Bitfarms sheds “bitcoin company” label, reborn as Keel Infrastructure with U.S. redomiciling and AI focus
Bitfarms Ltd. (BITF) is ditching its identity as a pure-play bitcoin miner and repositioning itself as an infrastructure company for high-performance computing (HPC) and artificial intelligence workloads. The company announced Friday it will move its legal domicile from Canada to the United States, rebrand as Keel Infrastructure and list the parent company — to be incorporated in Delaware — on Nasdaq and the Toronto Stock Exchange under the symbol KEEL.
The change follows a year-long strategic review driven by shifting market trends and investor sentiment, CEO Ben Gagnon said. “We are no longer a Bitcoin company,” Gagnon said. “We are an infrastructure-first owner and developer for HPC/AI data centers across North America.” The pivot aims to simplify the corporate structure, give the firm greater access to U.S. capital and put it more directly in front of institutional investors.
Key facts and timetable
- Shareholder vote on the redomiciling is set for March 20; the transition is expected to close by April 1 if shareholders, regulators and the court approve the move.
- The new parent will trade under the ticker KEEL on Nasdaq and the TSX.
- Bitfarms will keep operating its Canadian and U.S. mining sites, but its New York City office will become the company’s sole headquarters.
Market reaction and balance sheet
- Bitfarms shares jumped about 18% on the news, reversing a 16% decline from the prior trading day as AI infrastructure and crypto stocks slid.
- The company reported liquidity of $698 million as of Feb. 5, largely held in cash and bitcoin.
- As part of the refocus, Bitfarms has started repaying a $300 million credit facility from Macquarie Group, beginning with a $100 million payment linked to its Panther Creek site in Pennsylvania — a move intended to reduce leverage while preserving liquidity.
Why it matters
The switch signals a broader strategy shift that aligns with surging institutional demand for AI and HPC infrastructure. For investors, the restructure could mean greater access to U.S. capital markets and a reframed growth story that leans on data center development rather than commodity-style bitcoin mining. Bitfarms’ bitcoin exposure remains part of its liquidity mix, but the company is clearly marketing itself as an infrastructure developer first.
Bitcoin price snapshot (as noted in the release): BTC $70,465.12.
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