Bitfarms (BITF) is moving its legal base from Canada to the US and will rebrand as Keel Infrastructure as part of its pivot from bitcoin mining for data center development for high performance computing (HPC) and artificial intelligence (AI) workloads.
The revival process, which was announced in a press release on Friday, will be subject to shareholder, regulatory and court approvals. A shareholder vote is scheduled for March 20, and if approved, the company expects the transition to be completed by April 1. The new parent company, to be incorporated in Delaware, will trade on Nasdaq and the Toronto Stock Exchange under the symbol KEEL.
Bitfarms’ stock jumped 18% on the news, erasing Thursday’s 16% drop as AI infrastructure and crypto stocks sold off.
The restructuring and move follows a year-long strategic review by Bitfarms that assessed market trends and investor sentiment, CEO Ben Gagnon said. The US move will help the company access a wider pool of capital, simplify its corporate structure and position it more directly in front of institutional investors, he added.
“We are no longer a Bitcoin company,” Gagnon said in a statement, “We are an infrastructure-first owner and developer of HPC/AI data centers across North America.
To support its new focus, Bitfarms has begun repaying its $300 million credit facility from Macquarie Group, starting with $100 million tied to the Panther Creek site in Pennsylvania. The repayment reduces debt while maintaining what the company says is a strong cash position — $698 million per share. February 5 – mainly consisting of cash and bitcoin.
After the move, Bitfarms will maintain its operational locations in Canada and the United States, but its New York City office will be its sole headquarters.
