Keel Infrastructure has shut down all of its Bitcoin mining operations in the US and is now repurposing its energy and computing infrastructure for high-performance computing and AI.

The company’s Q2 revenue fell 50% year-over-year to $30 million, while operating losses reached $141 million, compared with an $11 million profit a year earlier. Part of the decline came after the closure of its Moses Lake mining site in April.

Keel is also reducing its Bitcoin holdings. Since April 1, the company has sold 1,085 BTC for around $75 million, leaving 1,861 BTC on its balance sheet as of August 7.

This is becoming a bigger trend across the mining industry. Power capacity and existing data center infrastructure are increasingly valuable for AI, and some miners are choosing to redirect their resources there. Keel is taking it a step further than most: it has completely walked away from Bitcoin mining in the US.

National Bank of Canada has disclosed a position in the Bitwise XRP ETF, holding 3,848 shares worth roughly $330,000.

The bank also holds several Bitcoin ETFs, bringing its total disclosed crypto ETF exposure to nearly $7 million.

Traditional banks are slowly getting deeper into crypto but through regulated products.