Stephen Zeiner

Panther Creek Groundbreaking Mystery Solved? Unpacking the rationale provided for why nothing has happened at Panther Creek. => youtu.be/RfTvMt4wMXc re: $KEEL Shout out to @McnallieM for an excellent interview with the CEO of @Bitfarms_io (Keel Infrastructure).

Shhh. Can you guys keep a secret? While doing a deep dive into the world of US Fish and Wildlife permitting regarding the proposed $KEEL (f/k/a $BITF) HPC/AI data center at Panther Creek, I stumbled into this public notice in the PA Bulletin. It's past 10pm, so more tomorrow.

@Filmdaddy77 Hi Joe! Interesting. I'm practically on top of Panther Creek, and about 4 1/2 - 5 1/2 hours from Scrubgrass/Sharon. I'm in Montreal relatively often enough, so the Quebec sites are in range. I was kinda low-key hoping you might be closer to Moses Lake. More soon! 😃

@StephenZeiner Hey Stephen. Definitely understand why the market is skeptical. And yes I live about 5 hours from Moses Lake. Hoping to take a visit out there sometime this year. Ben told me he would invite me out for a tour once it’s ready.

$3.70 is still undervalued but it’s where we should be now. $BITF

@McnallieM @Bitfarms_io The shutdown was from Oct 1 '25 - Nov 12, '25. 43 total days. 31 working days. By April 12, 2026 it'll be 5 months since the government reopened. Uncle Sam can be highly inefficient, but a 5 month backlog for a supposedly simple, uncontroversial permit? I'll keep digging. 😀

Panther Creek Groundbreaking Mystery Solved? Unpacking the rationale provided for why nothing has happened at Panther Creek. => youtu.be/RfTvMt4wMXc re: $KEEL Shout out to @McnallieM for an excellent interview with the CEO of @Bitfarms_io (Keel Infrastructure).

“I want to thank our shareholders for their continued support through this transformation, and our Keel Crew —whose deep expertise, dedication, and focus drive our momentum forward and provide the stability that defines this company." (Source: globenewswire.com/news-release/2…)

@TheAlucardofX True! I’ve long had a side thing going with $WULF… if/when macro sorts itself out, it wouldn’t surprise me if they’re back up to $17+ and counting. Thing is, $KEEL is theoretically an easy double (possibly triple) from these depressed levels… if they get the job done.

@StephenZeiner Every other quality player in the space is on discount, get out of this mess and buy quality. You don’t need to live like this lol, constantly questioning and worried about if they will deliver on the basics.

As the $KEEL Turns... no deal announcement! 😅 We got some clarity: no GPUaaS at Moses Lake. It's gonna be straight CoLo. I'm impressed that the questions on the investor presentation and fireside chat were VERY deal/timeline focused. Full Broadcast: => youtu.be/6KRMJNLNsf4

@BxBoy12465 @McnallieM For context, here's the Q3 2025 slide. If you enable audio, you'll hear Ben's exact wording during the Q3 2025 investor presentation. Ben predicted/believed ground breaking at Panther Creek would happen in December 2025. It's totally fair to ask about this in a friendly way. 🙂

Zeiner poses an interesting question here: (not verbatim) What belief structures caused $BITF / $KEEL to believe they could break ground back in Q4 of 2025 when they can't commit to dates now? What changed? @McnallieM, I beg of you to ask this question for tomorrow's podcast?

@MintzerMiguel @LunTWj0 Ah, Bitcoin... yeah. That's a whole other story. At least there's near-term liquidity. That said, if there's a big spike in the $KEEL stock price, there will definitely be another capital raise of some kind. Jonathan was overt about that in January, and hinted at it today.

@LunTWj0 @StephenZeiner I'm waiting to analyze the numbers, but it's even worse. The 520M includes 161M in BTC

“Commercialization efforts underway at Panther Creek (PA), Sharon (PA), and Moses Lake (WA)” “Active go-to-market processes at Panther Creek, Sharon, and Moses Lake.” I guess we’ll find out what this really means as the morning unfolds. $KEEL / $BITF globenewswire.com/news-release/2…)

@MintzerMiguel Me too. There *was* mention of potentially acquiring an adjacent parcel (plausibly the excavation company next door) - if I understood that correctly - so maybe that's factoring into the timeline at Moses Lake. But yeah, absent more details, we're all kinda left wondering.

@StephenZeiner It escapes my understanding why Moses Lake would potentially require an additional 6 mo for an NTP

@mazur66924 I get where you're coming from, but I genuinely think that at this juncture, @hashoveride is the right person to get $KEEL to its first deal. ("Brah, how much you being paid to say that?!") For real, the last thing $KEEL needs is the drama and uncertainty of losing Ben as CEO.

@StephenZeiner Realty......nothing progress with more sugarcoating from incompetent CEO. More losses , no contracts. Bloated management, rising expenses.

@ShadowFoxTryp @LunTWj0 It's plausible that there are some remaining issues that need to be ironed out? Don't get me wrong, conceptually speaking, I was largely convinced (and still kinda am) that $KEEL reached internal "NTP" status regarding Moses Lake at the end of January 2026.

@LunTWj0 @StephenZeiner There really isn't a reason why Moses Lake does not have a contract yet, it has conditional use permit to allow the use an construction of the data centre and the power is secured. Deal should be imminent and occur at same time as Keel rebrand.

@DeepThinkTrader I hear what you're saying. The Q&A both during the investor presentation and the fireside chat revealed a real desire on the part of institutional shareholders for there to be more than just words. There's a demand for tangible, measurable, meaningful progress.

@StephenZeiner Same presentation from Oct but with a name change! No deals / no tenants! No exact timelines! But hey….28,29 and 2030 promise to be great! You wonder why share price is under $2. Market doesn’t reward on hopium…especially from a co that never hits forecasted milestones.

@LunTWj0 That's what $KEEL is "expecting" - but I'm reminded that $KEEL was also expecting to break ground on Panther Creek in December 2025. I'm choosing to be constructive, but cautious, because I'm not sure $KEEL has a reliable "expectation" system, per se.

@StephenZeiner Nothing is happening until late summer when they expect to get NTP per the earnings call.

$KEEL (c/t/a $BITF) to participate in Jefferies “Fireside Chat” 🔥 tomorrow morning. Investor presentation at 8am, fireside chat at 10:15am. Thoughts? Source: globenewswire.com/news-release/2…

It appears that $KEEL (c/t/a $BITF) *may* have a new home on the web that's currently under development: 👉 keelinfra.com I'm optimistic that in addition to announcing new business cards and a new website, there might be something like a GPUaaS or CoLo deal announced.

@esyield Hi! Haha… oh gosh, I’ll be thrilled for there to be some *decisions* made regarding Moses Lake that are announced, even better if a *deal* of some kind (even if GPUaaS) is announced. As for actual “earnings,” I’m not expecting any just yet.

@StephenZeiner What are your expectations for earnings?

I wanna see $KEEL (c/t/a $BITF) live into its full potential. I want the spirit of Stronghold Digital Mining that continues to live within $KEEL to flourish. "Brah, you been hatin' on 'em lately... wassup with that?!" Does it seem that way? Lemme explain it in person, ok? 👇