An organization that constructed its identify on cryptocurrency mining is strolling away from the enterprise totally. Bitfarms introduced plans Tuesday to rebrand as Keel Infrastructure and transfer its authorized base from Canada to the US, capping a five-month exit from Bitcoin that administration described as a deliberate break from the previous.
No Half-Measures In The Firm’s New Path
CEO Ben Gagnon made the corporate’s place plain throughout an earnings name. “No half-measures, no compromises, and in time, no Bitcoin,” he mentioned. “We constructed a brand new firm.” Bitfarms is now centered on constructing and working information facilities that energy high-performance computing and synthetic intelligence platforms.
In accordance with firm filings, it’s growing a 2.2-gigawatt infrastructure pipeline throughout North America, focusing on what it calls hyperscalers and next-generation cloud suppliers.
The rebrand and the relocation have each acquired shareholder approval. The transfer to the US indicators a deliberate repositioning — one geared toward tapping a market the place AI infrastructure spending has been climbing steadily.
Bitfarms Fiscal 12 months 2025 Outcomes. Supply: Bitfarms
A 12 months Of Heavy Losses Tied To Falling Bitcoin Costs
The corporate’s 2025 monetary outcomes, additionally launched Tuesday, confirmed a web lack of $284.5 million — wider than the 12 months earlier than. Income rose 70% year-on-year to shut to $230 million, however the price of producing that income got here in at $248 million, producing a gross loss earlier than different bills had been counted.
Normal and administrative prices additionally elevated. A swing within the truthful worth of digital belongings value the corporate nearly $51 million final 12 months, in comparison with a $26 million achieve in 2024. A $28 million achieve from promoting digital belongings partially offset these figures.
Bitfarms Fiscal 12 months 2025 Outcomes. Supply: Bitfarms
Bitcoin mining has turn into a tougher enterprise to run. Knowledge exhibits the main cryptocurrency has dropped 45% from its October excessive. Mining issue — a measure of how arduous it’s to earn new cash — has risen 58% because the final halving in Might 2024. These circumstances squeezed margins throughout the business, not simply at Bitfarms.
Regardless of the losses, traders responded positively. Shares closed Tuesday up 6.60%, buying and selling at 2.73 Canadian {dollars}, or roughly $1.96 US.
BTCUSD buying and selling at $68,780 on the 24-hour chart: TradingView
Bitcoin Holdings Nonetheless On The Books For Now
Studies point out the corporate nonetheless holds about $161 million in Bitcoin that carries no debt towards it. That reserve offers some monetary flexibility because the transition continues.
Bitfarms will not be alone in making this sort of shift. Iris Vitality has been scaling AI cloud companies utilizing Nvidia graphics processors. Cipher Mining locked in a long-term internet hosting take care of AI cloud agency Fluidstack.
Riot Platforms and MARA Holdings have each expanded into AI and high-performance computing as nicely. The sample displays a broader transfer by mining firms searching for greater margins in a unique nook of the tech sector.
For Bitfarms, the message from management is that the outdated enterprise is finished. What comes subsequent is being constructed from the bottom up — below a brand new identify, in a brand new nation, chasing a unique market totally.
Featured picture from Akos Stiller/Bloomberg through Getty Pictures, chart from TradingView
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