Bitfarms Ltd. (NASDAQ: BITF) saw its stock surge 5.59% to $1.9428 following the release of strong 2025 financial results and the announcement of a major strategic rebranding and redomiciliation plan to the United States.
The publicly traded Bitcoin mining company reported a significant 72% year-over-year increase in revenue, reaching $229 million for 2025. This growth was achieved while the company expanded its operations and transitioned its financial reporting to align with U.S. GAAP standards. However, the company posted an operating loss of $150 million, attributed primarily to non-cash depreciation and impairment charges. A net loss of $209 million was also recorded, driven by digital asset valuation changes influenced by declining Bitcoin prices.
Despite the losses, Bitfarms generated $29 million in adjusted EBITDA, representing 13% of total revenue, and maintained a strong liquidity position of approximately $520 million, which includes cash and Bitcoin holdings.
The most significant strategic development is the shareholder-approved plan to redomicile to the United States and rebrand as Keel Infrastructure. The company's stock will subsequently trade under the new ticker symbol KEEL. This move signals a fundamental pivot away from a pure-play Bitcoin mining model toward becoming a U.S.-based digital infrastructure company focused on high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
To support this shift, Bitfarms is actively building a substantial 2.2 gigawatt infrastructure pipeline across North America. This portfolio currently includes 341 megawatts of active capacity and 430 megawatts of secured future supply, with an additional 1.5 gigawatts under expansion and evaluation. The company is expanding its physical footprint in key regions like Pennsylvania, Washington, and Québec, targeting areas with robust power access and data center demand.
Financially, Bitfarms has strengthened its balance sheet by repaying $100 million in outstanding debt, simplifying its capital structure and improving flexibility for future project financing. The company has also bolstered its governance by appointing a new board chair with extensive infrastructure experience and expanded its corporate and engineering teams to accelerate execution of its ambitious infrastructure pipeline.
