Crypto & AI Compute Watchlist — 5 Names Worth Knowing
$BTBT | $HIVE | $KEEL | $SLNH | $AIB
All riding the same macro wave: Bitcoin cycle + AI compute demand + energy infrastructure. But not all are built equal. 👇
$BTBT
→ Strategic pivot: exiting Bitcoin mining, going all-in on Ethereum infrastructure + AI/HPC
→ Approved by the Ethereum Foundation to purchase ETH directly — staking for protocol-native yield 
→ Majority stake in WhiteFiber (WYFI) valued at ~$322M as of March 2026 — the AI/HPC arm 
→ Q1 revenue $27.9M, driven by cloud, colocation, and ETH staking as legacy mining winds down 
→ Net losses driven largely by non-cash digital asset mark-to-market — not operational collapse
→ Story stock transitioning into infrastructure — patience required
$HIVE
→ Green energy miner turned AI infrastructure operator
→ Partnered with Bell Canada to deliver sovereign NVIDIA AI infrastructure for Canada 
→ Revenue up 285% YoY in Q2 — explosive top-line growth 
→ Negative gross margins (-12.9%) — scale is happening but profitability not yet
→ Positive operating cash flow of ~$45.9M for latest quarter despite headline net losses — non-cash charges distorting the picture 
→ Momentum name — ran ~50% in weeks, but fundamentals need to catch up
$KEEL
→ Redomiciled from Canada to US, rebranded from Bitfarms → Keel Infrastructure
→ Pivoting from Bitcoin mining to AI-focused data center development
→ $533M in liquidity as of May 2026 — strong war chest to fund site development 
→ Zoning secured at Panther Creek, Sharon, and Moses Lake — near-term sites advancing 
→ Q1 revenue fell 22% YoY to $37M, operating loss widened to $98M  — legacy mining drag pre-transition
→ Chardan initiated Buy, highlighting HPC and AI pivot alongside Galaxy Digital and Riot 
→ Pre-revenue AI story — the land, permits, and capital are there but execution risk is real
$SLNH
→ Green data centers powered by owned renewable energy — unique vertical integration model
→ Q1 revenue +58% YoY to $9.4M — fourth consecutive quarter of sequential growth 
→ Closed $53M acquisition of 150 MW Briscoe Wind Farm — now owns the power feeding Project Dorothy 
→ Dorothy 1A, Dorothy 2, and Kati 1 all operational — AI expansion at Kati 2 underway
→ Net loss widened to $17.9M — heavy stock-based comp inflating opex
→ ~29M share resale registration = meaningful float overhang  — watch dilution risk
→ Micro-cap with a genuinely differentiated thesis: own the wind, sell the compute
$AIB
→ Newly public via reverse merger, began trading NYSE American under $AIB on March 17, 2026 
→ Q1 revenue $4.9M, up 9% YoY — but swung to a net loss as energy costs crushed gross margin to ~12% from 27% 
→ Signed LOI of over $400M for a 20 MW AI infrastructure deployment  — massive if it executes
→ Two material weaknesses disclosed in internal controls — early-stage governance risk 
→ $71M market cap — pure speculative micro-cap at this stage
Not financial advice.
