TL;DR:
- Bitfarms recorded a net loss of $284 million in 2025, attributed to transition costs from Bitcoin mining to AI and HPC (High-Performance Computing) infrastructure.
- The company announced its rebranding to Keel Infrastructure and plans to completely exit cryptocurrency mining to focus on leasing computing power.
- Despite operating losses, annual revenue increased 72%, reaching $229 million, while maintaining $520 million in liquidity.
Bitfarms shares rallied more than 5% after presenting its 2025 financial results. The market reaction was positive regarding the firm’s ambitious transformation, as it moves away from its traditional business model to become a key player in AI.
According to its financial report, the company’s revenue rose to $229M, a 72% year-over-year increase. However, operating losses climbed to $150M compared to $28M the previous year—an impact reflected in the volatility of its Bitcoin holdings, which are currently valued at $161M.
The Birth of Keel Infrastructure and the Future of AI
Starting next Wednesday, the company will begin operating under the leadership of CEO Ben Gagnon under the name Keel Infrastructure. These changes mark the beginning of a phase focused on developing 2.2 gigawatts of infrastructure in strategic locations such as Pennsylvania, Washington, and Quebec.
Under this restructuring, the plan is to gradually and opportunistically sell both its mining equipment and its Bitcoin reserves. The primary goal is to capitalize on the growing demand for data centers for high-performance computing, with initial direct revenue from AI services projected for 2027.
In addition to its power capacity, the company ended March with a solid liquidity of $520M, combining cash and digital assets. These funds will be prioritized for securing permits, engineering, and closing long-term lease agreements with large corporate clients.
The company’s identity is taking a 180-degree turn with this transition. Although the exit from mining is a gradual process, the roadmap established by management seeks to decouple from crypto market volatility to embrace the stability of the technology infrastructure sector.
The rise in Bitfarms’ stock price reflects investor confidence in its ability to reinvent itself. The company is leaving behind its mining past to bet on the AI ecosystem, prioritizing the development of data centers over block extraction.
