Key Takeaways
- CEO Ben Gagnon announced Bitfarms will liquidate its entire bitcoin position, selling strategically during market rallies
- Bitcoin sales in 2025 already generated $28.2 million in realized profits, with 1,827 BTC remaining in reserve
- A 2.2 gigawatt AI and high-performance computing data center infrastructure is under development throughout North America, with anticipated revenue starting in 2027
- Investors greenlit the company’s reincorporation in the United States and upcoming transformation to Keel Infrastructure (KEEL), scheduled for approximately April 1, 2026
- Annual revenue reached $229 million in 2025, marking a 72% increase year-over-year, though net losses totaled $284 million
Bitfarms is executing one of the most definitive strategic shifts in the cryptocurrency mining sector. The firm is liquidating its complete bitcoin inventory and committing entirely to artificial intelligence infrastructure development — a move its CEO is openly embracing.
“Eventually, our bitcoin holdings will reach zero,” CEO Ben Gagnon declared during Tuesday’s fourth-quarter earnings presentation. With 1,827 BTC currently on its balance sheet per BitcoinTreasuries.net, the company has already begun reducing this position.
Throughout 2025, Bitfarms recorded $28.2 million in realized profits from strategic bitcoin disposals. Leadership intends to continue opportunistic selling during favorable market conditions while maintaining mining activities to extract residual cash generation before phasing out those operations entirely.
This isn’t merely a bitcoin exit — it represents a fundamental corporate reinvention. Bitfarms is constructing a 2.2 gigawatt data center infrastructure spanning locations in Pennsylvania, Washington, and Québec. Revenue from AI-focused services is projected to commence in 2027.
The strategic transition benefits from substantial financial resources. Bitfarms disclosed approximately $520 million in combined liquidity as of March 27, encompassing both cash reserves and digital asset holdings. The company also eliminated a $100 million debt obligation with Macquarie, streamlining its financial foundation before the capital-intensive expansion phase.
Corporate Rebranding: Becoming Keel Infrastructure
The transformation extends beyond operational strategy into corporate identity. Shareholder approval secured the company’s migration from Canadian to U.S. incorporation, with the rebranding to Keel Infrastructure and new ticker symbol KEEL on Nasdaq and TSX expected to finalize around April 1, 2026.
The rebranding represents a calculated departure from cryptocurrency associations. Leadership aims to attract enterprise-grade clients and secure project-specific financing options — both challenging pursuits for companies closely identified with bitcoin mining.
Bitfarms isn’t entering direct competition with major cloud service providers. Rather, the strategy focuses on delivering powered infrastructure and data center capacity — the foundational physical infrastructure supporting AI deployment, where electricity access and grid connectivity have emerged as critical constraints.
Financial Performance Driving the Transformation
The 2025 financial results illustrate the strategic rationale clearly. Revenue climbed to $229 million, representing a 72% year-over-year expansion. However, net losses reached $284 million, predominantly attributed to fair value fluctuations on digital assets and impairment expenses.
This accounting volatility represents precisely what Bitfarms seeks to eliminate. Maintaining bitcoin on corporate balance sheets generates accounting fluctuations that mask operational performance. Liquidating these holdings removes that variability.
The latest analyst assessment on BITF maintains a Buy rating with a C$7.00 target price. BITF shares finished Tuesday’s session at $1.89, advancing more than 4.6% amid broader strength in AI infrastructure equities.





