Bitfarms exits BTC mining, sells BTC, rebrands as Keel Infrastructure
Bitfarms is exiting parts of its Bitcoin mining focus and repositioning for AI and high-performance computing (HPC). Shareholders approved a U.S. re-domiciliation and a rebrand to Keel Infrastructure, with the new ticker KEEL expected around April 1 and trading on Nasdaq and the Toronto Stock Exchange shortly after the closing.
Bitfarms says it will sell BTC “opportunistically” rather than “hoarding” it to fund the AI/HPC buildout. As of March 27, it held about 2,400 BTC (around $161m) and roughly $520m in total cash and assets. The company also reiterated that mining operations will continue temporarily to maximize free cash flow during the transition.
On operations and fiscal impact, Bitfarms targeted 2.2 GW of power access in North America (341 MW running, 430 MW contracted, and 1.5 GW in progress). Financially, 2025 revenue rose to $229m (+72% YoY), but the operating loss widened to $150m and profit margin fell to 13%.
Crypto-trader takeaway: Bitfarms’ BTC sell-off plan suggests continued BTC supply overhang from public miners. While the narrative shifts toward AI/data-center infrastructure (supporting “tech” sentiment), the direct implication for BTC is more consistent with bearish near-term pressure.
Bearish
Bitfarms plans to convert BTC into fiat to finance AI/HPC, explicitly signaling opportunistic BTC selling rather than holding. That increases the likelihood of ongoing BTC supply from a public miner during the transition, which can weigh on BTC price in the near term. The shift to AI/data-center infrastructure may boost sentiment for tech infrastructure names, but the direct trading impact on BTC itself is dominated by the sell-side flow. Over the longer term, improved investment capacity could reduce mining-only dependence, but the near-term continuation of BTC liquidation behavior is the main market driver.