The company that built its name on cryptocurrency mining is exiting the business entirely. Bitfarms announced plans on Tuesday to Rebranding Keel Infrastructure represented and moved its legal base from Canada to the United States, culminating a five-month exit from Bitcoin that management described as a deliberate break with the past.
There are no half measures in the company’s new direction
CEO Ben Gagnon explained the company’s position during the earnings call. “No half-measures, no concessions, and at the right time, No Bitcoin“We’ve built a new company,” he said. Bitfarms now focuses on building and operating data centers that power high-performance computing and artificial intelligence platforms.
According to the company filingsis developing a 2.2 gigawatt infrastructure pipeline across North America, targeting what it calls hyperscalers and next-generation cloud providers.
Both the rebranding and relocation have received shareholder approval. The move to the US signals a deliberate repositioning – one aimed at capitalizing on a market where spending on AI infrastructure is steadily increasing.
Bitfarms Fiscal Year 2025 Results. Source: Bitfarms
A year of huge losses associated with the decline in Bitcoin prices
The company’s 2025 financial results, also released Tuesday, showed a net loss of $284.5 million — larger than the previous year. Revenue rose 70% year-over-year to close to $230 million, but the cost of generating that revenue was $248 million, resulting in an overall loss before other expenses.
General and administrative costs also increased. The swing in the fair value of digital assets cost the company roughly $51 million last year, compared to a gain of $26 million in 2024. A $28 million gain from the sale of digital assets partially offset those numbers.
Bitfarms Fiscal Year 2025 Results. Source: Bitfarms
Bitcoin Mining has become a harder business to manage. Data shows that the leading cryptocurrency is down 45% from its October high. Mining difficulty – a measure of how difficult it is to earn new coins – has risen 58% since the last halving in May 2024. These conditions have compressed margins across the industry, and not just at Bitfarms.
Despite the losses, investors responded positively. Shares closed Tuesday up 6.60%, trading at C$2.73, or roughly US$1.96.
BTCUSD trading at $68,780 on the 24-hour chart: TradingView
Bitcoin holdings are still being published at the moment
Reports It notes that the company still holds about $161 million worth of Bitcoin on which it has no debt. This reserve provides some financial flexibility as the transformation process continues.
Bitfarms is not alone in making this kind of Converts. Iris Energy expands AI cloud services with Nvidia graphics processors. Cipher Mining has struck a long-term hosting deal with AI cloud company Fluidstack.
Both Riot Platforms and MARA Holdings have expanded into AI and high-performance computing as well. This pattern reflects a broader move by mining companies seeking higher margins in a different corner of the technology sector.
For Bitfarms, the message from leadership is that the old business is outdated finished. What comes next is building from the ground up – under a new name, in a new country, and chasing a completely different market.
Featured image by Akos Stiller/Bloomberg via Getty Images, chart from TradingView
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