Keel Infrastructure sold its entire bitcoin treasury in the third quarter, offloading 2,520 bitcoin for $192 million and leaving the company with only nominal holdings at Sept. 30, the former Bitfarms miner reported Thursday.

The sales covered the 2,261 bitcoin Keel held going into the quarter plus the 259 it mined, and the company said it timed them during periods of strength. Going forward, bitcoin mined from Keel’s remaining Quebec operations will be sold on a daily basis, “effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.”

The move completes a shift Keel began earlier this year, when the company, then still trading as…

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