Bitfarms (NASDAQ/TSX: BITF) is officially entering a new era. The company has announced a comprehensive strategic transformation, shifting its core focus from pure-play Bitcoin mining to becoming a leader in High-Performance Computing (HPC) and Artificial Intelligence (AI) data center infrastructure.
As part of this evolution, the company plans to redomicile to the United States and rebrand as Keel Infrastructure by April 2026.
The Vision: "Keel Infrastructure"
The new name, Keel Infrastructure, symbolizes the "structural backbone" of a vessel. CEO Ben Gagnon noted that the pivot reflects a transition from being a "Bitcoin company" to an "infrastructure-first owner and developer" across North America.
Primary Focus: Own and develop data centers for the HPC/AI revolution.
Listing: Expected to trade on Nasdaq and TSX under the new ticker KEEL.
Headquarters: Moving principal executive offices to New York City.
Key Strategic Moves
1. The First Conversion: Washington Site
Bitfarms is repurposing its 18 MW facility in Washington State into a dedicated HPC center.
Specs: Designed to support Nvidia GB300 GPUs with advanced liquid cooling.
Revenue Model: Transitioning to a "GPU-as-a-Service" model.
Goal: Management estimates this single site could generate more net operating income than the company’s entire historical Bitcoin mining operations.
2. Panther Creek & Pennsylvania Expansion
Leveraging its flagship Panther Creek campus, Bitfarms is partnering with T5 Data Centers to build state-of-the-art AI infrastructure. The site is a cornerstone of the company's 2.1 GW energy pipeline.
3. Strengthening the Balance Sheet
In a major de-risking move, Bitfarms has moved to fully repay its $300 million Macquarie debt facility.
Liquidity: The company maintains a robust $698 million in net liquidity (as of Feb 5, 2026).
Benefit: Increases financial flexibility to secure project-specific, cost-effective financing for its AI build-outs.
Why the Shift?
Analysts point to several factors driving this "Great Pivot" in the mining industry:
FactorBitcoin MiningAI Data CentersRevenue StabilityVolatile (linked to BTC price/difficulty)Stable (long-term enterprise contracts)MarginsSubject to "Halving" eventsHigh-margin, recurring revenueGrowth DriversNetwork hashrate competitionSurging global demand for AI computeAsset UseSingle-purpose ASICsVersatile GPU clusters
The Bottom Line
Bitfarms is no longer just "mining blocks"—it is building the foundation for the next generation of computing. By securing vast power capacity and transitioning to high-uptime AI infrastructure, the company aims to de-risk its business model and capture the massive tailwinds of the AI boom.
