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The Canadian mining firm Bitfarms has announced a strategic shift and rebranding under the new name Keel Infrastructure. The company intends to relocate its headquarters to the United States and focus on developing infrastructure for artificial intelligence and high-performance computing (HPC).
CEO Ben Gagnon stated that the company plans to gradually liquidate its entire Bitcoin holdings. As of the end of March, approximately 2400 BTC, valued at around $160 million, were on the balance sheet. The proceeds will be allocated to funding projects in the AI and HPC sectors. In 2025, Bitfarms had already sold a portion of its crypto assets, generating $28.2 million.
The company does not plan to abruptly cease mining operations and will reduce this aspect gradually. According to Gagnon, moving the headquarters to the U.S. should facilitate collaboration with partners and expedite entry into new markets, including the construction of data centers. Bitfarms aims to establish several facilities with a total capacity of 2.2 GW in Pennsylvania, Washington, and Quebec.
The company expects to start generating revenue from its AI initiatives in 2027. As of the end of March, the total liquidity of the company was approximately $520 million, encompassing cash and crypto assets. Bitfarms’ revenue for the previous year increased by 72%, reaching $229 million.
The company first disclosed its business transformation plans in November. At that time, its stock prices fell amid a decline in Bitcoin’s value. Subsequently, following news about the development of data centers, shares on Nasdaq rose nearly 6% to $1.95 during trading on March 31.
Previously, Bitfarms announced its exit from Latin America, selling the Paso Pe mining facility in Paraguay, which had a capacity of 70 MW. The deal was valued at approximately $30 million.
