Bitfarms Rebrands and Shifts Focus to US Operations

Bitfarms (BITF) is transitioning its legal base from Canada to the United States and will undergo a rebranding as Keel Infrastructure. This strategic shift marks a move away from bitcoin mining towards data center development focused on high-performance computing (HPC) and artificial intelligence (AI) workloads.

The company announced the redomiciliation plan in a press release on Friday. The process requires shareholder, regulatory, and court approvals, with a shareholder vote scheduled for March 20. If approved, the transition is expected to be finalized by April 1. The new parent company, incorporated in Delaware, will trade on both the Nasdaq and Toronto Stock Exchange under the ticker symbol KEEL.

Strategic Review and Rationale

Bitfarms’ decision follows a year-long strategic review that considered market trends and investor sentiment. According to CEO Ben Gagnon, relocating to the U.S. will broaden access to capital, streamline the corporate structure, and improve positioning for institutional investors. The company is no longer defining itself as a Bitcoin company, but rather as an infrastructure provider for HPC/AI data centers across North America.

Financial Actions and Liquidity

Bitfarms has initiated the repayment of its $300 million credit facility from Macquarie Group, beginning with $100 million linked to its Panther Creek site in Pennsylvania. This debt reduction aims to maintain a strong liquidity position, which stood at $698 million as of February 5, primarily consisting of cash and bitcoin.

Operational Changes

While Bitfarms will continue to operate its existing sites in both Canada and the U.S., its New York City office will serve as the sole headquarters following the transition.