Puntos claves de la noticia:
- Bitfarms relocates to Delaware and rebrands as Keel Infrastructure, exiting bitcoin mining.
- Its stock jumps 17% on announcing the pivot to AI data center infrastructure.
- It explicitly states, “We are no longer a Bitcoin company,” to focus on AI infrastructure.
Bitfarms accelerated its shift toward artificial intelligence data centers after shares jumped 16% on Friday. The company finalized plans to relocate from Canada to Delaware and rebrand as Keel Infrastructure, closing its chapter as a bitcoin mining operation.
Bitfarms stock (NASDAQ: BITF) climbed roughly 17% to near $2 after dropping to $1.70 on Thursday during a massive crypto market selloff that erased around $750 billion in value within just one week. The rebound signals investor confidence in the company’s new direction within a sector experiencing stronger demand.
The board approved the relocation of the parent company from Canada to Delaware, subject to shareholder and exchange approvals. Shareholders vote on the arrangement March 20, with closing expected around April 1. Under the structure, each Bitfarms share exchanges one-to-one for shares in the new U.S. parent company, trading on Nasdaq and the Toronto Stock Exchange under the ticker KEEL.
CEO Ben Gagnon stated the move positions the company to access U.S. capital markets more effectively while accelerating development of AI and high-performance computing infrastructure across North America. “We are no longer a Bitcoin company,” Gagnon declared, describing Bitfarms as an infrastructure developer and operator serving future artificial intelligence and processing demand.
The shift follows several moves throughout the past year. In January, Bitfarms sold its final Latin American operation located in Paraguay for up to $30 million, concentrating its entire energy portfolio in North America while focusing on AI-oriented data center projects.
Strengthened Liquidity After Closing Massive Debt
Bitfarms announced full repayment of amounts owed under its $300 million credit facility with Macquarie Group’s commodities and global markets division. By early February, approximately $100 million had been drawn down. After accounting for $50 million in restricted cash tied to the financing, the company expects net liquidity to decline roughly $50 million upon repayment.
Bitfarms reported approximately $698 million in net liquidity as of February 5, comprised primarily of unrestricted cash and some bitcoin holdings, leaving sufficient capital for ongoing development across its multi-state projects. The company maintains ample resources for infrastructure expansion.
Matthew Sigel, head of digital assets research at VanEck, called retiring the debt a “good decision,” arguing the company enters the current market downturn with one of its strongest balance sheets while keeping development plans fully intact. The financial position strengthens Bitfarms’ ability to execute its infrastructure strategy without external pressure during volatile market conditions.
