Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Keel Infrastructure (KEEL) Halal?

FAIL

Keel Infrastructure · TSX: KEEL / Nasdaq: KEEL · Technology

The short answer

Keel Infrastructure Corp. (TSX: KEEL; Nasdaq: KEEL) - formerly Bitfarms Ltd., renamed April 1, 2026 (the BITF ticker is defunct; KEEL began trading April 6, 2026) - is a FAIL. The income gate fails: interest income of US$2,885K was about 9.5% of US$30,430K Q2 2026 revenue - above the ~5% ceiling. The debt gate fails: total long-term debt of US$1,025,829K is about 45% of the ~C$3.14B market cap (C$5.09, September 29, 2026) - above the ~33% ceiling. The business gate passes (digital infrastructure and energy for HPC/AI plus legacy Bitcoin mining; no standard prohibited segments; crypto scholarly-debate disclosed). The cash gate passes: US$715.5M cash is about 32% of market cap - just under the ceiling. It fails two gates independently; either one suffices. No Zoya, Musaffa or ShariaPortfolio coverage was found. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS (with crypto scholarly-debate disclosure)

Keel Infrastructure Corp. - formerly Bitfarms Ltd., US-redomiciled April 1, 2026 (the BITF ticker is defunct; it trades as TSX: KEEL and Nasdaq: KEEL since April 6, 2026) - describes itself as a North American digital infrastructure and energy company: data centers and energy infrastructure for high-performance computing and AI workloads, with a 2.2-gigawatt power pipeline (Moses Lake, Sharon, Panther Creek, Sherbrooke), plus legacy Bitcoin mining (US mining shut down June 29, 2026; Argentina and Paraguay exited) and electrical services in Québec. None of the standard AAOIFI prohibited business activities (conventional banking and insurance, alcohol, gambling, weapons, pork, adult entertainment) are part of its operations, and cryptocurrency mining is not on that prohibited list - so the business-activity gate passes on the standard screen, same as this site's Hut 8 screen. The crypto question itself is a genuine scholarly debate: some scholars treat Bitcoin as a permissible asset or commodity, others avoid it because of gharar (uncertainty). This page records those positions as facts and issues no fatwa. The deciding gates are the ratios, below.

Gate 2 — Debt and cash: FAIL (debt) / PASS (cash)

The debt component fails. At June 30, 2026 the company carried total long-term debt of US$1,025,829K (US$6,754K current portion plus US$1,019,075K long-term), including the 2025 and 2026 convertible senior notes - the 2026 notes issued in June 2026 raised net proceeds of US$444.5M - against a market cap of about C$3.14B (~US$2.26B; C$5.09, September 29, 2026; 617,573,212 shares outstanding per the 10-Q), or about 45% of market cap - above the ~33% ceiling. The cash component passes. Cash of US$715,516K is about 32% of market cap - just under the ~33% ceiling (restricted cash of US$53,377K excluded; Bitcoin held as digital assets of US$132,384K is not counted as cash/securities in this screen). Material: management said at a September 2026 investor conference that a recently completed convertible financing raised US$590M in proceeds - post-quarter debt not reflected in these Q2 figures, which would push the debt gate further over the ceiling. This is the same kind of debt-gate failure as this site's Rogers, Telus, Hydro One and Gran Tierra Energy screens.

Gate 3 — Non-compliant income: FAIL

The 10-Q reports interest income of US$2,885K against revenues of US$30,430K for Q2 2026 - 9.5% of revenue (H1 2026: US$6,608K of US$67,422K, or 9.8%), above the ~5% ceiling. Management's discussion attributes the increase to a higher average cash balance during Q2 2026 versus Q2 2025. This is non-operating treasury interest (a separate line in the income statement), distinct from Bitcoin-mining operating revenue, and it fails the income gate on its own. This is the decisive second gate alongside debt.

Key figures used

Frequently asked questions

Is Keel Infrastructure (KEEL) halal?

