Bitfarms stock (CA09173B1072): Q1 revenue slips 23% amid Bitcoin sale and rebrand to Keel Infrastructure

Bitfarms, now rebranding to Keel Infrastructure, posted Q1 2026 revenue of $37 million, down 23% year-over-year, after selling 269 BTC for $20 million. The company shifts focus to AI and HPC data centers with US headquarters.

Bitfarms Ltd., which announced a rebrand to Keel Infrastructure, reported first-quarter 2026 revenue of $37 million on May 8, 2026, reflecting a 23% decline from the prior year, according to CryptoRank as of May 8, 2026. The company sold 269 BTC for $20 million during the period, reducing its holdings to about $197 million worth of Bitcoin as of that date. This move aligns with its pivot from Bitcoin mining to high-performance computing (HPC) and AI data centers, including a headquarters relocation to the United States.

As of: 13.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Bitfarms Ltd.
• Sector/industry: Cryptocurrency mining and HPC/AI infrastructure
• Headquarters/country: United States (recently relocated)
• Core markets: North America, AI data centers
• Key revenue drivers: Bitcoin holdings, HPC/AI services
• Home exchange/listing venue: Nasdaq (BITF)
• Trading currency: USD

Bitfarms: core business model

Bitfarms originally operated as a Bitcoin mining company with significant assets in Latin America, focusing on large-scale mining operations powered by renewable energy sources. The firm has undergone a strategic transformation, rebranding to Keel Infrastructure and exiting its Latin American mining footprint to prioritize HPC and AI infrastructure, as noted in recent reports from CryptoRank as of May 8, 2026.

This shift positions Bitfarms to capitalize on surging demand for AI computing power, a sector experiencing rapid growth amid the global AI boom. By relocating its headquarters to the US, the company gains proximity to key tech hubs and potential clients in the American market.

Main revenue and product drivers for Bitfarms

Historically, revenue stemmed primarily from Bitcoin mining rewards and transaction fees, supplemented by holdings in digital assets. In Q1 2026, reported revenue fell to $37 million, a 23% drop year-over-year, partly due to a challenging Bitcoin mining environment and strategic asset sales, per CryptoRank as of May 8, 2026. The sale of 269 BTC for $20 million highlights a move to liquidate positions amid market pressures.

Looking forward, key drivers include development of AI data centers and HPC services, targeting high-margin contracts in cloud computing and machine learning. Bitcoin holdings remain a balance sheet asset, valued at $197 million as of May 8, 2026.

Industry trends and competitive position

The cryptocurrency mining sector faces headwinds from the Bitcoin halving and rising energy costs, prompting pivots like Bitfarms' to AI infrastructure. Competitors such as Phoenix Group are investing billions in AI data centers, as reported in TradingView/Finance Magnates as of recent coverage. Bitfarms' US base enhances its appeal for partnerships with American hyperscalers.

This transition is relevant for US investors, as AI infrastructure demand is driven by domestic giants like those in tech-heavy Nasdaq, providing exposure to both crypto residuals and booming AI growth.

Why Bitfarms matters for US investors

Listed on Nasdaq under BITF, Bitfarms offers US retail investors direct access to a company transitioning into AI infrastructure, a sector pivotal to the US economy. Recent price action shows volatility, with shares moving between $1.40-$1.80 in early May 2026 sessions on Nasdaq, per Investing.com historical data as of May 2026.

Conclusion

Bitfarms' Q1 2026 results reflect a pivotal shift from Bitcoin mining to AI/HPC focus, marked by revenue decline and Bitcoin sales. With a US headquarters and Nasdaq listing, it presents exposure to evolving tech trends. Investors should monitor upcoming data center developments and market conditions for further insights.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.