Bitfarms Rebrands as Keel Infrastructure, Pivoting from Bitcoin Mining to AI

Bitfarms Becomes Keel Infrastructure

Canadian Bitcoin mining firm Bitfarms is set to finalize its re-domiciliation in the United States on April 1, adopting the name Keel Infrastructure. The move marks the centerpiece of a strategic pivot toward artificial intelligence. The new parent company will be headquartered in New York.

Shareholders previously approved the transition at a company meeting. Keel Infrastructure will replace Bitfarms as the group's holding entity and will continue trading on both Nasdaq and the Toronto Stock Exchange under the new ticker KEEL, replacing the current BITF designation in the coming days.

"Don't miss our FY 2025 earnings call this morning: Date: March 31, 2026, Time: 8:00 AM ET" — Bitfarms (@Bitfarms_io), original post

Why This Matters

Bitfarms' transformation into an AI infrastructure provider reflects a broader trend among Bitcoin miners. Companies that built substantial energy portfolios for cryptocurrency mining are increasingly repurposing their data centers for high-performance computing. CoinShares analysts reported the capitulation of 20% of miners in Q4 — a sign of mounting pressure that is pushing industry players to find alternative ways to monetize their energy assets.

Selling Bitcoin to Fund the AI Transition

As of March 27, Bitfarms held approximately 2,400 BTC worth $161 million. These holdings represented a significant portion of the company's $520 million in liquid reserves. The firm had been growing its crypto treasury in recent months — at the end of Q3, its holdings stood at 1,827 BTC.

However, Bitfarms CEO Ben Gagnon stated during the annual earnings call that the company intends to "use favorable market opportunities" to sell its Bitcoin. The proceeds will be invested in "high-performance computing and artificial intelligence infrastructure."

Energy Portfolio and Financial Results

According to the company's report, its energy portfolio spans 2.2 GW across North America, broken down as follows:

• 341 MW — operational projects;
• 430 MW — secured power supply;
• ~1.5 GW — assets at various development stages, including early-phase projects.

Data from TheEnergyMag shows the company's average cost to mine one Bitcoin in Q4 was approximately $89,500.

Full-year 2025 financials painted a mixed picture. Revenue surged 72% year-over-year to reach $229 million. Yet the company posted a net loss of $284 million, which it attributed largely to non-cash revaluation of its crypto reserves. Realized gains from Bitcoin sales throughout the year exceeded $28 million.

What Comes Next for Keel Infrastructure

Bitfarms first announced its gradual wind-down of mining operations back in November 2025. With the rebrand and re-domiciliation now complete, the company is formalizing its transformation. The 2.2 GW energy portfolio serves as the key asset for its new direction — large-scale power access is precisely what makes former miners attractive players in the AI infrastructure market. The sale of over $161 million in Bitcoin is expected to provide seed capital for this strategic shift.