On his July 22 Mad Money episode, Jim Cramer pointed viewers to Keel Infrastructure (KEEL), a company that abandoned Bitcoin mining to build AI data centers, citing a hedge fund's rapidly growing position as the signal worth watching.

Situational Awareness LP, the fund run by AI researcher Leopold Aschenbrenner, raised its KEEL stake by 188% in Q1 2026, according to regulatory filings. The position now stands at nearly 20 million shares, up from roughly 6.9 million. That buying predates Cramer's endorsement by more than a quarter.

Analyst Coverage and What It Rests On

BTIG initiated coverage of KEEL at Buy on the same day Cramer aired his segment, setting a price target of $8. Against the stock's $4.65 close, that implies around 72% upside. The firm identified Keel's power portfolio as the core asset and noted that hyperscalers and AI enterprise customers have signed roughly 10 colocation contracts totaling about 2 gigawatts across the sector so far in 2026.

Keel is the rebranded successor to Bitfarms, having completed its shift from Canadian Bitcoin miner to a Delaware-based AI infrastructure company in April. It now controls a 2.2 gigawatt power pipeline spanning Pennsylvania, Washington, and Quebec. As analysts at BTIG noted, the company has not yet signed its first hyperscale colocation contract, which remains the single catalyst most closely tracked by the market.

The stock is up nearly 100% in 2026, with a 52-week range of $0.98 to $7.37. Debt-to-equity sits above 140%, and free cash flow remains negative. That range alone shows how fast sentiment moves on AI infrastructure names still waiting on a signed customer. The regulatory environment around crypto-adjacent assets adds another variable investors are watching.

Cramer's track record this earnings season gives some pause. As has been documented, his endorsement of Intel preceded a sharp slide in the stock by hours. Whether that pattern applies here, or whether the Aschenbrenner fund's early position and BTIG's specific catalyst thesis prove more durable, will likely come down to whether Keel lands a hyperscaler deal before the trade runs out of patience. The broader crypto-to-infrastructure pivot has produced uneven results, including stagnation in American Bitcoin's shares after its IPO.

This article is for informational purposes only and does not constitute financial or investment advice.