An organization that constructed its identify on cryptocurrency mining is strolling away from the enterprise solely. Bitfarms introduced plans Tuesday to rebrand as Keel Infrastructure and transfer its authorized base from Canada to the US, capping a five-month exit from Bitcoin that administration described as a deliberate break from the previous.
No Half-Measures In The Firm’s New Path
CEO Ben Gagnon made the corporate’s place plain throughout an earnings name. “No half-measures, no compromises, and in time, no Bitcoin,” he mentioned. “We constructed a brand new firm.” Bitfarms is now targeted on constructing and working information facilities that energy high-performance computing and synthetic intelligence platforms.
Based on firm filings, it’s growing a 2.2-gigawatt infrastructure pipeline throughout North America, focusing on what it calls hyperscalers and next-generation cloud suppliers.
The rebrand and the relocation have each obtained shareholder approval. The transfer to the US alerts a deliberate repositioning — one aimed toward tapping a market the place AI infrastructure spending has been climbing steadily.
Bitfarms Fiscal Yr 2025 Outcomes. Supply: Bitfarms
A Yr Of Heavy Losses Tied To Falling Bitcoin Costs
The corporate’s 2025 monetary outcomes, additionally launched Tuesday, confirmed a internet lack of $284.5 million — wider than the yr earlier than. Income rose 70% year-on-year to shut to $230 million, however the price of producing that income got here in at $248 million, producing a gross loss earlier than different bills had been counted.
Normal and administrative prices additionally elevated. A swing within the honest worth of digital property price the corporate virtually $51 million final yr, in comparison with a $26 million achieve in 2024. A $28 million achieve from promoting digital property partially offset these figures.
Bitfarms Fiscal Yr 2025 Outcomes. Supply: Bitfarms
Bitcoin mining has turn out to be a more durable enterprise to run. Knowledge exhibits the main cryptocurrency has dropped 45% from its October excessive. Mining issue — a measure of how arduous it’s to earn new cash — has risen 58% for the reason that final halving in Might 2024. These situations squeezed margins throughout the trade, not simply at Bitfarms.
Regardless of the losses, traders responded positively. Shares closed Tuesday up 6.60%, buying and selling at 2.73 Canadian {dollars}, or roughly $1.96 US.
BTCUSD buying and selling at $68,780 on the 24-hour chart: TradingView
Bitcoin Holdings Nonetheless On The Books For Now
Experiences point out the corporate nonetheless holds about $161 million in Bitcoin that carries no debt in opposition to it. That reserve offers some monetary flexibility because the transition continues.
Bitfarms is just not alone in making this type of shift. Iris Power has been scaling AI cloud providers utilizing Nvidia graphics processors. Cipher Mining locked in a long-term internet hosting cope with AI cloud agency Fluidstack.
Riot Platforms and MARA Holdings have each expanded into AI and high-performance computing as nicely. The sample displays a broader transfer by mining corporations looking for larger margins in a special nook of the tech sector.
For Bitfarms, the message from management is that the outdated enterprise is finished. What comes subsequent is being constructed from the bottom up — underneath a brand new identify, in a brand new nation, chasing a special market solely.
Featured picture from Akos Stiller/Bloomberg through Getty Photographs, chart from TradingView
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