Key Highlights
- CEO Ben Gagnon announced Bitfarms will liquidate its entire bitcoin portfolio through strategic sales during market upswings
- Bitcoin sales in 2025 produced $28.2 million in realized gains, with current holdings at 1,827 BTC
- The firm is developing a 2.2 gigawatt AI and high-performance computing data center network spanning North America, with revenue targets beginning in 2027
- Shareholder approval secured for U.S. redomiciliation and corporate rebrand to Keel Infrastructure (KEEL), scheduled for approximately April 1, 2026
- Annual revenue reached $229 million in 2025, representing 72% year-over-year growth, alongside a $284 million net loss
Bitfarms has executed one of the most definitive strategic transformations in the crypto mining sector. The company plans to liquidate its complete bitcoin inventory while redirecting capital toward AI infrastructure development — a move CEO Ben Gagnon openly confirmed.
“In time, we will have no bitcoin,” CEO Ben Gagnon stated during Tuesday’s fourth-quarter earnings presentation. With current holdings of 1,827 BTC according to BitcoinTreasuries.net, the liquidation process has already commenced.
The company secured $28.2 million in realized gains through bitcoin sales throughout 2025. Leadership intends to continue selling during favorable market conditions while maintaining mining operations to extract remaining cash flow before eventual operational shutdown.
Bitfarms is executing a comprehensive corporate transformation beyond bitcoin liquidation. Bitfarms has assembled a 2.2 gigawatt data center development portfolio across Pennsylvania, Washington state, and Québec facilities. Revenue generation from AI workloads is projected to begin in 2027.
The strategic shift benefits from robust financial positioning. Bitfarms held approximately $520 million in combined liquidity as of March 27, encompassing both cash reserves and bitcoin assets. The company also eliminated its $100 million Macquarie debt obligation, streamlining its financial structure before entering the capital-intensive infrastructure buildout phase.
Corporate Rebrand Signals New Direction
The transformation extends beyond operational strategy into corporate identity. Shareholders have authorized the company’s redomiciliation from Canadian to U.S. jurisdiction, accompanied by a rebrand to Keel Infrastructure with the trading symbol KEEL on both Nasdaq and TSX exchanges. The transition is scheduled for completion around April 1, 2026.
The naming change represents a calculated departure from cryptocurrency branding. Leadership aims to attract institutional clients and secure project-based financing — objectives that prove challenging when corporate identity remains tied to bitcoin mining.
Bitfarms is avoiding direct competition with major cloud service platforms. The company is establishing itself as a provider of powered real estate and data center infrastructure — addressing the physical foundation of AI computing, where electrical capacity and grid connectivity have emerged as critical constraints.
Financial Performance Reflects Transition
The 2025 financial results illustrate the strategic shift clearly. Revenue climbed to $229 million, marking 72% growth compared to the prior year. The company recorded a $284 million net loss, primarily attributed to digital asset fair value adjustments and impairment expenses.
This financial volatility represents precisely what Bitfarms seeks to eliminate. Maintaining bitcoin on corporate balance sheets generates accounting fluctuations that obscure operational performance. Complete liquidation removes this variability.
The most recent analyst assessment assigned BITF a Buy rating with a C$7.00 price target. BITF shares finished Tuesday’s session at $1.89, gaining over 4.6% amid broader momentum in AI infrastructure equities.
