin Mining: $18.9M (69%)
- Energy sales: $7.1M (26%)
- Electrical services: $1.6M (6%)
Questions
Which is bigger, Bit Digital or Keel Infrastructure?
Bit Digital is the larger company: $32.1M of revenue in its latest quarter (Q2 2026) against $27.6M for Keel Infrastructure (Q3 2026).
Is Bit Digital or Keel Infrastructure growing faster?
Bit Digital is growing faster (+25% against -59% a year earlier).
Which is more profitable, Bit Digital or Keel Infrastructure?
Keel Infrastructure is more profitable, with an operating margin of -27.8% against -257.3%.
More: Bit Digital earnings · how Bit Digital makes money · Keel Infrastructure earnings · how Keel Infrastructure makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 13, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.