Bitfarms Nears Keel Rebrand, Plans to Sell $161M in Bitcoin to Fund AI Push
Bitfarms is set to complete its redomiciliation to the U.S. and rebrand as Keel Infrastructure (NASDAQ: KEEL) as early as April 1, marking a strategic pivot toward AI and HPC infrastructure — alongside plans to monetize its bitcoin holdings to fund that buildout.
The company said Tuesday that shareholders had approved the move, with Keel expected to become the new parent entity headquartered in New York. Trading under the ticker KEEL is slated to begin on Nasdaq and the Toronto Stock Exchange two business days after closing, replacing Bitfarms’ existing listing.
The rebrand reflects a broader repositioning away from a pure-play bitcoin miner toward a power-focused digital infrastructure developer targeting constrained markets in Pennsylvania, Washington state and Quebec. Bitfarms CEO Ben Gagnon said the company is already seeing inbound interest from investment-grade counterparties seeking access to its power-secured sites.
Central to that shift is a change in how Bitfarms intends to manage its bitcoin balance. As of March 27, the company held about $161 million in unencumbered bitcoin, or about 2,400 BTC, as part of roughly $520 million in total liquidity. It appears that Bitfarms retained much of the production from its bitcoin mining operations over the last quarter, as its bitcoin reserves increased from 1827 BTC in November.
However, rather than maintaining a long-term holding strategy, Gagnon said on the earnings call that Bitfarms will “opportunistically” sell its bitcoin to “capture and reinvest every dollar we can into HPC and AI infrastructure.”
The company is advancing a 2.2-gigawatt development pipeline across North America, including 341 megawatts of energized capacity and 430 megawatts of secured future delivery, with another 1.5 gigawatts under development, utility review or behind-the-meter evaluation. Bitfarms highlighted active leasing processes at sites including Panther Creek, Sharon and Moses Lake.
In February, the company repaid the remaining $100 million outstanding under its Macquarie debt facility, a move it said simplifies its capital structure and provides flexibility to pursue lower-cost financing at the project or parent level as development progresses.
Financially, Bitfarms reported revenue of $229 million for 2025, up 72% year over year, but losses widened as the company absorbed weaker bitcoin price marks and continued to invest in infrastructure. Operating loss expanded to $150 million from $28 million a year earlier, while adjusted EBITDA edged down to $29 million, with margins compressing to 13% from 23%.
