Bitfarms Ltd. (BITF) has announced a major strategic shift, moving its legal domicile from Canada to the United States and rebranding as Keel Infrastructure. The company is pivoting its core business away from Bitcoin mining to focus on developing data centers for high-performance computing (HPC) and artificial intelligence (AI) workloads.
The redomiciling process, announced on Friday, is subject to shareholder, regulatory, and court approvals. A shareholder vote is scheduled for March 20, and if approved, the transition is expected to close by April 1, 2026. The new parent company will be incorporated in Delaware and will trade on the Nasdaq and Toronto Stock Exchange under the symbol KEEL.
CEO Ben Gagnon stated that the rebrand and relocation follow a year-long strategic review of market trends and investor sentiment. "We are no longer a Bitcoin company," Gagnon said. "We are an infrastructure-first owner and developer for HPC/AI data centers across North America." The move is designed to help the company access a broader capital pool, simplify its corporate structure, and position itself more directly in front of institutional investors.
Following the announcement, Bitfarms' stock price surged by 18%, erasing a 16% tumble from the previous day amid a broader sell-off in AI infrastructure and crypto stocks.
To support its new strategic direction, Bitfarms has begun repaying its $300 million credit facility from Macquarie Group, starting with $100 million tied to its Panther Creek site in Pennsylvania. The company reported a strong liquidity position of $698 million as of February 5, comprised largely of cash and Bitcoin. The operational sites in Canada and the U.S. will be maintained, with the New York City office becoming the company's sole headquarters.
