Key Takeaways
- CEO Ben Gagnon announced Bitfarms will liquidate its entire bitcoin position, selling “opportunistically into strength” as market conditions allow
- Bitcoin sales have already generated $28.2 million in realized profits during 2025, with 1,827 BTC remaining in company reserves
- The firm is developing a 2.2 gigawatt AI and high-performance computing data center network throughout North America, expecting initial revenues by 2027
- A shareholder-approved corporate restructuring will move the company from Canadian to U.S. domicile, with a planned rebrand to Keel Infrastructure (KEEL) around April 1, 2026
- Annual revenue reached $229 million in 2025, representing 72% year-over-year growth, though the company recorded a $284 million net loss
Bitfarms is executing one of the most dramatic strategic pivots in the cryptocurrency mining sector. The company plans to divest itself of all bitcoin reserves and redirect its focus entirely toward artificial intelligence infrastructure development — and leadership is making no attempt to downplay the magnitude of this transformation.
“We will ultimately reach a point where our bitcoin holdings are zero,” CEO Ben Gagnon stated during Tuesday’s Q4 earnings conference call. The firm maintains 1,827 BTC in its treasury according to BitcoinTreasuries.net data, though that position is already being systematically reduced.
During 2025, Bitfarms captured $28.2 million in realized profits through strategic bitcoin disposals. Company leadership intends to continue opportunistic sales during favorable market conditions while maintaining mining operations to extract remaining cash generation potential before complete phase-out.
This isn’t merely an exit from cryptocurrency — it represents a fundamental corporate reinvention. Bitfarms is constructing a 2.2 gigawatt data center infrastructure network spanning facilities in Pennsylvania, Washington, and Québec. Management projects these installations will begin producing AI-related revenue streams starting in 2027.
The strategic shift is supported by robust financial positioning. Bitfarms disclosed approximately $520 million in combined liquidity as of March 27, encompassing both cash reserves and bitcoin assets. The company has also eliminated a $100 million Macquarie credit facility, streamlining its balance sheet before entering a capital-intensive construction period.
Corporate Transformation: Becoming Keel Infrastructure
The metamorphosis extends beyond operational strategy into corporate structure itself. Shareholders have authorized relocation from Canadian to United States jurisdiction, accompanied by a corporate rebranding as Keel Infrastructure with the new ticker symbol KEEL on both Nasdaq and TSX exchanges. This transition is scheduled for completion approximately April 1, 2026.
The naming change represents an intentional departure from cryptocurrency associations. Executive leadership aims to attract enterprise-grade clients and secure project-specific financing arrangements — objectives that prove challenging when corporate branding emphasizes bitcoin mining heritage.
Bitfarms isn’t positioning itself to compete against established cloud computing giants. Rather, the company is targeting the role of infrastructure provider — supplying powered real estate and data center capacity. This represents the foundational physical layer supporting AI computation, where electrical capacity and grid interconnection permits have emerged as critical supply constraints.
Financial Performance Supporting Strategic Shift
The 2025 financial results illuminate the rationale behind this transformation. Revenue climbed to $229 million, reflecting 72% annual growth. However, the company reported a $284 million net loss, predominantly attributed to fair value adjustments on digital asset holdings and asset impairment charges.
This financial volatility represents precisely what management seeks to eliminate. Maintaining bitcoin positions on the balance sheet generates accounting fluctuations that obscure operational business performance. Liquidating these holdings removes that financial noise.
The most recent Wall Street analyst assessment rates BITF as a Buy with a C$7.00 price objective. BITF stock concluded Tuesday trading at $1.89, gaining more than 4.6% during the session, benefiting from broader momentum in AI infrastructure equities.
