TLDR
- Bitfarms is moving its legal base from Canada to the United States and rebranding as Keel Infrastructure.
- The company is shifting its focus from bitcoin mining to developing data centers for AI and high-performance computing workloads.
- Bitfarms’ shareholders will vote on the move on March 20, with the transition expected to close by April 1.
- The company plans to list its new parent company, Keel Infrastructure, on the Nasdaq and Toronto Stock Exchange under the symbol KEEL.
- Following the announcement, Bitfarms shares surged by 18%, recovering from a previous 16% drop in AI infrastructure and crypto stocks.
Bitfarms (BITF) is making a dramatic pivot away from bitcoin mining. The company announced it is moving its legal base from Canada to the U.S. and rebranding as Keel Infrastructure. This new identity reflects its new focus on developing data centers for high-performance computing (HPC) and artificial intelligence (AI) workloads.
The move comes after a year-long strategic review, during which Bitfarms assessed market trends and investor sentiment. The redomiciling will be subject to shareholder approval, with a vote scheduled for March 20. If shareholders approve, the transition is expected to close by April 1, with the new parent company incorporated in Delaware and listed on both the Nasdaq and Toronto Stock Exchange under the symbol KEEL.
Bitfarms Rebrands and Shifts Away from Bitcoin Mining
Bitfarms has officially rebranded as Keel Infrastructure to reflect its shift from bitcoin mining to AI-focused infrastructure. The company’s leadership is confident this pivot will help it tap into new opportunities in the tech sector. CEO Ben Gagnon emphasized, “We are no longer a Bitcoin company; we are an infrastructure-first owner and developer for HPC/AI data centers across North America.”
The company’s decision to move its legal base to the United States follows an extended period of evaluation. Bitfarms is looking to expand its access to a broader pool of capital, simplify its corporate structure, and attract more institutional investors. The U.S. move will also help position Bitfarms more strategically within the growing AI and HPC sectors.
Bitfarms Shares Rise 18% Following the Announcement
Following the announcement of the move, Bitfarms shares surged by 18%. The company’s stock had previously seen a 16% drop as AI infrastructure and cryptocurrency stocks experienced a selloff. This positive movement in the stock price highlights investor optimism following the company’s pivot and new strategic direction.
Bitfarms has also started repaying its $300 million credit facility from Macquarie Group to strengthen its financial position. The repayment process began with $100 million tied to the Panther Creek site in Pennsylvania. As of February 5, the company reported having $698 million in liquidity, consisting mainly of cash and Bitcoin.
The shift to the U.S. will not immediately impact Bitfarms’ operational sites in Canada and the U.S. The company will maintain its current sites while relocating its headquarters to New York City. Bitfarms plans to continue its data center development while positioning itself as a key player in AI and HPC infrastructure.
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