Bitfarms to Liquidate Bitcoin Holdings in Pivot to AI

• Bitfarms aims to liquidate its entire Bitcoin treasury, which currently stands at 1,827 BTC.
• The company realized $28.2 million in gains from sales during 2025 as part of a strategic shift toward AI infrastructure.
• A corporate rebranding to Keel Infrastructure (KEEL) and a U.S. re-domiciliation are planned for April 1, 2026.

Strategic Pivot and Liquidation Strategy

Bitfarms is transitioning away from its core identity as a Bitcoin miner to focus on high-performance computing (HPC) and artificial intelligence. CEO Ben Gagnon confirmed during the fourth-quarter earnings call that the company intends to eventually hold zero Bitcoin on its balance sheet. To achieve this, the firm is selling its current holdings of 1,827 BTC "opportunistically into strength" to maximize returns.

The company is managing this transition as a gradual wind-down. Mining operations will continue in the short term to maximize free cash flow, but the long-term goal is to exit the sector entirely after selling off mining hardware.

Infrastructure and Future Revenue

The company is leveraging its energy assets to enter the AI space, managing a 2.2 gigawatt development pipeline across North America. This infrastructure will be repurposed for AI workloads, with the company forecasting the start of AI-driven revenue by 2027. This shift reflects a broader trend among miners who are repurposing power-dense facilities for more lucrative computing tasks.

Rebranding and Market Reception

As part of its transformation, Bitfarms will undergo a structural overhaul. Shareholders have approved a move to the United States and a rebranding to Keel Infrastructure, trading under the ticker KEEL. This transition is expected to conclude around April 1, 2026.

Following the announcement, BITF shares rose 4.6% on Tuesday. This gain aligns with a general rally in stocks linked to AI infrastructure, signaling investor confidence in the new business direction.