Bitfarms Transitions to U.S. and Rebrands as Keel Infrastructure
- Bitfarms is relocating its legal base from Canada to the U.S. and will rebrand as Keel Infrastructure.
- The company plans to shift focus from bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) data centers.
- A shareholder vote on the redomiciling plan is set for March 20, with a potential transition completion by April 1.
- Following the announcement, Bitfarms’ stock surged by 18%, recovering from a previous decline of 16%.
- The company has initiated repayment of its $300 million credit facility, starting with $100 million related to its Panther Creek site in Pennsylvania.
This strategic shift aims to enhance access to capital and attract institutional investors while simplifying corporate structure, according to CEO Ben Gagnon.
As of February, Bitfarms reported a strong liquidity position of $698 million, primarily in cash and bitcoin. This marks a significant pivot for the company as it moves away from being identified solely as a bitcoin entity.
