Bitfarms Bets on AI, US Domicile To Turn Page After Losses Multiply

Those negative items on the company's balance sheet more than offset a boost in revenue to almost $230mn, driven by North American expansion following the acquisition of Stronghold, a mining company. Bitfarms also incurred losses from discontinued operations, principally from winding down assets in Argentina and Paraguay. The stock nonetheless advanced in Tuesday trading.

Keel Infrastructure 

Shareholders approved a move of the company's legal domicile from Canada to the US in March, with the transaction set to close on or about 1 Apr. On completion, Bitfarms will rebrand as Keel Infrastructure and trade on Nasdaq and the Toronto Stock Exchange under the new ticker "KEEL", with the existing BITF shares delisted. 

Behind the move is a pivot away from Bitcoin mining and towards high-performance computing (HPC) and AI infrastructure, a shift that has swept across the sector, with peers such as Core Scientific, MARA Holdings and Riot Platforms making similar moves as mining margins collapse.  

"Everything we built in 2025 – the sites, the team, the balance sheet – was in service of one thesis: that HPC/AI's exponential growth requires top-tier infrastructure, and we intend to build to meet that demand," said CEO Ben Gagnon in a statement. 

Bitfarms has sites in Washington state, Pennsylvania and Québec, with 341 MW of capacity currently live, 430 MW secured under utility agreements and a further 1.5 GW in the pipeline. 

Shares advance

Despite the financial results, shares of Bitfarms were trading up 4.3% at CAD 2.67 ($1.92) on the Toronto Stock Exchange on 31 Mar, giving the company a market capitalization of approximately CAD 1.59bn ($1.15bn). The stock has traded between CAD 0.96 ($0.69) and CAD 9.27 ($6.67) over the past 52 weeks, reflecting the turbulence in both Bitcoin markets and sentiment towards crypto miners.