Bitfarms (BITF) Confirms Complete Withdrawal from Bitcoin, Shifts Focus to AI Data Centers

TLDR

• CEO Ben Gagnon has confirmed that Bitfarms intends to divest its entire bitcoin portfolio, opting to sell holdings “opportunistically into strength.”
• During 2025, the firm realized $28.2 million in gains from bitcoin sales and currently maintains a balance of 1,827 BTC.
• Bitfarms is currently developing a 2.2-gigawatt pipeline for AI and high-performance computing (HPC) data centers across North America, with revenue generation projected to begin in 2027.
• Shareholders have sanctioned a move to relocate the company from Canada to the United States, with a rebranding to Keel Infrastructure (KEEL) anticipated around April 1, 2026.
• The company reported 2025 revenue of $229 million, a 72% year-over-year increase, though it recorded a net loss of $284 million.

---

(SeaPRwire) –   Bitfarms has initiated a definitive departure from its origins in mining. The firm is liquidating its bitcoin assets to focus exclusively on AI infrastructure, a strategy the CEO has articulated with complete transparency.

Bitfarms Ltd., BITF

“In time, we will have no bitcoin,” CEO Ben Gagnon stated during Tuesday’s fourth-quarter earnings call. According to BitcoinTreasuries.net, the company currently holds 1,827 BTC and has already commenced the process of reducing its position.

Throughout 2025, Bitfarms secured $28.2 million in realized gains from the sale of its bitcoin. Management intends to continue selling “into strength” while maintaining mining operations to extract remaining cash flow before eventually phasing them out entirely.

The company is undergoing a comprehensive structural transformation. Bitfarms is currently establishing a 2.2-gigawatt data center pipeline with locations in Washington state, Pennsylvania, and Québec, aiming to initiate AI-related revenue streams by 2027.

This strategic pivot is supported by a robust balance sheet. As of March 27, Bitfarms reported approximately $520 million in total liquidity, encompassing both cash and bitcoin assets. Furthermore, the company settled a $100 million debt facility with Macquarie, streamlining its capital structure in preparation for an intensive phase of infrastructure development.

From Bitcoin Miner to Keel Infrastructure

The corporate evolution extends beyond a mere change in strategy. Following shareholder approval to move operations from Canada to the U.S., the company will rebrand as Keel Infrastructure and trade under the ticker symbol KEEL on both the TSX and Nasdaq. This transition is expected to be finalized around April 1, 2026.

The new corporate identity reflects a clear separation from the crypto sector. Management aims to secure project-level financing and attract investment-grade clients—objectives that are difficult to achieve under a brand associated primarily with bitcoin mining.

Rather than competing directly with established cloud providers, Bitfarms is positioning itself as a provider of powered land and data center capacity. By focusing on the physical layer of the AI stack, the company addresses the critical industry bottleneck of grid permitting and electricity access.

The Numbers Behind the Pivot

The 2025 financial results highlight the company’s shift. While revenue grew 72% year over year to $229 million, the firm reported a net loss of $284 million, primarily attributed to impairment charges and fair value fluctuations in digital assets.

Bitfarms is seeking to move away from such volatility. By divesting its bitcoin holdings, the company aims to eliminate the accounting noise that has historically obscured its core business performance.

Currently, the most recent analyst rating for BITF is a Buy, with a price target of C$7.00. Shares of BITF closed at $1.89 on Tuesday, marking a 4.6% increase driven by a broader market rally in AI infrastructure stocks.