Bitfarms (BITF) Confirms Full Bitcoin Exit, Pivots to AI Data Centers

TLDR

• Bitfarms CEO Ben Gagnon confirmed the company will eventually hold zero bitcoin, selling holdings “opportunistically into strength”
• The company generated $28.2 million in realized gains from bitcoin sales in 2025 and currently holds 1,827 BTC
• Bitfarms is building a 2.2 gigawatt AI and HPC data center pipeline across North America, targeting revenue from 2027
• Shareholders approved a redomiciliation from Canada to the U.S., with a rebrand to Keel Infrastructure (KEEL) expected around April 1, 2026
• The company reported $229 million in revenue for 2025 (up 72% YoY) but posted a net loss of $284 million

Bitfarms has made one of the clearest breaks yet from its mining roots. The company is selling every bitcoin it owns and going all-in on AI infrastructure — and the CEO isn’t being subtle about it.

Bitfarms Ltd., BITF

Bitfarms pulled in $28.2 million in realized gains from bitcoin sales during 2025. Management plans to keep selling “into strength” while still running mining operations to squeeze out remaining cash flow before eventually winding them down.

The company isn’t just exiting bitcoin — it’s rebuilding itself from the ground up. Bitfarms is developing a 2.2 gigawatt data center pipeline across sites in Pennsylvania, Washington state, and Québec. The target is to start generating AI-driven revenue by 2027.

That pivot is backed by a solid balance sheet. As of March 27, Bitfarms reported roughly $520 million in total liquidity, covering both cash and bitcoin holdings. It also repaid a $100 million Macquarie debt facility, simplifying its capital structure ahead of a capital-heavy buildout phase.

From Bitcoin Miner to Keel Infrastructure

The corporate transformation goes deeper than a strategy shift. Shareholders have approved a move from Canada to the U.S., with the company set to rebrand as Keel Infrastructure and trade under the ticker KEEL on both Nasdaq and the TSX. That transition is expected to close around April 1, 2026.

The new name signals a deliberate break from the crypto identity. Management wants to attract investment-grade customers and access project-level financing — neither of which is easy when your brand screams “bitcoin miner.”

Bitfarms won’t be competing directly with cloud providers. Instead, it’s positioning itself as a supplier of powered land and data center capacity — the physical layer of the AI stack, where access to electricity and grid permitting has become a real bottleneck.

The Numbers Behind the Pivot

The 2025 financials tell the story plainly. Revenue hit $229 million, up 72% year over year. But the company posted a net loss of $284 million, largely driven by fair value changes on digital assets and impairment charges.

That volatility is exactly what Bitfarms is trying to escape. Holding bitcoin on the balance sheet creates accounting swings that obscure the underlying business. Selling it removes that noise.

The most recent analyst rating on BITF is a Buy with a C$7.00 price target. BITF stock closed Tuesday at $1.89, up over 4.6% on the day, lifted by a broader rally in AI infrastructure names.

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