Bitfarms is set to undergo a significant transformation as it plans to change its name to Keel Infrastructure and relocate its operations to the United States. This strategic move marks a decisive shift away from Bitcoin mining, as the company seeks to focus on developing infrastructure for artificial intelligence (AI). The announcement follows a previous declaration from the firm last November regarding its intentions to pivot towards AI-related services, aiming to bolster its net operating income.
The company’s CEO, Ben Gagnon, elaborated on the implications of the new name in a recent statement, emphasizing that it reflects the company’s commitment to infrastructure and its plans to meet the demands of future customers. He remarked, “We are no longer a Bitcoin company; we are an infrastructure-first owner and developer for HPC/AI data centers across North America.” This represents a clear strategic pivot as the firm aims to establish itself at the forefront of technological infrastructure.
In the wake of the announcement, Bitfarms’ shares, trading under the ticker BITF, experienced a remarkable surge, jumping nearly 27% amidst a broader uptick in cryptocurrency equities and tokens. As of the latest reports, the stock was trading around $2.17. The company anticipates that the redomiciliation to the U.S. will be finalized by April 1, and it plans to trade on the Nasdaq under the new ticker symbol KEEL once the transition is complete.
For this transformation to occur, Bitfarms will hold a crucial special shareholder vote on March 20 to secure the necessary approval for the name change and relocation. This move is described by the firm as the outcome of a comprehensive strategic review process conducted by its board over the past year.
The shift towards AI is not an isolated development for Bitfarms. Several other publicly traded Bitcoin miners, including Rebel Platforms, Marathon Digital Holdings, and CleanSpark, have indicated partial transitions toward AI. Companies like Cipher Mining and Hut 8 have even entered into notable agreements with tech giants such as Google to collaborate on AI data center projects.
This pivot to AI comes as cryptocurrency miners navigate a challenging market characterized by declining Bitcoin prices. Bitcoin, which saw its value dip as low as $60,255 earlier in the week, has since rebounded to about $70,415. However, it remains down 16% over the past week and is over 44% off its all-time high of $126,080.
As the industry grapples with volatility, Bitfarms’ shift towards AI infrastructure may represent a more stable and predictable revenue stream, positioning the firm strategically for future growth.
