TLDR
- Bitfarms stock jumps 5.7% as AI pivot gains traction in 2025 results
- Revenue rises 72% but losses widen amid strategic transition phase
- Company advances 2.2GW pipeline across key North American markets
- $520M liquidity supports expansion and infrastructure development
- U.S. rebrand to Keel signals shift toward HPC and AI infrastructure
Bitfarms Ltd. (BITF) stock trades at $1.9450, gaining 5.72% during intraday activity. The company reported 2025 results alongside a major strategy shift. It continues building infrastructure to support rising demand for AI and high-performance computing.
Bitfarms Ltd., BITF
The company operates across North America and focuses on energy-backed data infrastructure. It now aligns its strategy with growing demand for AI computing capacity. This transition marks a shift from its earlier Bitcoin mining focus.
Bitfarms also confirmed plans to redomicile to the United States and rebrand. The move reflects a broader alignment with capital markets and infrastructure demand. It expects to complete the transition by early April 2026.
Financial Performance Shows Growth and Pressure from Transition
Bitfarms reported $229 million in revenue, reflecting a strong 72% increase year over year. Expansion efforts and infrastructure investments supported this growth across multiple regions. However, rising costs and asset changes impacted overall profitability.
Operating loss reached $150 million, increasing from $28 million in the previous year. Depreciation and impairment charges contributed significantly to the higher loss. Digital asset valuation changes also added pressure to financial performance.
Loss from continuing operations rose to $209 million, reflecting market volatility and asset disposals. Bitcoin price movements influenced the company’s reported earnings. At the same time, adjusted EBITDA stood at $29 million for the year.
The company increased general and administrative expenses to $78 million due to expansion. Higher headcount and integration efforts drove these costs upward. These investments support long-term infrastructure and operational growth.
Bitfarms also transitioned its financial reporting from IFRS to U.S. GAAP standards. This change improves comparability and aligns reporting with U.S. markets. All prior figures were adjusted to maintain consistency.
Strategic Moves Strengthen Structure and Market Position
Bitfarms advanced its plan to relocate its corporate structure to the United States. The company received shareholder approval for this arrangement in March 2026. When the transition is finished, it will rebrand as Keel Infrastructure.
The company strengthened its leadership team with experienced infrastructure and capital markets professionals. These additions bring expertise in large-scale data centre development. Governance improvements also support long-term operational goals.
Bitfarms repaid $100 million under its Macquarie debt facility during February 2026. This repayment simplifies the capital structure and improves financial flexibility. It also supports future financing options for infrastructure projects.
The company expanded its presence across key energy hubs in North America. It focused on regions with strong grid access and demand for computing capacity. These locations include major sites in Pennsylvania and Washington state.
It also secured zoning approval for its Panther Creek project. This milestone supports continued development of large-scale infrastructure assets. The company continues advancing go-to-market strategies for several sites.
Pipeline Expansion Supports Long-Term AI Infrastructure Demand
Bitfarms reported a total development pipeline of 2.2 gigawatts across North America. This includes energised, secured, and expansion capacity across multiple projects. The pipeline positions the company for long-term infrastructure demand.
The company currently operates 341 megawatts of energised capacity across its sites. It also holds 430 megawatts under secured agreements with utilities. Additional capacity remains under evaluation for future development.
Expansion capacity stands at approximately 1.5 gigawatts under study or application. These projects may include on-site generation and utility partnerships. The company continues progressing these opportunities based on demand trends.
Bitfarm’s liquidity was about $520 million as of late March 2026. This includes cash reserves and unencumbered Bitcoin holdings. Strong liquidity supports project development and operational stability.
The company continues shifting its portfolio toward North American infrastructure assets. It classified certain international operations as discontinued during this transition. This approach allows a sharper focus on AI-driven infrastructure growth.
Bitfarms positions itself as a provider of scalable energy and data solutions. It targets rising demand from AI and high-performance computing workloads. The company continues aligning its assets with long-term digital infrastructure trends.
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