Key Highlights
BITF shares surge 5.59% to $1.94 following technical breakout and robust earnings
Annual revenue soars 72% to $229 million amid operational expansion
Company announces U.S. redomiciliation and rebrand to Keel Infrastructure
Strategic transformation targets high-performance computing and AI infrastructure markets
Financial position strengthens after eliminating $100 million debt obligation
Shares of Bitfarms (BITF) advanced to $1.9428, marking a 5.59% increase after breaking out and consolidating near daily peaks. The rally accompanied impressive financial performance and the company’s announcement of a strategic transformation into a U.S.-based infrastructure provider. Bitfarms revealed plans for a comprehensive rebrand and corporate restructuring.
Strong Revenue Performance Offset by Non-Cash Charges
The company delivered $229 million in total revenue for 2025, representing a substantial 72% increase from the prior year. Bitfarms expanded its operational footprint while transitioning its financial reporting to comply with U.S. GAAP accounting standards. This reporting change reflects the company’s preparation for its U.S. market integration.
Despite revenue growth, Bitfarms recorded a $150 million operating loss attributed primarily to depreciation and impairment charges that don’t impact cash flow. The company also reported a $209 million net loss, largely driven by revaluations of digital asset holdings. Bitcoin’s price volatility throughout the period significantly affected these accounting results.
The company achieved $29 million in adjusted EBITDA, accounting for 13% of total revenue. While this represented a margin compression compared to the previous year, Bitfarms maintained robust liquidity with approximately $520 million in cash reserves and Bitcoin assets combined.
Corporate Transformation Includes Keel Infrastructure Rebranding
Shareholders granted approval for Bitfarms to redomicile its corporate structure to the United States and adopt the Keel Infrastructure name. This strategic move repositions the company as a domestically-based digital infrastructure provider. The stock will trade under the new KEEL ticker symbol, replacing current exchange listings.
The company is aggressively expanding its presence throughout North America, with major projects in Pennsylvania, Washington state, and Québec. Bitfarms strategically targets locations offering reliable energy access and proximity to data center demand. Development efforts continue at key sites including Panther Creek, Sharon, and Moses Lake facilities.
Leadership changes accompanied the strategic shift, with Bitfarms appointing a new board chairman possessing deep infrastructure sector expertise. The company bolstered its corporate and engineering divisions to handle large-scale project development. These organizational enhancements aim to expedite execution across the expanding infrastructure portfolio.
Infrastructure Pipeline Growth and Debt Reduction Improve Outlook
Bitfarms is constructing a substantial 2.2 gigawatt infrastructure pipeline spanning multiple North American locations. The current portfolio encompasses 341 megawatts of operational capacity plus 430 megawatts of contracted future power supply. An additional 1.5 gigawatts remain in various stages of expansion planning and evaluation.
Financial flexibility improved substantially following the complete repayment of $100 million in corporate debt. This deleveraging simplified the capital structure and creates additional financing capacity for future infrastructure projects. Management can now redirect capital resources toward high-growth infrastructure initiatives.
The company is executing a deliberate transition away from pure Bitcoin mining operations toward high-performance computing and artificial intelligence infrastructure services. This strategic repositioning capitalizes on accelerating demand for enterprise-grade data center capacity. Bitfarms aims to establish itself as a leading provider in the rapidly expanding energy-intensive digital infrastructure sector.
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