TL;DR:
- Bitfarms, now rebranded as Keel Infrastructure, recorded a net loss of $145 million in the first quarter of 2026.
- Revenue fell 23% year-over-year to $37 million, mainly due to the exit from Latin America and the reduction of bitcoin holdings.
- The company holds $533 million in total liquidity to finance its transition toward HPC and artificial intelligence infrastructure.
Bitfarms no longer exists as such. The company that for years operated as a bitcoin miner completed its corporate transformation on April 1, 2026, when Keel Infrastructure Corp. became the definitive parent company, trading on Nasdaq under the symbol KEEL. This rebranding resulted in a redomiciliation to the United States and a strategic pivot toward high-performance computing and artificial intelligence infrastructure.
The results for the first quarter reflect the cost of Bitfarms’ transition. The company reported a net loss of $145 million, driven primarily by a non-cash loss of $41 million from changes in the fair value of digital assets and a $22 million loss tied to the extinguishment of its credit facility with Macquarie.
Operating losses reached $98 million, compared to $35 million recorded in the same period of the prior year. General and administrative expenses also climbed, from $18 million to $27 million, driven by professional costs associated with the GAAP accounting conversion, the redomiciliation, and the sale of the Paso Pe asset, which closed on April 21.
From Bitfarms to Keel: The Cost of Leaving Latin America
Bitfarms also accelerated its exit from Latin America and steadily reduced its exposure to bitcoin. Between January 1 and May 8, it sold 269 bitcoin for $20 million in cash, in line with its plan to reallocate capital toward new infrastructure projects in North America.
Ben Gagnon, CEO of Bitfarms, described the rebranding as the culmination of a strategic transformation aimed at HPC and artificial intelligence markets with constrained supply in the region. Gagnon noted that the company enters 2026 focused on advancing its core facilities through the execution of lease agreements.
In terms of liquidity, Keel reported a balance of approximately $533 million as of May 8, comprised of $336 million in unrestricted cash and $197 million in unencumbered bitcoin.
