Bitfarms pivots from bitcoin to AI, plans to drive holdings to zero
Bitfarms (BITF) is accelerating its move away from bitcoin and toward AI infrastructure, confirming it has already begun selling BTC and will continue to do so as it retools its business. The company recorded $28.2 million in realized gains from bitcoin sales in 2025, signaling active disposals during the year, though management hasn’t disclosed the exact number of coins sold to date. BitcoinTreasuries.net currently lists Bitfarms’ remaining holdings at 1,827 BTC.
“In time, we will have no bitcoin,” CEO Ben Gagnon told investors on the company’s fourth-quarter earnings call, adding that Bitfarms will sell “opportunistically into strength.” The company plans to keep mining operations running for now to “maximize free cash flow before selling the miners,” indicating a deliberate, phased wind-down rather than an abrupt exit.
Strategic pivot to AI infrastructure
Bitfarms’ shift mirrors a broader industry trend: bitcoin miners repurposing energy-heavy facilities for high-performance computing and AI workloads. The company says it is building a 2.2-gigawatt development pipeline across North America and is targeting the start of AI-driven revenue in 2027, according to its 2025 full-year results.
Corporate makeover and market reaction
Shareholders have approved a U.S. re-domiciliation and a rebrand to Keel Infrastructure (KEEL). The transaction is expected to close around April 1, 2026, with shares slated to trade under the new ticker KEEL. Following the update, BITF shares rose about 4.6% on Tuesday amid a broader rally in AI infrastructure stocks.
What to watch
Investors will be tracking the pace of remaining bitcoin sales, progress on Bitfarms’ North American gigawatt buildouts, and the company’s ability to convert mining sites into profitable AI compute centers — all key to whether the rebrand and strategic pivot can deliver sustainable returns.
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