TLDR
- Bitfarms shares rose more than 5% after the company reported a $284 million 2025 net loss.
- Revenue increased 72% year over year to $229 million during the transition to AI and HPC.
- The company ended March with about $520 million in liquidity, including cash and bitcoin.
- Bitfarms plans to lease power-secured sites to hyperscalers and large AI compute customers.
- Initial AI-related revenue is expected in 2027 from a 2.2 gigawatt development pipeline.
Bitfarms shares rose more than 5% on Tuesday morning after the company posted a $284 million net loss for 2025. The move came as investors focused on its shift toward AI and high-performance computing infrastructure. The company said the loss was tied to a major business transition.
Bitfarms is moving away from bitcoin mining and toward a landlord-style model. Under that plan, it aims to lease data center capacity to hyperscalers and large AI customers. The company said the change is now its main priority.
Revenue grows as losses widen during transition
Revenue rose 72% from a year earlier to $229 million. Even so, losses widened as the company managed swings tied to its bitcoin holdings. Those holdings were valued at about $161 million.
Operating losses reached $150 million, up from $28 million a year earlier. Losses from continuing operations came in at $209 million. Despite those figures, the market reacted positively to the long-term AI plan.
Chief Executive Ben Gagnon called the shift a “deliberate and consequential transformation” during the 2025 earnings call. He said the company is now fully focused on building North American HPC infrastructure. He also said Bitfarms expects to fully exit legacy bitcoin mining over time.
The company will rebrand as Keel Infrastructure starting Wednesday. That move is meant to reflect the new business focus. Management is now framing the company around digital infrastructure rather than mining.
Keel Infrastructure targets long-term AI leasing demand
Under Keel Infrastructure, the company plans to lease power-secured sites to large compute customers. These customers include hyperscalers and other AI operators. The goal is to secure long-term lease agreements at key sites.
Bitfarms is building a 2.2 gigawatt development pipeline. The sites are in Pennsylvania, Washington state, and Québec. The company said initial AI-related revenue could begin in 2027.
For now, management is focused on permits, engineering, and site planning. It is also working to lock in long-term leases before the first major buildouts. Those steps are central to the new model.
The company said its large liquidity position will support this stage. It ended March with about $520 million in liquidity, including cash and bitcoin. That capital is expected to fund development during the early leasing phase.
Bitcoin mining stays in place for near-term cash flow
Bitfarms said bitcoin mining will continue in the near term. Management sees mining as a source of cash flow while new AI sites are developed. That approach is meant to support spending during the transition.
Gagnon said the company plans to sell mining equipment over time. He also said bitcoin holdings may be sold “opportunistically… into strength.” Those sales would come as the company moves deeper into AI infrastructure.
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