Bitfarms Rebrands to Keel, Plans to Sell Bitcoin for AI Pivot

Bitfarms Ltd. (Nasdaq/TSX: BITF) announced on March 31, 2026 that shareholders have approved the company’s redomiciliation from Canada to the United States and rebrand to Keel Infrastructure, effective April 1, 2026, as part of a strategic transformation from a pure-play Bitcoin miner to a North American digital infrastructure company focused on AI and high-performance computing.

The company reported fiscal year 2025 revenue of $229 million, up 72% year-over-year, while holding approximately $161 million in unencumbered Bitcoin as of March 27, 2026, which management stated will be sold opportunistically to fund infrastructure development.

Keel Infrastructure Rebrand Marks Strategic Shift from Bitcoin Mining to HPC Development

Bitfarms received shareholder approval in March 2026 to complete a statutory plan of arrangement to redomicile to the United States and rebrand as Keel Infrastructure. The US redomiciliation is expected to be completed on or about April 1, 2026, with Keel becoming the ultimate parent company headquartered in New York City. Trading under the new ticker “KEEL” is expected to begin on Nasdaq and the Toronto Stock Exchange two business days following completion, replacing Bitfarms’ existing listing.

CEO Ben Gagnon stated that everything the company built in 2025—sites, team, and balance sheet—was in service of the thesis that HPC and AI’s exponential growth requires top-tier infrastructure. He noted that Keel is positioned as a regional leader in Pennsylvania, Washington state, and Québec, three of North America’s most strategic and supply-constrained data center hubs, with strong inbound interest from investment-grade counterparties seeking access to the company’s power-secured portfolio.

The company has expanded its infrastructure and corporate teams with senior hires averaging over 20 years of experience in HPC data center construction, large-scale project management, and infrastructure. Edie Hofmeister was appointed as Chair of the Board, bringing extensive US public company, infrastructure, governance, and capital markets experience.

Bitfarms Advances 2.2 GW Development Pipeline with Active Leasing Processes

Keel Infrastructure is advancing a 2.2 GW digital infrastructure development pipeline across North America. The portfolio includes 341 MW of energized capacity currently being used on site, 430 MW of secured capacity with executed utility agreements for future delivery, and 1.5 GW of expansion capacity under application, utility study, or evaluation for behind-the-meter power generation.

The company highlighted active go-to-market processes at its Panther Creek, Sharon, and Moses Lake sites. Zoning approval was secured from the Nesquehoning Planning Commission for the Panther Creek site, representing a significant milestone in the infrastructure development process.

In February 2026, Bitfarms repaid in full the $100 million outstanding under its $300 million Macquarie debt facility. CFO Jonathan Mir stated that the repayment simplified the capital structure and provides greater flexibility heading into the next phase of development, enabling the company to pursue more cost-effective financing at either the project level or parent level for Panther Creek and other development sites.

Company to Monetize Bitcoin Holdings Opportunistically to Fund Infrastructure Buildout

As of March 27, 2026, Bitfarms had total liquidity of approximately $520 million, comprising approximately $359 million in unrestricted cash and approximately $161 million in unencumbered Bitcoin, representing approximately 2,400 BTC. The company’s Bitcoin reserves increased from 1,827 BTC in November 2025, indicating that Bitfarms retained much of its mining production over the last quarter.

Gagnon stated on the earnings call that the company will “opportunistically” sell its Bitcoin to capture and reinvest every dollar possible into HPC and AI infrastructure, rather than maintaining a long-term holding strategy. The approach represents a departure from the treasury accumulation strategies employed by some Bitcoin mining peers.

For fiscal year 2025, the company reported revenue of $229 million, up 72% year-over-year. Operating loss expanded to $150 million from $28 million in 2024, including non-cash depreciation of $98 million and $28 million in impairment charges. The year-over-year change primarily reflects a $22 million net loss related to change in fair value of digital assets in 2025, compared to a net gain of $53 million in 2024, driven by declining Bitcoin prices and realization of gains on Bitcoin disposals.

Adjusted EBITDA was $29 million, or 13% of revenue, down from $31 million, or 23% of revenue, in 2024. Loss from continuing operations was $209 million, or $0.38 loss per basic and diluted share, compared to a loss of $7 million, or $0.02 loss per share, in 2024.

FAQ

What is Keel Infrastructure and how does it relate to Bitfarms?

Keel Infrastructure is the new name and parent entity resulting from Bitfarms’ redomiciliation from Canada to the United States, effective April 1, 2026. The rebrand reflects the company’s strategic pivot from a pure-play Bitcoin miner to a North American digital infrastructure developer focused on AI and high-performance computing.

What is the size of Keel Infrastructure’s development pipeline?

Keel Infrastructure is advancing a 2.2 GW digital infrastructure development pipeline across North America, comprising 341 MW of energized capacity, 430 MW of secured capacity with executed utility agreements, and 1.5 GW of expansion capacity under development.

How will Keel Infrastructure fund its AI and HPC infrastructure development?

As of March 27, 2026, the company had $520 million in total liquidity, including $359 million in unrestricted cash and $161 million in unencumbered Bitcoin. Management stated that Bitcoin holdings will be sold opportunistically to fund infrastructure development, rather than maintained as a long-term treasury asset.