Bitfarms Completes Pivot from Bitcoin Mining to AI Infrastructure

Bitfarms has formally concluded its strategic transformation into an artificial intelligence (AI) infrastructure provider. The company’s era as a pure-play cryptocurrency miner is now over, marked by its relocation to the United States and a corporate rebranding to Keel Infrastructure Corp. Its future strategy is entirely focused on developing high-performance computing data centers across North America.

Financial Toll of a Strategic Shift

The company’s fiscal 2025 financial results underscore the significant cost of this radical strategic pivot. Revenue did climb 72% to $229 million. However, the net loss expanded dramatically to $284.5 million. This result was pressured by substantial impairments on digital assets alongside elevated operational expenses. Investor reaction to both the financials and the overhaul has been cautious. Since the start of the year, the stock has declined approximately 23%, recently trading at €1.70. To improve operational efficiency, the company has already classified its Latin American mining activities as discontinued operations.

New Name, New Ticker, Final Steps

The final step in this multi-year restructuring will occur on Monday, April 6, 2026. At that time, the company’s shares will begin trading on the Nasdaq and the Toronto Stock Exchange under the new ticker symbol “KEEL.” Trading will continue under the old identifier until the market close on the preceding Friday. The name change signifies the completion of Keel Infrastructure’s systematic divestment of its Bitcoin holdings.

Should investors sell immediately? Or is it worth buying Bitfarms?

Management has confirmed its intention to completely remove cryptocurrency from its balance sheet. Proceeds from the sales—which included unencumbered holdings worth approximately $161 million as of late March—are being directed toward funding a 2.2-gigawatt pipeline of data center projects. These developments are concentrated at strategic sites in Pennsylvania, Washington, and Québec.

Analyst Outlook and Market Positioning

Market observers generally view the intensified focus on the U.S. market positively but advise patience. Following the latest earnings report, the analysis firm H.C. Wainwright adjusted its price target downward from $4.00 to $3.70, while maintaining a “Buy” recommendation. The new legal structure as a U.S. corporation in Delaware is expected to facilitate Keel Infrastructure’s access to U.S. capital markets and improve its chances for inclusion in major stock indices.

With the official commencement of trading under its new name on Monday, market attention will shift to the progress of its North American construction projects. The liquidation of the remaining Bitcoin assets remains a central component of the company’s plan to finance its substantial AI infrastructure investments without resorting to traditional debt financing.