Key Highlights
- CEO Ben Gagnon announced Bitfarms will divest its entire bitcoin portfolio, liquidating positions “opportunistically during market rallies”
- Bitcoin sales generated $28.2 million in profits during 2025, with 1,827 BTC remaining in company reserves
- Company is developing a 2.2 gigawatt AI and high-performance computing data center portfolio spanning multiple North American locations, with revenue targeted for 2027
- Board members greenlit corporate redomiciliation to the United States from Canada, alongside a planned rebrand to Keel Infrastructure (KEEL) launching approximately April 1, 2026
- Annual revenue reached $229 million in 2025 (representing 72% growth year-over-year) despite recording a $284 million net deficit
Bitfarms is executing one of the most dramatic strategic pivots in the crypto mining sector. The organization is liquidating its complete bitcoin treasury and channeling resources into AI infrastructure development — with leadership communicating the shift in unmistakable terms.
“Eventually, our bitcoin holdings will reach zero,” CEO Ben Gagnon declared during Tuesday’s fourth-quarter earnings presentation. The firm maintains 1,827 BTC in its treasury per BitcoinTreasuries.net data, with active reduction already underway.
During 2025, Bitfarms secured $28.2 million through strategic bitcoin liquidations. Leadership intends to continue offloading digital assets “during favorable market conditions” while maintaining mining operations to extract remaining profitability before phasing them out completely.
This transformation extends far beyond simply abandoning bitcoin. Bitfarms is constructing a 2.2 gigawatt data infrastructure portfolio distributed across facilities in Pennsylvania, Washington, and Québec. Management projects AI-focused revenue generation commencing in 2027.
The strategic repositioning benefits from strong financial positioning. Bitfarms disclosed approximately $520 million in combined liquidity as of March 27, encompassing both cash reserves and digital asset holdings. Additionally, the company eliminated its $100 million Macquarie credit facility, streamlining its balance sheet before embarking on infrastructure-intensive expansion.
Transitioning from Crypto Mining to Keel Infrastructure
The corporate metamorphosis transcends operational changes. Shareholders have authorized relocation of corporate domicile from Canada to the United States, accompanied by rebranding as Keel Infrastructure with the ticker symbol KEEL on both Nasdaq and TSX exchanges. This transformation is scheduled for completion around April 1, 2026.
The identity overhaul represents an intentional departure from cryptocurrency associations. Leadership aims to secure institutional clients and obtain project-specific capital — objectives complicated by maintaining a bitcoin-centric brand image.
Bitfarms isn’t pursuing direct competition with hyperscale cloud platforms. The company is establishing itself as a provider of powered real estate and data center capacity — addressing the infrastructure foundation of AI computing, where electrical grid access and regulatory approvals have emerged as significant constraints.
Financial Performance Underpinning the Transformation
The 2025 financial results illuminate the strategic rationale. Annual revenue climbed to $229 million, representing 72% year-over-year expansion. However, the organization recorded a $284 million net deficit, primarily attributable to digital asset fair value adjustments and asset impairment expenses.
This financial volatility represents precisely what Bitfarms seeks to eliminate. Maintaining bitcoin treasury positions creates accounting fluctuations that obscure operational performance. Liquidating holdings removes this complexity.
The latest analyst assessment on BITF maintains a Buy recommendation with a C$7.00 target price. BITF shares concluded Tuesday’s session at $1.89, advancing more than 4.6% amid broader momentum in AI infrastructure equities.
