Bitfarms began selling its entire Bitcoin

Bitfarms’ move to a future without bitcoin in its balance sheet marks one of clearest separations yet between traditional mining firms and emerging AI infrastructure traders.

Nasdaq has confirmed that the company is a Nasdaq-listed one. has begun selling its bitcoin holdings Ben Gagnon stated that the CEO plans to keep doing this over time on the fourth-quarter earnings conference call. “In time, we will have no bitcoin.” 

This approach indicates a gradual exit, rather than an immediate liquidation. Management has indicated that it intends to sell at a profit while still extracting cash from the mining operations.

Bitfarms held 1,827 BTC as of its latest disclosure, according to BitcoinTreasuries.net. In 2025, the company will have realized $28.2 millions in bitcoin sales. This shows that it is well on its way to a transition. Although it will continue mining in the near future, stated goal is to wind down Reinvest capital in other areas.

Artificial intelligence and high performance computing infrastructure is the destination. Bitfarms is building out a 2.2 gigawatt development pipeline across North America, spanning sites in Pennsylvania, Washington, and Québec. This infrastructure is expected to be used to power AI workloads. Revenue contributions are targeted for 2027.

Bitfarms are no longer able to compete with Bitcoin mining

The change reflects an overall recalibration of the mining sector. Faced with tighter marginsDue to rising competition and the impact on long-term of bitcoin halves cycles, many miner are looking for alternative uses for energy assets.

In contrast to the volatile bitcoin price, data centers that are designed to handle AI workloads and cloud computing can offer stable demand and revenue.

Bitfarms is undergoing a transformation that includes an overhaul of the corporate structure. 

Keel Infrastructure has been rebranded by shareholders after a decision was made to relocate the company from Canada. Transition is anticipated to be completed around April 1. Shares will begin trading under KEEL soon after. 

This new brand identity will reflect an organization that is more focused on the energy infrastructure and computing than it is digital assets.

The pivot was framed by the management as the culmination and accumulation of all investments over the last year. “Everything we built in 2025 — the sites, the team, the balance sheet — was in service of one thesis,” Gagnon pointed to the rising demand for AI Infrastructure. It has focused its portfolio on regions that have grid and power access, as these are the key limitations in today’s data centers market.

Bitfarms’ total liquid assets, which include both cash and Bitcoin, were $520 Million as of late March. It is anticipated that the gradual sales of remaining BTC will support continued development and simplify balance sheet. It also paid off $100 million of debt from a previous financing facility. This move was made to improve flexibility for the company as it moves into a phase that requires a lot of capital.

The financial results show the forces behind this shift. Bitfarms posted $229 millions in revenue, an increase of 72% over the previous year. However, they also reported a $284-million net loss. This loss was primarily due to changes in fair values of digital assets, and impairment charges. These factors reinforce the volatile nature of bitcoin.

Bitfarms is clear in its intention not to compete with cloud-based services. The company’s goal is to offer customers powered land capacity and data centers, which will allow them to deploy their compute resources. 

Model aligns well with an increasing class of AI firms focusing on physical layers of AI, such as electricity. Bitcoin miners are a good fit for that stack due to their infrastructure.

Bitfarm stock rose over 5% in some instances today. BITF shares are currently trading at $1.89.