Bitfarms is moving toward a future with no bitcoin on its balance sheet, marking one of the clearest breaks yet between legacy mining firms and the emerging AI infrastructure trade.
The Nasdaq-listed company confirmed it has begun selling its bitcoin holdings and plans to continue doing so over time, with CEO Ben Gagnon stating on the firm’s fourth-quarter earnings call, “In time, we will have no bitcoin.”
The approach signals a phased exit rather than a single liquidation, with management indicating it will sell into market strength while extracting remaining cash flow from mining operations.
Bitfarms held 1,827 BTC as of its latest disclosure, according to BitcoinTreasuries.net. The company generated $28.2 million in realized gains from bitcoin sales in 2025, underscoring that the transition is already underway. While it continues to mine in the near term, the stated goal is to wind down that business line and redeploy capital elsewhere.
That destination is artificial intelligence and high-performance computing infrastructure. Bitfarms is building out a 2.2 gigawatt development pipeline across North America, spanning sites in Pennsylvania, Washington, and Québec. The company expects this infrastructure to support AI-driven workloads, with revenue contributions targeted to begin in 2027.
Bitcoin mining isn’t cutting it anymore for Bitfarms
The shift reflects a broader recalibration across the mining sector. Faced with tighter margins, rising competition, and the long-term impact of bitcoin halving cycles, many miners are exploring alternative uses for their energy assets.
Data centers designed for AI and cloud workloads offer a path to steadier demand and contracted revenue, in contrast to the volatility tied to bitcoin prices.
Bitfarms’ transformation also includes a corporate overhaul.
Shareholders have approved a redomiciliation from Canada to the United States alongside a rebrand to Keel Infrastructure. The transition is expected to close around April 1, with shares set to trade under the ticker KEEL shortly after.
The new identity is meant to reflect a business centered on energy and compute infrastructure rather than digital asset production.
Management framed the pivot as the culmination of investments made over the past year. “Everything we built in 2025 — the sites, the team, the balance sheet — was in service of one thesis,” Gagnon said, pointing to rising demand for AI infrastructure. The company has positioned its portfolio in regions with grid access and power availability, which it sees as key constraints in the current data center market.
As of late March, Bitfarms reported total liquidity of about $520 million, including both cash and bitcoin holdings. The gradual sale of its remaining BTC is expected to support ongoing development while simplifying the balance sheet. The company also repaid $100 million in debt tied to a prior financing facility, a move aimed at improving flexibility as it enters a capital-intensive buildout phase.
Financial results highlight the pressures behind the shift. Bitfarms reported $229 million in revenue for 2025, up 72% year over year, but posted a net loss of $284 million. A significant portion of that loss stemmed from changes in the fair value of digital assets and impairment charges, reinforcing the volatility inherent in holding bitcoin on the balance sheet.
Bitfarms has made clear it does not plan to compete directly in cloud services. Instead, it aims to supply powered land and data center capacity, enabling customers to deploy compute resources.
The model aligns with a growing class of firms that focus on the physical layer of the AI stack, where access to electricity and permitting has become a bottleneck. Bitcoin miners fit well into that stack because of their existing infrastructure.
Bitfarm’s stock was up over 5% at times today. BITF is currently priced at $1.89 a share.
