- Bitfarms is phasing out its 1,827 BTC holdings to pivot into AI infrastructure, building a 2.2-gigawatt pipeline across North America.
- The company posted a $284 million net loss in 2025, driving the shift toward more predictable revenue streams.
- Shareholders approved a rebrand to Keel Infrastructure and a redomiciliation to the U.S., with shares to trade as KEEL.
Nasdaq-listed Bitcoin miner Bitfarms has initiated a phased sell-off of its entire Bitcoin holdings, signaling a strategic pivot away from cryptocurrency mining toward artificial intelligence infrastructure. CEO Ben Gagnon stated on the company's fourth-quarter earnings call that "in time, we will have no bitcoin," marking a definitive shift for a firm once deeply entrenched in the digital asset space.
This shift highlights a broader industry trend where Bitcoin miners seek stable alternatives, affecting BTC supply and competition in AI infrastructure.
The AI Infrastructure Bet
Bitfarms held 1,827 BTC as of its latest disclosure, worth approximately $123 million at Bitcoin's current price of $67,603, which is up 0.5% over the past 24 hours. In 2025, the company realized $28.2 million in gains from Bitcoin sales, indicating the transition was already underway. The stated goal is to wind down mining operations and redeploy capital into building a 2.2-gigawatt development pipeline across North America, targeting AI-driven workloads with revenue contributions expected to start in 2027.
This move reflects a broader sector trend where Bitcoin miners, facing tighter margins post-halving and intense competition, are repurposing energy assets for more stable data center revenue. AI infrastructure offers contracted, predictable cash flows compared to the volatility of crypto markets. Bitfarms' strategy aligns with a growing class of firms focusing on the physical layer of the AI stack, leveraging existing power access and permitting advantages.
Bitfarms ditches Bitcoin for AI, signaling the end of an era for legacy miners.
Financial Overhaul and Rebranding
Financial results underscore the pressures behind the shift: Bitfarms reported $229 million in revenue for 2025, up 72% year-over-year, but posted a net loss of $284 million, largely due to fair value changes and impairment charges on digital assets. The company also repaid $100 million in debt to improve flexibility as it enters a capital-intensive buildout phase. Shareholders have approved a redomiciliation from Canada to the U.S. and a rebrand to Keel Infrastructure, with shares set to trade under the ticker KEEL around April 1.
Gagnon framed the pivot as the culmination of 2025 investments, emphasizing rising AI infrastructure demand. The company has positioned its portfolio in regions with grid access and power availability, key constraints in today's data center market. With total liquidity of about $520 million, including cash and Bitcoin, the gradual BTC sales will support development while simplifying the balance sheet.
Market Context and Implications
The decision comes as Bitcoin trades at $67,603, showing modest gains, while altcoins like Solana (-2.2% to $82.22) and Cardano (-3.4% to $0.2391) face declines. The phased sale of 1,827 BTC could add selling pressure, but Bitfarms' approach of selling into market strength may cushion the impact. For investors, this highlights the profitability challenges in Bitcoin mining, especially after halving cycles, and the allure of AI as a steadier alternative.
Long-term, the pivot could provide Bitfarms with more stable revenue streams, but it requires significant execution risk and capital expenditure. The stock's over 5% rise today to $1.89 suggests initial market optimism, but sustained valuation will depend on project delivery and AI demand capture. This transition may prompt other miners to explore similar moves, reshaping the industry landscape.
“In time, we will have no bitcoin.”
What to Watch Next
Key milestones include progress on the 2.2-gigawatt pipeline and the start of revenue in 2027. Bitcoin price trends will remain relevant for sector profitability, and Bitfarms' execution in a competitive AI infrastructure market will be critical. Investors should monitor the company's ability to leverage its energy assets and navigate regulatory hurdles, as success in this new domain is far from guaranteed.