Bitfarms (BITF) shares rose 6.6% on Tuesday despite reporting a net loss of $284.5 million for all of 2025 — a result driven by falling bitcoin prices, higher cost of revenues, and weakness in digital assets that collectively wiped out the company’s gross profit margin. The market reaction was not irrational. It was a deliberate forward price for something the income statement couldn’t capture: an infrastructure business that no longer exists in the same form as it did twelve months ago.
It’s called Pivot Premium. When institutional investors look beyond the nine-figure GAAP loss to higher bids for mining stocks, they are pricing in the option value of a rebuilt business model — not the just-reported quarter. This dynamic is now central to how public miners are evaluated, and was crystallized by Tuesday’s BitFarms session.
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Bitfarms full-year 2025 earnings: Breaking down loss of $284.5 million
The headline loss figure obscures a more complex picture. Revenue grew 72% year-over-year to $229 million — a number that would indicate momentum in almost any other context. The problem is that the revenue cost was $248 million, resulting in an overall loss before a single dollar of overhead was allocated.
Fiscal year 2025 results:
– Marketing is underway in Panther Creek, Sharon and Moses Lake
– Good capital to allow the site and lease it in the near term
– US relocalization and rebranding (~April 1)
Replay the call: https://t.co/5HoNUOBU56
press release: https://t.co/KhWOZXbEyk– Model Infrastructure (@Bitfarms_io) March 31, 2026
General and administrative expenses increased year-on-year, exacerbating the operational burden. However, the most structurally significant item was the fair value movement on digital assets: a loss of $50.5 million in 2025 versus a gain of $26 million in 2024 – a swing of $76.5 million that reflects Bitcoin’s 46% decline from its peak in October. The $28.2 million in gains from digital asset sales partially offset that mark-to-market hit, but the net effect was material.
Company Presenting results for the full year It confirms that Bitfarms still holds approximately $161 million of unpegged Bitcoin — a position on the balance sheet that serves as a legacy asset and a transitional buffer while the company winds down its mining operations. This number is important: It tells investors that the company has the runway to execute the pivot without immediate pressure from the capital market.
The mathematics behind Bitcoin mining itself is really bad. Network difficulty has increased by 58.5% since the April 2024 halvingSpecifically, the economics of mining per unit have compressed as the price of Bitcoin retreats from its session highs. Bitfarms’ overall loss is partly an industry-wide case, not just a company-specific failure.
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Bitfarms AI Infrastructure Pivot: What Keel’s Infrastructure Rebranding Really Signifies
In November 2025, Bitfarms announced that it would end Bitcoin mining entirely — a move that sent shares down 18% at the time. Five months later, the same strategic decision is rewarded. CEO Ben Gagnon couched the shift on Tuesday’s earnings call in terms that left little ambiguity: “No half measures, no concessions, and just in time, no Bitcoin. We built a new company.”
🚨HUGE: BITFARMS plans a complete exit from Bitcoin
Bitfarms still owns 1,827 $ Bitcoin But it indicated plans to eventually sell all remaining bitcoins.
The company is shifting from Bitcoin mining toward a 2.2 gigawatt data center pipeline for artificial intelligence and high-performance computing as it rebrands as “Keel Infrastructure.” pic.twitter.com/Yx7Kgc4QnG
— Currency Bureau (@coinbureau) March 31, 2026
That new company is now being formalized. Bitfarms revealed that it has received shareholder approval to rebrand itself as Keel Infrastructure and move its legal headquarters from Canada to the US – a legal move that facilitates access to US institutional capital and aligns the company structurally with the domestic HPC and AI data center market it intends to serve. The rebrand was expected to be implemented on Wednesday.
The pivot places Bitfarms alongside a group of previous miners — including Core Scientific, which signed GPU co-location agreements with CoreWeave — that are repurposing power infrastructure to meet high-performance computing demand. The investment thesis is straightforward: Miners own large blocks of power capacity in locations that new grid connections would take years to allow. Hyperscale AI needs this capability now. The arbitrage is real, and institutional investors have already rerated Core Scientific as such. Bitfarms, now known as Keel Infrastructure, is trying to make the same transition from a smaller base.
What the market is pricing in is not a 2025 income statement. It’s a choice about contracted HPC capacity, exposure to lower power costs compared to cloud-native AI infrastructure, and the possibility that the company’s existing colocation space will require a valuation premium as demand for AI power continues to outpace supply.
Share Bitfarms Reaction: Why Investors Looked Beyond the Net Loss
A single session gain of 6.6% on a $284.5 million loss report is not short covering the noise. It reflects a deliberate rerating by investors who have already internalized the decline of the mining business and are now assigning a value to the infrastructure company being built in its place. Bitcoin’s $161 million unencumbered position provides concrete ground; The HPC hub provides the ceiling narrative.
source: Tradingview
This pattern reflects what has already happened elsewhere in the sector. Neighboring mining companies are diversifying beyond their original computing model They have consistently attracted increased institutional attention even when near-term financial conditions remain under pressure – because the market determines the destination, not the cost of the transition.
The survival of Tuesday’s movement depends entirely on implementation. Pivot Premium is not permanent. It evaporates the moment a capacity milestone is missed, a hyperscaler deal falls through, or a rebrand fails to deliver on reported HPC revenues over the next two quarters. The next earnings cycle, under Keel Infrastructure, is where the rerating is confirmed or reversed.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Daniel Francis is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel brings his background in cross-chain analytics to author evidence-based reports and detailed guides. It is certified by the Blockchain Council and is dedicated to providing “information gain” that cuts through the market noise to find blockchain’s real-world utility.
