Bitfarms stock rallied sharply after the company announced it has finalized its strategic transition away from bitcoin mining toward artificial intelligence and high-performance computing infrastructure.
Bitfarms Rebrands and Moves to the United States
Shares jumped roughly 16% as investors reacted to plans to redomicile the parent company from Canada to Delaware and rebrand as Keel Infrastructure. The move is designed to improve access to U.S. capital markets and enhance eligibility for major stock indices.
Under the proposed restructuring, existing shareholders will exchange their shares on a one-for-one basis into the new U.S.-based entity. The company intends to trade under a new ticker on both U.S. and Canadian exchanges, pending shareholder and regulatory approval. A vote is scheduled for late March, with the transition expected to close in early April.
Exit From Bitcoin Mining Nearly Complete
The redomiciling marks the final phase of Bitfarms’ shift away from bitcoin mining. Earlier this year, the company sold its remaining Latin American mining operations, fully concentrating its energy assets in North America. Management now positions the firm as a developer and operator of AI-focused data centers rather than a crypto mining company.
Debt Repayment Strengthens Balance Sheet
Bitfarms also announced plans to fully repay its Macquarie-backed debt facility. After repayment, the company expects to retain several hundred million dollars in liquidity, providing substantial funding capacity for ongoing AI and data center development projects.
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