Bitfarms Becomes Keel Infrastructure, Completes Delaware Move Amid Bitcoin Exit
Bitfarms Ltd. has officially ceased to exist. The Canadian Bitcoin miner completed its transformation into Keel Infrastructure Corp. on April 1, relocating to Delaware and signaling a full exit from cryptocurrency mining toward AI data center development.
Shares will begin trading under ticker KEEL on both Nasdaq and the Toronto Stock Exchange starting April 6, replacing the BITF listing. The 1:1 share exchange gives existing shareholders equivalent stakes in the new Delaware corporation, which now claims a 2.2-gigawatt development pipeline across Pennsylvania, Washington, and Quebec.
From Mining Rigs to AI Racks
The rebrand caps a year-long pivot that saw Bitfarms sell off its Bitcoin holdings entirely. CEO Ben Gagnon framed the name change as more than cosmetic: "When you name a company Keel, you're making a commitment to be foundational, to be the base that everything else depends on."
The company's new pitch? Providing "energy-secured sites and facilities" for AI compute deployment rather than competing directly in cloud services. Keel positions itself as infrastructure for hyperscalers and emerging cloud providers who need power-ready facilities fast.
The Numbers Behind the Shift
Bitfarms' final fiscal year tells the story. The company posted $229 million in revenue for 2025 alongside a $209 million loss—numbers that help explain the urgency behind the strategic overhaul. Bitcoin mining margins have compressed significantly since the latest halving cycle, pushing several miners to repurpose their energy assets.
BITF shares traded at $2.73 on April 1, up 6.6% on the day, giving the company a market cap near $1.1 billion heading into its new corporate identity.
What Changes, What Doesn't
Keel's sole executive office moves to Manhattan's Equitable Life Building. The company will maintain its existing share buyback program, originally established in July 2025 to repurchase up to 49.9 million shares through July 2026.
Shareholders approved the arrangement on March 20, with Ontario's Superior Court of Justice issuing final approval four days later. Registered shareholders holding physical certificates must complete transmittal letters to receive their Keel shares.
Trading Implications
The ticker change creates a brief window of uncertainty. Institutional investors tracking BITF will need to update their systems, potentially causing temporary liquidity gaps when KEEL begins trading April 6. Index funds that held Bitfarms as a crypto-mining play may need to reassess whether an AI infrastructure company fits their mandate.
Keel expects AI-related revenue to begin flowing in 2027, meaning shareholders face at least another year before the pivot shows up in earnings. Whether the market values an AI infrastructure story at current levels depends largely on execution—and whether 2.2 gigawatts of pipeline translates to actual contracted capacity.