Bitfarms Completes Corporate Migration to the US, Rebrands as Keel Infrastructure

Bitfarms completes move to US, rebrands as Keel Infrastructure Corp. (KEEL) to shift from Bitcoin mining to AI and HPC, despite a $284.5M annual loss.

Bitfarms Ltd. has formally concluded its corporate relocation from Canada to the United States. Beginning April 6, the firm will commence trading on the Nasdaq exchange under a new corporate identity—Keel Infrastructure Corp.—with the ticker symbol KEEL. This move represents more than a simple change of address; it signals the commencement of a fundamental strategic pivot for the business.

Financial Performance Highlights Cost of Transition

The company’s recently published fiscal 2025 results underscore the substantial expenses tied to this strategic shift. Revenue demonstrated significant growth, climbing 72% to reach $229 million. However, this top-line expansion was overshadowed by a substantial bottom-line net loss of $284.5 million. A major contributor to this deficit was the company's decision to exit its operations in Argentina and Paraguay, a retreat prompted by economic volatility and persistent challenges in securing reliable energy supplies at those sites.

A Pivot from Bitcoin Mining to AI and High-Performance Computing

With its new legal domicile in New York City, the rebranded Keel Infrastructure Corp. is leaving its past as a pure-play Bitcoin miner behind. Management is leveraging the U.S. corporate structure to execute a sharp strategic redirection toward high-performance computing (HPC) and artificial intelligence infrastructure. The company has outlined an ambitious plan, targeting a total capacity of 2.2 gigawatts across facilities in Pennsylvania, Washington, and Quebec. This infrastructure is intended to meet the massive power requirements of hyperscale data center operators and AI service providers.

Funding the Transformation

Despite reporting heavy losses, the company enters this new phase with considerable financial resources. It holds a liquidity reserve of approximately $520 million in combined cash and digital assets. To help fund the capital-intensive build-out of its AI infrastructure, Bitfarms plans to gradually draw down its Bitcoin treasury. Investor sentiment regarding this radical corporate overhaul has been cautious, reflected in a year-to-date share price decline exceeding 23%.