Bitfarms selling $161M in BTC as it rebrands and pivots to AI
Bitfarms Ltd. (BITF) said on Tuesday that it is rebranding to Keel Infrastructure as it pivots from crypto mining to artificial intelligence and high-performance computing (HPC) infrastructure services.
The company plans to sell about $161 million worth of bitcoin as part of its pivot in order to help fund its AI/HPC infrastructure growth plans.
Bitfarms recently received shareholder approval on a re-domiciliation plan that will see it move from Toronto, Canada to the United States, where it plans to make its headquarters in New York City.
The move is expected to be completed on April 1.
The company will commence trading under the ticker "KEEL" on both Nasdaq and the Toronto Stock Exchange.
Its shares rallied nearly 6% on Tuesday following news of the transition.
Bitfarms CEO Ben Gagnon called the approval by shareholders for its US re-domiciliation as well as its rebranding to Keel Infrastructure "a pivotal milestone in our evolution."
“Everything we built in 2025 — the sites, the team, the balance sheet — was in service of one thesis: that HPC/AI’s exponential growth requires top-tier infrastructure, and we intend to build to meet that demand,” he said in a statement.
The company said that it is advancing a 2.2 GW digital infrastructure development pipeline across North America. It noted that it has received zoning approval for its Panther Creek data center facility from the planning commission in Nesquehoning, Pennsylvania.
The company also has a second commercialization project underway in Pennsylvania for its Sharon facility and one in Washington state for its Moses Lake facility.
Bitfarms pointed out that it paid off a $100 million lending facility with Macquarie in February, allowing it to pursue more cost-effective financing as it builds out its three data center facilities.
“Since joining the team five months ago, my focus has been on sharpening our approach to capital allocation, strengthening our balance sheet and capital structure, and ensuring that financing decisions support long-term shareholder value creation,” Bitfarms CFO Jonathan Mir said in a statement.
“The repayment of our Macquarie debt facility demonstrates this — it simplified our capital structure and provides us greater flexibility heading into the next phase of development.”
Analyst sees AI pivot boosting shareholder value
Bitfarms pointed out that it has also made recent senior hires for executives with over 20 years of experience in HPC data center construction, large-scale project management and infrastructure.
The company, which has a market cap of about $1.2 billion, generated $229 million in revenue in fiscal year 2025, a 72% increase year over year.
“Keel is more than a name, it is a testament to the company we have become — a regional leader in Pennsylvania, Washington state, and Québec, three of North America’s most strategic and supply-constrained data center hubs,” Gagnon said.
“The market is responding: we’re seeing strong inbound interest from investment-grade counterparties seeking the attributes our power-secured portfolio can deliver.”
Wall Street has been bullish this year on crypto miners that have pivoted to offering AI/HPC Infrastructure, especially with bitcoin hovering below $70,000.
As the margins have gotten increasingly worse for bitcoin miners even before the recent downturn, a number of them have pivoted over the past year and redirected their HPC infrastructure toward powering AI data centers, a sector with stronger margins and more consistent demand.
H.C. Wainwright analyst Mike Colonnese maintained a Buy rating on BITF shares, saying in a client note on Tuesday that the "clock is ticking to buy the stock at these levels."
“We walk away from Bitfarms’ 4Q25 earnings call earlier today optimistic on the company’s ability to secure at least one long-term colocation contract by 2H26, which we believe could unlock significant shareholder value based on valuations ascribed to other BTC miners turned HPC/AI infrastructure operators, as the company continues to strategically wind down the legacy BTC mining business," Colonnese said.