Bitfarms (NASDAQ:BITF) announced transformative full-year 2025 financial results and a major corporate restructuring on Tuesday, March 31, 2026, headlined by a shareholder-approved plan to redomicile to the United States and rebrand as Keel Infrastructure.
The transition is expected to officially close on or about April 1, 2026, marking the company’s evolution from a pure-play Bitcoin miner to a diversified digital infrastructure provider.
The company reported record annual revenue of $229 million for 2025, representing a 72% increase over the previous year.
This growth was supported by a robust liquidity position of $520 million, consisting of cash and Bitcoin holdings.
Bitfarms utilized its strong cash flow to significantly de-risk its balance sheet during the year, including the full repayment of a $100 million credit facility with Macquarie.
The rebranding to Keel Infrastructure reflects a strategic pivot toward North American high-performance computing (HPC) and AI data center development.
Management highlighted a 2.2 GW development pipeline, which positions the company to capture the surging demand for energy-intensive AI workloads.
Key to this strategy is the commercialization progress at several flagship sites, including Panther Creek, Sharon, and Moses Lake, which are being optimized for both mining and broader industrial power applications.