Bitfarms (BITF) is set to relocate its legal headquarters from Canada to the United States and undergo a significant rebranding as Keel Infrastructure. This strategic pivot marks a departure from its previous focus on bitcoin mining, aiming instead to specialize in data center development tailored for high-performance computing (HPC) and artificial intelligence (AI) workloads.
The company announced that this redomiciling process is contingent upon receiving approvals from shareholders, regulators, and the courts. A shareholder vote has been scheduled for March 20, and if the proposal receives the green light, Bitfarms anticipates finalizing the transition by April 1. The new entity, to be based in Delaware, will operate under the stock symbol KEEL on both the Nasdaq and Toronto Stock Exchange.
Following the announcement, shares of Bitfarms surged by 18%, recovering from a 16% decline the previous day amid a broader sell-off affecting stocks in the AI infrastructure and cryptocurrency sectors. This move comes after a comprehensive year-long review of the company’s strategy, informed by evolving market conditions and investor expectations. CEO Ben Gagnon emphasized that the company’s new direction aligns more closely with institutional investors and allows for greater access to capital.
“We are no longer a Bitcoin company,” Gagnon stated, highlighting the company’s new identity as an “infrastructure-first owner and developer” focused on HPC and AI data centers across North America.
As part of its commitment to this new direction, Bitfarms has initiated the repayment of its $300 million credit facility with Macquarie Group, starting with a $100 million payment linked to its Panther Creek site in Pennsylvania. This debt repayment strategy aims to enhance the company’s financial stability while preserving a robust liquidity position, which amounted to $698 million as of February 5 and consists predominantly of cash and bitcoin assets.
Despite the change in focus, Bitfarms will continue to operate its facilities in both Canada and the U.S. Its office in New York City will serve as its primary headquarters post-rebranding.
