Key Highlights
- CEO Ben Gagnon stated Bitfarms will liquidate its entire bitcoin treasury, disposing of holdings “opportunistically into strength”
- Company secured $28.2 million in profit from BTC disposals in 2025 and maintains a current position of 1,827 BTC
- A 2.2 gigawatt AI and high-performance computing data center development is underway across multiple North American locations, with anticipated revenue beginning in 2027
- Investor approval secured for corporate migration from Canadian to U.S. jurisdiction, with planned rebranding to Keel Infrastructure (KEEL) around April 1, 2026
- Annual revenue reached $229 million in 2025 (representing 72% year-over-year growth) despite recording a $284 million net loss
Bitfarms is executing one of the most definitive departures from cryptocurrency mining seen in the industry. The firm is liquidating its complete bitcoin portfolio while committing fully to artificial intelligence infrastructure development — and company leadership is making no attempt to soften the message.
“Our trajectory leads to zero bitcoin holdings,” CEO Ben Gagnon declared during Tuesday’s Q4 earnings presentation. The organization presently maintains 1,827 BTC according to BitcoinTreasuries.net data, with active reduction already in progress.
The company realized $28.2 million in gains through bitcoin disposals throughout 2025. Leadership intends to continue strategic selling during market rallies while maintaining mining operations to extract remaining cash generation before eventual operational phase-out.
This represents more than a bitcoin withdrawal — Bitfarms is executing a complete corporate restructuring. Bitfarms is constructing a 2.2 gigawatt data center development portfolio spanning locations in Pennsylvania, Washington, and Québec. Revenue generation from AI-focused services is projected to commence by 2027.
The strategic transformation benefits from robust financial positioning. Bitfarms disclosed approximately $520 million in combined liquidity as of March 27, encompassing both cash reserves and bitcoin assets. The company also eliminated a $100 million Macquarie credit facility, streamlining its financial structure before entering an intensive capital deployment period.
Corporate Metamorphosis: Becoming Keel Infrastructure
The organizational evolution extends well beyond operational realignment. Shareholder authorization has been obtained for corporate redomiciliation from Canada to the United States, accompanied by a corporate rebranding to 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. Leadership aims to attract institutional-grade clients and secure project-specific financing — objectives that prove challenging when corporate branding emphasizes bitcoin mining heritage.
Bitfarms isn’t positioning for direct competition with major cloud computing platforms. Rather, the strategy focuses on providing powered real estate and data center infrastructure — the foundational physical layer supporting AI deployment, where electrical capacity and utility interconnection approvals have emerged as significant constraints.
Financial Performance Supporting the Transformation
The 2025 financial results clearly illustrate the transition narrative. Revenue climbed to $229 million, reflecting 72% year-over-year expansion. However, the company recorded a $284 million net loss, predominantly attributed to fair value adjustments on digital asset holdings and asset impairment expenses.
This exact volatility pattern motivates Bitfarms’ strategic shift. Maintaining bitcoin on corporate books generates significant accounting fluctuations that mask operational fundamentals. Complete liquidation eliminates this distortion.
The most current Wall Street coverage assigns BITF a Buy rating with a C$7.00 target price. BITF shares concluded Tuesday trading at $1.89, advancing more than 4.6% during the session, supported by broader momentum across AI infrastructure equities.
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