Bitfarms, one of the most recognized bitcoin miners in the US and Canada, confirmed that it will sell its entire Bitcoin reserves and reorient its business towards infrastructure for artificial intelligence (AI) and high-performance computing (HPC). The company also announced that it will stop operating under that name.
He advertisement CEO Ben Gagnon did so during the fourth quarter earnings call, where he was direct: “At some point we will not have any bitcoin.» The company had 1,827 BTC on its balance sheet at the time of the latest disclosureand the sale will be carried out gradually.
To finance the transition, Bitfarms reported revenue of $229 million in fiscal 2025an increase of 72% compared to the previous year, although it recorded a net loss of 284 million dollars, largely affected by the general decline in the market. The company has total liquidity of approximately $520 million between cash and bitcoin.
The new focus of the company is a pipeline development of 2.2 gigawatts of data infrastructure distributed in Pennsylvania, Washington and Quebec, with the expectation of beginning to generate income from 2027. The model aims to provide computing capacity and energy to clients in the AI sectorwithout directly competing in cloud services.
BITF to KEEL
The turn is not just operational. The shareholders approved the redomiciliation of the company from Canada to the United States, as well as a rebranding complete: Bitfarms will be renamed Keel Infrastructure and will trade under the ticker KEEL on the Nasdaq and the TSX. The closing of the transition was scheduled for April 1.
The movement consolidates a transformation that had been accelerating since the beginning of the year. In January, as CriptoNoticias reported, the company had sold its last mining facility in Paso Pe, Paraguay, for up to $30 million to the Sympatheia Power Fund, thus completing its exit from Latin America. At that time, the company had already indicated that it would concentrate 100% of its energy portfolio in North America.
Bitfarms is not the only miner looking to AI to diversify revenue in the face of the sector’s increasingly tight margins, compounded by bitcoin halving cycles. Even CoinShare has predicted that by 2026, more than 70% of miners will come from investments in AI infrastructure. However, Bitfarms’ decision to completely liquidate its BTC reserves places it among the industry’s most explicit bets in that direction.