A company that built its name on cryptocurrency mining is walking away from the business entirely. Bitfarms announced plans Tuesday to rebrand as Keel Infrastructure and move its legal base from Canada to the US, capping a five-month exit from Bitcoin that management described as a deliberate break from the past.
No Half-Measures In The Company’s New Direction
CEO Ben Gagnon made the company’s position plain during an earnings call. “No half-measures, no compromises, and in time, no Bitcoin,” he said. “We built a new company.” Bitfarms is now focused on building and operating data centers that power high-performance computing and artificial intelligence platforms.
According to company filings, it is developing a 2.2-gigawatt infrastructure pipeline across North America, targeting what it calls hyperscalers and next-generation cloud providers.
The rebrand and the relocation have both received shareholder approval. The move to the US signals a deliberate repositioning — one aimed at tapping a market where AI infrastructure spending has been climbing steadily.
A Year Of Heavy Losses Tied To Falling Bitcoin Prices
The company’s 2025 financial results, also released Tuesday, showed a net loss of $284.5 million — wider than the year before. Revenue rose 70% year-on-year to close to $230 million, but the cost of generating that revenue came in at $248 million, producing a gross loss before other expenses were counted.
General and administrative costs also increased. A swing in the fair value of digital assets cost the company almost $51 million last year, compared to a $26 million gain in 2024. A $28 million gain from selling digital assets partially offset those figures.
Bitcoin mining has become a harder business to run. Data shows the leading cryptocurrency has dropped 45% from its October high. Mining difficulty — a measure of how hard it is to earn new coins — has risen 58% since the last halving in May 2024. Those conditions squeezed margins across the industry, not just at Bitfarms.
Despite the losses, investors responded positively. Shares closed Tuesday up 6.60%, trading at 2.73 Canadian dollars, or roughly $1.96 US.
Bitcoin Holdings Still On The Books For Now
Reports indicate the company still holds about $161 million in Bitcoin that carries no debt against it. That reserve provides some financial flexibility as the transition continues.
Bitfarms is not alone in making this kind of shift. Iris Energy has been scaling AI cloud services using Nvidia graphics processors. Cipher Mining locked in a long-term hosting deal with AI cloud firm Fluidstack.
Riot Platforms and MARA Holdings have both expanded into AI and high-performance computing as well. The pattern reflects a broader move by mining companies seeking higher margins in a different corner of the tech sector.
For Bitfarms, the message from leadership is that the old business is done. What comes next is being built from the ground up — under a new name, in a new country, chasing a different market entirely.
Featured image from Akos Stiller/Bloomberg via Getty Images, chart from TradingView
