Bitfarms’ stock surged after the company shifted its focus to AI infrastructure, rather than remaining a Bitcoin miner. The company announced plans to redomiciate its operations in the United States.
Bitfarms‘ strategic shift was not an isolated decision, but rather the direct consequence of persistent financial deterioration toward the end of 2025. The company closed the third quarter with a net loss of $46 million on revenues of $68 million, a result that exposed the limitations of the mining model in an environment of compressed margins and accelerated the search for more predictable revenue streams.
This context became even more evident in subsequent operational metrics. By the beginning of February 2026, financial presentations showed deeply negative margins, both at the operating and pre-tax levels, underscoring the urgency of a structural reconfiguration. Faced with this scenario, management concluded that sustaining the business solely through mining was no longer viable.
From Bitcoin miner to AI infrastructure
From there, the company outlined an ambitious transformation: to become an owner and developer of infrastructure for high-performance data centers focused on HPC and artificial intelligence in North America. The stated goal is to migrate toward higher-margin contracts and more stable cash flows, reducing exposure to the cyclical volatility of Bitcoin’s price.
As part of this transition, Bitfarms announced its definitive exit from Latin America. On January 2, it announced the sale of its last asset in Paraguay for up to $30 million, with a closing expected within the next 60 days. This move would free up capital to redirect to projects in the United States, aligned with the new strategy.
The plan also includes a change in corporate identity. The company plans to rename itself Keel Infrastructure and move forward with redomiciliation in the US, a step that must be approved by shareholders at a meeting scheduled for March 20. If finalized, the legal and operational transition would be completed by early April.
On the financial front, the announcement was accompanied by a significant financing package. The company detailed $300 million in project financing from a convertible debt facility and approximately $500 million more through convertible notes, intended to support its expansion into AI infrastructure.
More broadly, this shift completely redefines Bitfarms’ risk profile. The company is moving away from a model highly correlated with the price of Bitcoin to one tied to long-term infrastructure projects, commercial contracts, and structured finance.
