Bitfarms Completes Strategic Shift, Rebrands as Keel Infrastructure

Bitfarms completes transformation into Keel Infrastructure Corp., shifting from crypto mining to high-performance computing for AI, backed by strong cash reserves and a 2.2 GW project pipeline.

A significant corporate transformation is set to conclude this weekend for the former Bitcoin mining firm, Bitfarms. Starting Monday, its shares will cease trading under the familiar "BITF" ticker on the Nasdaq and Toronto Stock Exchange. In their place, Keel Infrastructure Corp. will debut under the new symbol "KEEL," marking the definitive pivot from a cryptocurrency specialist to a provider of high-performance computing infrastructure for artificial intelligence.

A Strategic Pivot Backed by Shareholders

This rebranding is the culmination of a strategic overhaul initiated months ago. The company's relocation of its corporate headquarters from Canada to New York City underscores its focused ambitions in the high-performance computing (HPC) sector. Shareholders overwhelmingly endorsed this strategic direction in March, with over 99% of votes cast in favor of the change. Existing Bitfarms shares will be converted on a one-for-one basis into the new Keel equity.

The latest financial results highlight the rationale behind this strategic shift. For the fourth quarter of 2025, revenue declined by nearly 43% year-over-year to $42.3 million. Management characterizes this drop as intentional, part of a deliberate wind-down of traditional Bitcoin mining operations to reallocate energy and capacity toward the more power-intensive demands of AI infrastructure. Despite reporting a quarterly loss of $0.25 per share, the company enters its new phase with a substantial financial cushion, holding approximately $573.5 million in cash.

Fueling Growth with a Robust Development Pipeline

This strong liquidity position is earmarked for an extensive development pipeline totaling 2.2 gigawatts across North America. Key projects, including the Panther Creek and Scrubgrass sites, are designed to secure the necessary power for large-scale AI data center operations. Market analysts have responded favorably to this roadmap. On average, they see considerable upside potential from the current trading level of €1.70, a price that has retreated roughly 23% since the start of the year.

Market expectations for the relaunch are captured in several key metrics:

• Consensus Rating: "Buy"
• Median Price Target Range: $3.42 to $4.04
• Share Buyback Authorization: Up to 49,943,031 shares
• Buyback Program Duration: Through July 2026

Investor focus now shifts to the execution of Keel's infrastructure plans. The primary catalysts for the stock are expected to be the commissioning of new computing capacity and the securing of additional power purchase agreements. The active share repurchase program, authorized to run through mid-2026, is viewed as a mechanism to provide underlying market support during this transition.