TLDR
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Bitfarms rises 5.59% to $1.94 after breakout and strong results
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Revenue jumps 72% to $229M as Bitfarms expands operations
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Firm plans U.S. rebrand to Keel Infrastructure with new ticker
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HPC and AI pivot signals shift beyond Bitcoin mining model
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Balance sheet improves as Bitfarms clears $100M debt burden
Bitfarms (BITF) stock climbed to $1.9428, gaining 5.59% after a sharp breakout and consolidation near session highs. The move followed strong financial results and a strategic shift toward high-performance computing infrastructure. Bitfarms signaled a major transition through its planned U.S. rebrand and redomiciliation.
Bitfarms Reports Revenue Growth and Financial Shift
Bitfarms reported $229 million in revenue for 2025, reflecting a 72% year-over-year increase. The company expanded operations while restructuring its financial reporting under U.S. GAAP standards. Consequently, Bitfarms aligned its reporting framework with U.S. market expectations.
Bitfarms posted an operating loss of $150 million due to non-cash depreciation and impairment charges. The company also recorded a $209 million net loss driven by digital asset valuation changes. Declining Bitcoin prices influenced overall financial performance.
Bitfarms generated $29 million in adjusted EBITDA, representing 13% of total revenue. This marked a decline from the previous year despite strong revenue expansion. Still, Bitfarms maintained liquidity of approximately $520 million, including cash and Bitcoin holdings.
Bitfarms Advances U.S. Rebrand and Infrastructure Expansion
Bitfarms secured shareholder approval to redomicile to the United States and rebrand as Keel Infrastructure. The transition will position Bitfarms as a U.S.-based digital infrastructure company. Furthermore, trading under the KEEL ticker will replace existing listings.
Bitfarms continues expanding its North American footprint across Pennsylvania, Washington, and Québec. The company targets regions with strong power access and data center demand. In addition, Bitfarms advanced development at Panther Creek, Sharon, and Moses Lake sites.
Bitfarms also strengthened governance by appointing a new board chair with extensive infrastructure experience. The company expanded its corporate and engineering teams to support large-scale development. As a result, Bitfarms aims to accelerate execution across its infrastructure pipeline.
Bitfarms Builds HPC Pipeline and Strengthens Balance Sheet
Bitfarms is developing a 2.2 gigawatt infrastructure pipeline across North America. The portfolio includes 341 megawatts of active capacity and 430 megawatts of secured future supply. Bitfarms holds 1.5 gigawatts under expansion and evaluation.
The company improved financial flexibility by repaying $100 million in outstanding debt. This action simplified the capital structure and supports future project financing. Bitfarms can allocate capital toward growth-focused infrastructure investments.
Bitfarms is shifting from Bitcoin mining toward high-performance computing and AI infrastructure. The strategy aligns with rising demand for scalable data center capacity. Bitfarms positions itself to capture opportunities in energy-backed digital infrastructure markets.
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