Key Highlights
- CEO Ben Gagnon announced Bitfarms will liquidate its entire bitcoin reserve, disposing of holdings “opportunistically into strength”
- Bitcoin sales generated $28.2 million in realized profits during 2025, with 1,827 BTC remaining in company reserves
- A 2.2 gigawatt AI and high-performance computing data center portfolio is under development throughout North America, with revenue anticipated from 2027
- Investor approval secured for redomiciliation from Canada to the United States, plus rebranding to Keel Infrastructure (KEEL) scheduled for approximately April 1, 2026
- Annual revenue reached $229 million for 2025 (72% year-over-year increase) despite recording a $284 million net loss
Bitfarms is executing one of the most dramatic strategic transformations in the digital asset mining sector. The firm is liquidating its entire bitcoin position and committing fully to AI infrastructure development — and leadership is making no attempt to hide the magnitude of this shift.
“Eventually, our bitcoin holdings will reach zero,” CEO Ben Gagnon stated during Tuesday’s Q4 earnings discussion. The firm maintains 1,827 BTC currently, per BitcoinTreasuries.net data, and has begun systematically reducing this position.
During 2025, Bitfarms captured $28.2 million in realized profits through strategic bitcoin disposals. Leadership intends to continue selling during favorable market conditions while maintaining mining operations to extract remaining cash flow before ultimately phasing them out entirely.
This represents far more than a bitcoin exit — it’s a comprehensive corporate reinvention. Bitfarms is constructing a 2.2 gigawatt data center infrastructure network spanning locations in Pennsylvania, Washington, and Québec. Revenue generation from AI-focused services is targeted to commence in 2027.
The strategic shift benefits from robust financial positioning. Bitfarms disclosed approximately $520 million in aggregate liquidity as of March 27, encompassing both cash reserves and digital asset holdings. The company also eliminated a $100 million Macquarie credit facility, streamlining its capital foundation before entering an infrastructure-intensive expansion period.
Corporate Transformation: Becoming Keel Infrastructure
The business metamorphosis extends beyond operational strategy. Shareholder authorization has been obtained for corporate redomiciliation from Canadian to U.S. jurisdiction, alongside a rebrand to Keel Infrastructure with the ticker symbol KEEL on both Nasdaq and TSX exchanges. This transition is projected to finalize around April 1, 2026.
The nomenclature change represents an intentional departure from cryptocurrency associations. Leadership aims to court institutional-grade clients and unlock project-level capital access — objectives that prove challenging when corporate branding emphasizes bitcoin mining heritage.
Bitfarms isn’t positioning for direct competition against hyperscale cloud platforms. Rather, the company is establishing itself as a provider of powered sites and data center capacity — the foundational infrastructure layer supporting AI deployments, where electricity availability and grid interconnection have emerged as critical constraints.
Financial Performance Underlying the Transition
The 2025 financial results illuminate the transformation narrative. Revenue climbed to $229 million, representing 72% growth versus the prior year. However, the company recorded a $284 million net loss, primarily attributable to digital asset fair value adjustments and asset impairment charges.
This financial volatility exemplifies precisely what Bitfarms seeks to eliminate. Maintaining bitcoin treasury positions creates accounting fluctuations that mask operational performance. Liquidating these holdings removes that uncertainty.
The most recent Wall Street coverage on BITF assigns a Buy rating with a C$7.00 price objective. BITF shares concluded Tuesday’s session at $1.89, advancing more than 4.6%, propelled by broader momentum in AI infrastructure equities.
