Rongchai Wang
Apr 01, 2026 14:07
Former Bitcoin miner Bitfarms formally rebrands as Keel Infrastructure, finishing U.S. redomiciliation because it pivots to 2.2GW AI information heart enterprise.
Bitfarms Ltd. has formally ceased to exist. The Canadian Bitcoin miner accomplished its transformation into Keel Infrastructure Corp. on April 1, relocating to Delaware and signaling a full exit from cryptocurrency mining towards AI information heart improvement.
Shares will start buying and selling beneath ticker KEEL on each Nasdaq and the Toronto Inventory Change beginning April 6, changing the BITF itemizing. The 1:1 share trade provides current shareholders equal stakes within the new Delaware company, which now claims a 2.2-gigawatt improvement pipeline throughout Pennsylvania, Washington, and Quebec.
From Mining Rigs to AI Racks
The rebrand caps a year-long pivot that noticed Bitfarms dump its Bitcoin holdings fully. CEO Ben Gagnon framed the title change as greater than beauty: “While you title an organization Keel, you make a dedication to be foundational, to be the bottom that every part else is dependent upon.”
The corporate’s new pitch? Offering “energy-secured websites and services” for AI compute deployment moderately than competing instantly in cloud companies. Keel positions itself as infrastructure for hyperscalers and rising cloud suppliers who want power-ready services quick.
The Numbers Behind the Shift
Bitfarms’ last fiscal yr tells the story. The corporate posted $229 million in income for 2025 alongside a $209 million loss—numbers that assist clarify the urgency behind the strategic overhaul. Bitcoin mining margins have compressed considerably for the reason that newest halving cycle, pushing a number of miners to repurpose their power belongings.
BITF shares traded at $2.73 on April 1, up 6.6% on the day, giving the corporate a market cap close to $1.1 billion heading into its new company id.
What Modifications, What Does not
Keel’s sole government workplace strikes to Manhattan’s Equitable Life Constructing. The corporate will preserve its current share buyback program, initially established in July 2025 to repurchase as much as 49.9 million shares by July 2026.
Shareholders authorised the association on March 20, with Ontario’s Superior Court docket of Justice issuing last approval 4 days later. Registered shareholders holding bodily certificates should full transmittal letters to obtain their Keel shares.
Buying and selling Implications
The ticker change creates a short window of uncertainty. Institutional buyers monitoring BITF might want to replace their techniques, doubtlessly inflicting short-term liquidity gaps when KEEL begins buying and selling April 6. Index funds that held Bitfarms as a crypto-mining play could must reassess whether or not an AI infrastructure firm matches their mandate.
Keel expects AI-related income to start flowing in 2027, which means shareholders face a minimum of one other yr earlier than the pivot reveals up in earnings. Whether or not the market values an AI infrastructure story at present ranges relies upon largely on execution—and whether or not 2.2 gigawatts of pipeline interprets to precise contracted capability.
Picture supply: Shutterstock
