BITF dey rise as Bitfarms log $285M loss, comot from mining

Bitfarms (BITF) shares jump small‑small about 6.6% on Tuesday even though dem report net loss of $284.5M for whole 2025. Wetin weigh dem down na weaker Bitcoin price, high cost of revenue, and fair value swings for digital assets wey scatter the gross margin. Key 2025 numbers: revenue climb 72% YoY to $229M, but cost of revenue rise to $248M, so dem show gross loss before overhead. Fair value changes on digital assets show $50.5M loss vs $26M gain in 2024, though $28.2M realized gain from selling digital assets reduce part of the damage. For crypto traders wey dey watch downside BTC pressure, Bitfarms talk say dem still hold about $161M in unencumbered BTC and for finish dem plan to sell all remaining bitcoin. Company dey pivot from Bitcoin mining and confirm say dem go rebrand to Keel Infrastructure and move legal domicile from Canada to the US (dem expect to do am Wednesday). Trading angle: market dey price the “destination” of Bitfarms AI/HPC data center plan—up to 2.2GW North America power/compute pipeline for hyperscalers and “neoclouds”—instead of the current fiscal pain. That “BITF pivot premium” fit disappear quick if next two quarters miss milestones or no secure AI/HPC contracts momentum.