Bitfarms (BITF) is rebranding as Keel Infrastructure and relocating its legal base from Canada to the United States, marking a strategic shift from bitcoin mining to developing data centers for high-performance computing (HPC) and artificial intelligence (AI). The transition, announced in a press release, requires shareholder, regulatory, and court approvals, with a shareholder vote set for March 20. If approved, the change is expected to finalize by April 1, with the new entity trading under the symbol KEEL on Nasdaq and the Toronto Stock Exchange.
The rebranding follows a year-long strategic review and aims to position the company to better access capital and attract institutional investors. CEO Ben Gagnon emphasized the company's new focus on infrastructure for HPC/AI data centers across North America. Bitfarms has started repaying its $300 million credit facility, beginning with $100 million linked to its Panther Creek site in Pennsylvania, while maintaining a strong liquidity position of $698 million. The company's headquarters will move to New York City, though it will retain operational sites in Canada and the U.S.
Bitfarms Rebrands as Keel Infrastructure, Shifts Focus to AI and HPC
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