Key Highlights
- CEO Ben Gagnon stated Bitfarms will liquidate its entire bitcoin position, selling assets “opportunistically into strength”
- Bitcoin sales in 2025 generated $28.2 million in realized profits, with 1,827 BTC remaining in reserves
- Company developing 2.2 gigawatt AI and high-performance computing infrastructure across North America, with revenue projected from 2027
- Shareholder vote approved U.S. redomiciliation and rebrand to Keel Infrastructure (KEEL), effective approximately April 1, 2026
- Annual revenue reached $229 million in 2025 (72% year-over-year increase) despite recording a $284 million net loss
Bitfarms is executing one of the industry’s most dramatic strategic transformations. The mining company is liquidating its entire bitcoin treasury and redirecting resources toward AI data center development — a shift the CEO discussed openly.
Bitfarms Ltd., BITF
“In time, we will have no bitcoin,” CEO Ben Gagnon stated during Tuesday’s Q4 earnings discussion. Data from BitcoinTreasuries.net shows the firm currently maintains 1,827 BTC, a position it has begun systematically reducing.
Throughout 2025, Bitfarms realized $28.2 million in gains from strategic bitcoin sales. Leadership intends to continue opportunistic selling during favorable market conditions while maintaining mining operations to extract remaining cash flow before eventual operational wind-down.
The transformation extends beyond asset liquidation — it represents a fundamental business reinvention. Bitfarms is constructing a 2.2 gigawatt data center portfolio spanning facilities in Pennsylvania, Washington, and Québec. Revenue generation from AI-focused operations is targeted to commence in 2027.
Financial positioning supports this ambitious transition. Bitfarms disclosed 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 credit facility, streamlining its financial structure before entering the capital-intensive construction phase.
Corporate Rebrand and Strategic Repositioning
The strategic overhaul includes comprehensive corporate restructuring. Following shareholder approval, the company will relocate from Canadian to U.S. domicile and adopt the Keel Infrastructure identity, trading as KEEL on Nasdaq and TSX exchanges. This transition is scheduled to complete around April 1, 2026.
The rebrand represents more than cosmetic change. Management seeks to attract institutional-grade clients and secure project-level capital — objectives complicated by cryptocurrency associations.
Bitfarms isn’t pursuing direct competition with established cloud platforms. The company is carving a niche as a provider of powered real estate and data center capacity — the foundational infrastructure layer where electrical access and regulatory approvals have created significant supply constraints.
Financial Performance and Market Response
The 2025 financial results illustrate the transition narrative. Revenue climbed to $229 million, representing 72% annual growth. However, the company reported a $284 million net loss, primarily attributed to digital asset fair value adjustments and impairment writedowns.
This accounting volatility directly motivates the bitcoin exit strategy. Maintaining cryptocurrency reserves generates balance sheet fluctuations that obscure operational performance. Liquidation eliminates this distortion.
Current analyst consensus rates BITF as a Buy with a C$7.00 target price. Shares closed Tuesday at $1.89, gaining more than 4.6% amid broader momentum in AI infrastructure equities.
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Source: https://blockonomi.com/bitfarms-bitf-abandons-bitcoin-strategy-shifts-focus-to-ai-infrastructure/