In a significant pivot, Bitfarms has announced its decision to abandon its Bitcoin mining operations in favor of an infrastructure role focused on artificial intelligence (AI). The company, which will rebrand as Keel Infrastructure, is set to relocate its headquarters to the United States.
This transformation was first revealed in November, as Bitfarms recognized a lucrative opportunity in the AI sector to boost its net operating income. “Our new name reflects how we think about infrastructure, how we”re building this company, and how we want to serve our future customers,” stated CEO Ben Gagnon in a recent announcement.
Gagnon emphasized the company”s new direction, declaring, “We are no longer a Bitcoin company; we are an infrastructure-first owner and developer for HPC/AI data centers across North America.” This shift underscores a broader trend in the cryptocurrency sector, as companies like Riot Platforms and CleanSpark also explore AI opportunities.
Following the announcement, shares of Bitfarms (BITF) surged nearly 27%, trading around $2.17 as part of a broader recovery in crypto equities and tokens. The firm is currently preparing for a special shareholder vote scheduled for March 20, which will seek approval for the name change and relocation. The process of redomiciling to the U.S. is expected to conclude by April 1, with plans to begin trading on the Nasdaq under the ticker KEEL.
The strategic review that led to this decision has been in the works for over a year. The focus on AI infrastructure may provide a more stable revenue stream, especially as Bitcoin continues to experience volatility. Recently, Bitcoin”s price fluctuated significantly, dipping as low as $60,255 before rebounding to around $70,415. Currently, Bitcoin sits over 44% below its all-time high of $126,080.
This transition marks a pivotal moment for Bitfarms, reflecting a growing recognition within the industry that the future may lie beyond traditional mining activities. As the landscape evolves, the firm aims to position itself at the forefront of AI infrastructure development, thereby redefining its role in the tech ecosystem.
