Canadian mining company Bitfarms plans to complete its re-registration in the U.S. under the name Keel Infrastructure on April 1, as part of a strategic pivot towards artificial intelligence.

Don’t miss our FY 2025 earnings call this morning:
Date: March 31, 2026
Time: 8:00 AM ET
Webcast Link: https://t.co/nwbussh0DV

See our FY results here: https://t.co/h3RA2cYgGL

— Bitfarms (@Bitfarms_io) March 31, 2026

The decision was previously approved by a shareholder meeting. Keel will serve as the new parent company, headquartered in New York. The firm will continue trading on Nasdaq and the Toronto Stock Exchange under the ticker KEEL, which will replace the current BITF designation in the coming days.

In November 2025, Bitfarms announced a gradual winding down of its Bitcoin mining operations to focus on developing AI infrastructure.

As of March 27, the company held Bitcoin worth $161 million, or approximately 2400 BTC. These assets represented a significant portion of its liquid reserves totaling $520 million. In recent months, the firm has increased its crypto treasury, which stood at 1827 BTC by the end of the third quarter.

However, during a conference call regarding the annual financial report, Bitfarms CEO Ben Gagnon stated that the company intends to "capitalize on favorable market opportunities" to sell its Bitcoins. The proceeds will be invested in "high-performance computing and artificial intelligence infrastructure."

According to Bitfarms' report, its energy portfolio includes 2.2 GW of capacity in North America. Of this, 341 MW is from operational projects, and 430 MW is from already secured supplies. Approximately 1.5 GW is at various stages of development, including the earliest phases.

According to TheEnergyMag, the average cost of mining 1 BTC for the company in the fourth quarter was around $89,500.

For 2025, Bitfarms reported a net loss of $284 million. However, revenue increased by 72% compared to the previous period, reaching $229 million.

The company's negative financial results were primarily attributed to a non-cash revaluation of its crypto reserves. Realized gains from Bitcoin sales throughout the year exceeded $28 million.

It is worth noting that analysts from CoinShares reported a 20% capitulation of miners at the end of the fourth quarter.