An organization that constructed its identify on cryptocurrency mining is strolling away from the enterprise solely. 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 Company’s New Direction
CEO Ben Gagnon made the corporate’s place plain throughout an earnings name. “No half-measures, no compromises, and in time, no Bitcoin,” he stated. “We built a new company.” Bitfarms is now centered on constructing and working knowledge facilities that energy high-performance computing and synthetic intelligence platforms.
According to firm filings, it’s growing a 2.2-gigawatt infrastructure pipeline throughout North America, concentrating on what it calls hyperscalers and next-generation cloud suppliers.
The rebrand and the relocation have each obtained shareholder approval. The transfer to the US alerts a deliberate repositioning — one aimed toward tapping a market the place AI infrastructure spending has been climbing steadily.
Bitfarms Fiscal Year 2025 Results. Source: Bitfarms
A Year Of Heavy Losses Tied To Falling Bitcoin Prices
The firm’s 2025 monetary outcomes, additionally launched Tuesday, confirmed a web lack of $284.5 million — wider than the 12 months earlier than. Revenue 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.
General and administrative prices additionally elevated. A swing within the truthful worth of digital belongings price the corporate nearly $51 million final 12 months, in comparison with a $26 million acquire in 2024. A $28 million acquire from promoting digital belongings partially offset these figures.
Bitfarms Fiscal Year 2025 Results. Source: Bitfarms
Bitcoin mining has turn out to be a tougher enterprise to run. Data reveals the main cryptocurrency has dropped 45% from its October excessive. Mining issue — a measure of how laborious it’s to earn new cash — has risen 58% for the reason that final halving in May 2024. Those situations squeezed margins throughout the business, not simply at Bitfarms.
Despite the losses, buyers 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 Still On The Books For Now
Reports point out the corporate nonetheless holds about $161 million in Bitcoin that carries no debt in opposition to it. That reserve offers some monetary flexibility because the transition continues.
Bitfarms will not be alone in making this type of shift. Iris Energy has been scaling AI cloud companies utilizing Nvidia graphics processors. Cipher Mining locked in a long-term internet hosting cope with AI cloud agency Fluidstack.
Riot Platforms and MARA Holdings have each expanded into AI and high-performance computing as properly. The sample displays a broader transfer by mining corporations searching for increased margins in a distinct nook of the tech sector.
For Bitfarms, the message from management is that the previous enterprise is done. What comes subsequent is being constructed from the bottom up — underneath a brand new identify, in a brand new nation, chasing a distinct market solely.
Featured picture from Akos Stiller/Bloomberg through Getty Images, chart from TradingView
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