BitFarms shareholders have agreed to a fundamental corporate shift that will move the company to the United States and reposition it as an artificial intelligence (AI) and high performance computing (HPC) infrastructure business.
BitFarms shareholders approve Delaware transition and KEEL ticker transition
In the March 20 vote, approximately 99.3% of those voting voted in favor of the plan to move from Canada to Delaware and adopt a new name, Keele Infrastructure, resulting in a nearly unanimous victory. Margins are comfortably above the required two-thirds threshold, showing that there is broad investor agreement behind management’s direction.
If final approvals are received as expected, the transaction is expected to close around April 1. At that time, each BitFarms share will convert 1-for-1 into a stock in the new parent company in Delaware, and is expected to begin trading on both the Nasdaq and the Toronto Stock Exchange immediately thereafter under the ticker “KEEL.”
The mechanism is simple, but the message is not subtle. Bitfarms is leaning fully into its new identity. The company positions itself not as a Bitcoin miner, but as a North American infrastructure operator focused on powering AI workloads.
BitFarms stock price fell more than 8% on Friday and has fallen 2.23% in the past five trading sessions. Image source: bitcoinminingstock.io.
This AI and HPC pivot didn’t happen overnight. Management first outlined its plans on February 6, following a year-long strategic review that considered investor appetite, access to capital and long-term positioning. The conclusion was clear enough. It would change its domicile, simplify its structure and deal with U.S. investors on its own territory.
Proxy advisors, including Institutional Shareholder Services, supported the move on economic grounds. The board followed suit with a unanimous recommendation, and shareholders treated the proposal largely as a formality.
Under the new organization, BitFarms will become a subsidiary of Keel Infrastructure Corporation, a newly incorporated Delaware entity. The company’s operations, facilities and day-to-day operations will remain the same, at least for now. What changes is the rapper: legally, financially, and narratively.
The rebrand leans into that narrative. The “keel” refers to the backbone of a ship, and is the part that stabilizes energy and converts it into forward motion. Management clearly aims to deploy the company as a foundational conduit for the next wave of computing demand, rather than a bet on a single asset tied to Bitcoin’s mining cycle.
CEO Ben Gagnon noted that the company has been repositioning for more than a year, and characterized the vote as validation of a longer-term commitment. “Today’s vote confirms more than a year of our efforts and marks an important milestone in our strategic transformation,” he said.
Domicile in the United States is expected to bring practical benefits. These include deeper access to American capital markets, better collaboration with domestic investors, and a more familiar corporate structure under Delaware law. There is also a strategic aspect. Operating as a U.S.-based entity could ease relationships with utilities, regulators, and corporate customers related to AI and data infrastructure.
Bitfarms already has a significant footprint in North America, including a 2.1 gigawatt energy portfolio across active, development and pipeline projects. After the transition, the company’s New York office will serve as its primary management base.
There are still boxes to check. Court approval and standard closing conditions remain in effect and, like any restructuring, there are risks, including delays, additional costs, or benefits that take longer to realize. The company directed investors to refer to its filings for a more detailed explanation of these variables.
Still, the direction is currently fixed. Shareholders support a shift that replaces a single-sector identity with a broader infrastructure thesis, one that moves the company closer to the center of AI computing demand rather than at the edge of Bitcoin’s market forces.
Frequently asked questions 🔎
- What will Bitfarms change its name to?
Bitfarms will rebrand to Keel Infrastructure upon relocation to the US. - When will KEEL stock start trading?
The shares are expected to begin trading under “KEEL” immediately after closing on or about April 1, 2026. - Will Bitfarm shares be converted?
Yes, each Bitfarms share will be converted into a Keel Infrastructure share at a 1:1 ratio. - Why is Bitfarm moving to the US?
This transition is aimed at improving access to U.S. capital, engaging with investors, and supporting our AI infrastructure strategy.
