Jim Cramer urges keeping a close eye on KEEL stock, as BTIG initiates with a first “Buy” rating

Jim Cramer recommended Keel Infrastructure (KEEL) stock to investors on his July 22 episode of “Mad Money.” The company, formerly a Canadian bitcoin miner, Bitfarms, completed its transition to an AI data center developer in April this year. On the same day, BTIG initiated coverage of KEEL with a “Buy” rating and a target price of $8.

BTIG Initiates a “Buy” Rating With an $8 Target Price

In its initial coverage report released on July 22, BTIG assigned KEEL a “Buy” rating and set a target price of $8, implying roughly 72% upside versus the $4.65 closing price on the same day.

BTIG’s key rationale includes: Keel’s power business portfolio was identified as a key asset; this year, about 10 custody agreements have been signed with hyperscale data center and AI enterprise customers, for a total capacity of about 2 gigawatts. However, BTIG also noted that KEEL has yet to secure its first hyperscale data center custody agreement, which is an execution risk metric closely watched by analysts.

Situational Awareness LP Adds 188% in Q1 2026

According to Q1 2026 regulatory filings, the Situational Awareness LP fund, managed by AI researcher Leopold Aschenbrenner, sharply increased its KEEL stake in Q1 2026 from about 6.9 million shares to nearly 20 million shares, a gain of 188%. Cramer highlighted this institutional accumulation trend in the program as a basis for his recommendation.

Notably, Situational Awareness’s KEEL stake buildup began more than a quarter of a year earlier than Cramer’s recommendation.

KEEL Fundamentals: Debt-to-Equity Ratio Above 140%

Based on publicly available financial data, KEEL’s main financial and market metrics are as follows:

Rise % YTD 2026: nearly 100%

July 22 closing price: $4.65

52-week price range: $0.98 to $7.37

Debt-to-equity ratio: above 140%

Free cash flow: negative

Power pipeline: 2.2 gigawatts (Pennsylvania, Washington State, Quebec)

Hyperscale customer agreements: has not yet obtained its first agreement

FAQ

What are BTIG’s rating and target price for KEEL stock?

According to BTIG’s initial coverage report dated July 22, KEEL was given a “Buy” rating with a target price of $8, implying roughly 72% upside versus the $4.65 closing price on the same day; BTIG said the power business portfolio is the core asset.

What is the change in Situational Awareness LP’s KEEL holdings?

According to the Q1 2026 regulatory filing, Situational Awareness LP, managed by Leopold Aschenbrenner, increased its KEEL stake from 6.9 million shares to nearly 20 million shares, a rise of 188%.

What company is Keel Infrastructure, and what does it rename from?

According to the original report, Keel Infrastructure (KEEL) is the renamed successor of Canadian bitcoin miner Bitfarms. In April this year, it completed its transition from a bitcoin mining company to an AI data center developer.