Bitfarms shares rose 6.6% to C$2.73 despite reporting a widened $284.5 million net loss for 2025, driven by lower Bitcoin prices and rising operational costs.
The company reported revenue of $229 million, up 72% year on year, but this was outweighed by $248 million in cost of revenue, resulting in a gross loss.
“No half-measures, no compromises, and in time, no Bitcoin. We built a new company,”
Said Bitfarms CEO Ben Gagnon.
The losses were further impacted by a $50.5 million hit from changes in digital asset valuations, compared with a $26 million gain in the previous year.
Bitcoin mining margins have tightened significantly, with Bitcoin down 46% from its October high and mining difficulty rising 58.5% since the May 2024 halving.
Bitfarms is now pivoting toward high-performance computing and AI infrastructure, with plans to rebrand as Keel Infrastructure and expand a 2.2 gigawatt data centre pipeline.
The company still holds about $161 million in Bitcoin as it transitions, while positioning itself to support hyperscalers and AI cloud platforms in a higher-margin market.
At the time of reporting, Bitcoin price was $68,407.61.