Bitfarms (BITF) is officially exiting the pure-play mining category. The company announced Friday it will redomicile from Canada to the United States and rebrand as Keel Infrastructure, signaling a total pivot toward AI and High-Performance Computing (HPC). Markets immediately priced in the transition, sending shares up 16% to $1.98 despite a broader sector slump.
The Pivot to ‘Keel’
The rebrand is more than cosmetic. Under the plan approved by the Board, Bitfarms will move its legal headquarters to Delaware and change its ticker from BITF to KEEL on both the Nasdaq and TSX. The transition targets an April 1 completion date, pending a shareholder vote scheduled for March 20.
The move marks the “final phase of our pivot to the U.S., positioning us to more effectively execute on the significant opportunities we see ahead in HPC/AI infrastructure development.”, Ben Gagnon, CEO
Cleaning the Balance Sheet
To prepare for the infrastructure shift, Bitfarms is deleveraging. The company issued notice to fully repay its debt facility with Macquarie Group. While the facility offered up to $300 million in capacity, Bitfarms had drawn $100 million. Repaying this outstanding balance will reduce net liquidity by approximately $50 million (accounting for restricted cash releases) but leaves the firm with an unencumbered balance sheet and $698 million in liquidity.
The Institutional Context
The timing is defensive as much as it is opportunistic. Bitcoin mining economics have deteriorated rapidly in Q1 2026, with hashprice (revenue per unit of computing power) collapsing to record lows under $32/PH/s this week. With margins for pure-play mining evaporating, the market is rewarding miners that successfully transition power capacity to AI/HPC clients. Bitfarms is effectively betting the company that it can secure higher-margin contracts as Keel Infrastructure than it could as a Bitcoin miner.
