An organization that constructed its title on cryptocurrency mining is strolling away from the enterprise solely. Bitfarms introduced plans Tuesday to rebrand as Keel Infrastructure and transfer its authorized base from Canada to the US, capping a five-month exit from Bitcoin that administration described as a deliberate break from the previous.
No Half-Measures In The Firm’s New Course
CEO Ben Gagnon made the corporate’s place plain throughout an earnings name. “No half-measures, no compromises, and in time, no Bitcoin,” he mentioned. “We constructed a brand new firm.” Bitfarms is now centered on constructing and working information facilities that energy high-performance computing and synthetic intelligence platforms.
In accordance with firm filings, it’s creating a 2.2-gigawatt infrastructure pipeline throughout North America, concentrating on what it calls hyperscalers and next-generation cloud suppliers.
The rebrand and the relocation have each obtained shareholder approval. The transfer to the US indicators a deliberate repositioning — one geared toward tapping a market the place AI infrastructure spending has been climbing steadily.
Bitfarms Fiscal 12 months 2025 Outcomes. Supply: Bitfarms
A 12 months Of Heavy Losses Tied To Falling Bitcoin Costs
The corporate’s 2025 monetary outcomes, additionally launched Tuesday, confirmed a internet lack of $284.5 million — wider than the 12 months earlier than. Income rose 70% year-on-year to shut to $230 million, however the price of producing that income got here in at $248 million, producing a gross loss earlier than different bills have been counted.
Common and administrative prices additionally elevated. A swing within the truthful worth of digital belongings price the corporate nearly $51 million final 12 months, in comparison with a $26 million acquire in 2024. A $28 million acquire from promoting digital belongings partially offset these figures.
Bitfarms Fiscal 12 months 2025 Outcomes. Supply: Bitfarms
Bitcoin mining has change into a more durable enterprise to run. Information exhibits the main cryptocurrency has dropped 45% from its October excessive. Mining issue — a measure of how arduous it’s to earn new cash — has risen 58% because the final halving in Might 2024. These situations squeezed margins throughout the trade, not simply at Bitfarms.
Regardless of the losses, buyers responded positively. Shares closed Tuesday up 6.60%, buying and selling at 2.73 Canadian {dollars}, or roughly $1.96 US.
BTCUSD buying and selling at $68,780 on the 24-hour chart: TradingView
Bitcoin Holdings Nonetheless On The Books For Now
Experiences point out the corporate nonetheless holds about $161 million in Bitcoin that carries no debt towards it. That reserve gives some monetary flexibility because the transition continues.
Bitfarms will not be alone in making this sort of shift. Iris Power has been scaling AI cloud companies utilizing Nvidia graphics processors. Cipher Mining locked in a long-term internet hosting take care of AI cloud agency Fluidstack.
Riot Platforms and MARA Holdings have each expanded into AI and high-performance computing as properly. The sample displays a broader transfer by mining firms in search of increased margins in a unique nook of the tech sector.
For Bitfarms, the message from management is that the previous enterprise is finished. What comes subsequent is being constructed from the bottom up — below a brand new title, in a brand new nation, chasing a unique market solely.
Featured picture from Akos Stiller/Bloomberg by way of Getty Photographs, chart from TradingView
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