Our September 2026 screen gives Keel Infrastructure Corp. (TSX: KEEL; Nasdaq: KEEL) a FAIL. The business gate passes (with crypto scholarly-debate disclosure, same as this site's Hut 8 screen): digital infrastructure and energy for HPC/AI workloads plus legacy Bitcoin mining, with no conventional banking, insurance, alcohol, gambling, weapons, pork or adult entertainment in operations. The debt gate fails: total long-term debt of US$1,025,829K (US$6,754K current + US$1,019,075K long-term) is about 45% of the ~C$3.14B (~US$2.26B) market cap (C$5.09, September 29, 2026; 617,573,212 shares) - above the ~33% ceiling. The income gate fails: interest income of US$2,885K was about 9.5% of US$30,430K Q2 2026 revenue - above the ~5% ceiling. The cash gate passes: cash of US$715,516K is about 32% of market cap - just under the ~33% ceiling. The company fails two gates independently; either one suffices. Keel is the successor to Bitfarms Ltd. (renamed April 1, 2026; BITF ticker defunct; KEEL began trading April 6, 2026). No Zoya, Musaffa or ShariaPortfolio coverage for KEEL was found. This is a rules-based screening of published figures, not a religious ruling.

What happened to Bitfarms (BITF)?

Bitfarms Ltd. no longer exists as a listed issuer. Effective April 1, 2026, it completed a US redomiciliation via a statutory plan of arrangement: Keel Infrastructure Corp., a Delaware corporation, became the ultimate parent, and former Bitfarms shareholders received one Keel share per Bitfarms share. Keel is the SEC successor issuer to Bitfarms, and its common stock began trading under the symbol KEEL on Nasdaq and the TSX on April 6, 2026. The BITF ticker is defunct. The subsidiary formerly known as Bitfarms Ltd. was renamed Backbone Hosting Solutions Inc. on June 15, 2026. All of the figures in this screen come from Keel's Q2 2026 10-Q (quarter ended June 30, 2026), which presents a continuation of Bitfarms' historical financial statements.

Why does Keel fail the income gate?

Keel's Q2 2026 10-Q reports interest income of US$2,885K against revenues of US$30,430K for the quarter ended June 30, 2026 - 9.5% of revenue, against a ~5% ceiling (H1 2026: US$6,608K of US$67,422K, or 9.8%). Management's discussion attributes the increase to a higher average cash balance during Q2 2026 versus Q2 2025. Under AAOIFI-style screening, non-compliant income above ~5% of revenue fails the income gate; at ~9.5%, Keel fails on this gate alone. The interest is non-operating treasury income (separate line in the income statement), distinct from the Bitcoin-mining operating revenue.

Why does Keel fail the debt gate but pass the cash gate?

Debt: Keel carried total long-term debt of US$1,025,829K at June 30, 2026 (US$6,754K current portion plus US$1,019,075K long-term), including the 2025 and 2026 convertible notes (the 2026 notes issued in June 2026 raised net proceeds of US$444.5M). Against a market cap of about C$3.14B (~US$2.26B; C$5.09, September 29, 2026; 617,573,212 shares), debt is about 45% of market cap - above the ~33% ceiling. Cash: cash of US$715,516K is about 32% of market cap - just under the ~33% ceiling, so the cash component passes (restricted cash of US$53,377K excluded; Bitcoin held as digital assets of US$132,384K is not counted as cash/securities in this screen). Material: management said at a September 2026 conference that a recently completed convertible financing raised US$590M in proceeds - post-quarter debt not reflected in these Q2 figures.

What do Zoya, Musaffa or ShariaPortfolio say about KEEL?

No Zoya rating, no Musaffa stock page and no ShariaPortfolio coverage for Keel Infrastructure (KEEL) - or for the legacy Bitfarms BITF ticker - was found via web search. The figures behind this screen's result come from Keel's official Q2 2026 10-Q (quarter ended June 30, 2026), market data as of September 29, 2026, and reports of the company's rename and financing. The crypto question itself is a genuine scholarly debate: some scholars treat Bitcoin as a permissible asset or commodity, others avoid it because of gharar (uncertainty) - this page records those positions as facts and issues no fatwa.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.