A company that made a name for itself in cryptocurrency mining is getting out of the business entirely. Bitfarms announced plans on Tuesday to rebrand itself as Keel Infrastructure and move its legal base from Canada to the United States. This limited the withdrawal from Bitcoin to five months, which management described as a deliberate break from the past.
There are no shortcomings in the company’s new direction.
CEO Ben Gagnon made the company’s position clear during the earnings call. “There are no shortcuts, no compromises, and over time, there will be no Bitcoin,” he said. “We started 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 hyperscalers and next-generation cloud providers.
Both the rebrand and transfer received shareholder approval. The move to the U.S. represents a deliberate change of location to target a market where AI infrastructure spending is steadily increasing.
Bitfarms Fiscal Year 2025 Results. Source: Bitfarms
A year of heavy losses due to falling Bitcoin prices
The company’s 2025 financial results released Tuesday showed a net loss of $284.5 million, wider than the previous year. Revenue grew 70% year-over-year to $230 million, but cost of generating revenue was $248 million, a total loss before other costs.
General and administrative expenses also increased. Fluctuations in the fair value of digital assets caused the company to lose nearly $51 million last year, compared to a profit of $26 million in 2024. These figures were partially offset by a $28 million gain from digital asset sales.
Bitfarms Fiscal Year 2025 Results. Source: Bitfarms
Bitcoin mining has become a more difficult business to run. Data shows the major cryptocurrency is down 45% from its October peak. Mining difficulty, a measure of how difficult it is to obtain new coins, has increased 58% since the last halving in May 2024. This situation has put pressure on margins not only at Bitfarms but across the industry.
Despite the losses, investors responded positively. Shares rose 6.60% on Tuesday to trade at 2.73 Canadian dollars, or about 1.96 US dollars.
BTCUSD trading at $68,780 on the 24-hour chart: TradingView
Bitcoin Holdings is still on the books for now.
According to the report, the company still holds approximately $161 million in Bitcoin without any debt. These reserves provide some financial flexibility as the transition continues.
Bitfarms is not alone in making this kind of change. Iris Energy has been expanding its AI cloud services using Nvidia graphics processors. Cipher Mining has signed a long-term hosting agreement with AI cloud company Fluidstack.
Riot Platforms and MARA Holdings have both expanded into AI and high-performance computing. This pattern reflects a broader move by mining companies to seek higher margins elsewhere in the technology sector.
In the case of Bitfarms, the message management is sending is that its legacy business is dead. The next step is to build a completely new name and pursue a completely different market in new countries.
Featured image by Akos Stiller/Bloomberg via Getty Images, chart by TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is diligently reviewed by our team of leading technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
