Bitfarms (BITF) is moving its legal base from Canada to the United States and will be renamed Keel Infrastructure as part of its move away from Bitcoin mining. developing data centers for high-performance computing (HPC) and artificial intelligence (AI) workloads.
The redomiciliation process, announced in a press release on Friday, will be subject to approval by shareholders, regulatory authorities and the courts. A shareholder vote is scheduled for March 20 and, if approved, the company expects the transition to be finalized by April 1. The new parent company, which will be incorporated in Delaware, will trade on Nasdaq and the Toronto Stock Exchange under the symbol KEEL.
Bitfarms shares rose 18% following the news, erasing Thursday’s 16% drop as AI infrastructure and crypto stocks sold off.
The rebranding and relocation follows a year-long strategic review by Bitfarms, which assessed market trends and investor sentiment, CEO Ben Gagnon said. The U.S. move will help the company access a broader pool of capital, simplify its corporate structure and position it more directly in front of institutional investors, he added.
“We are no longer a Bitcoin company,” Gagnon said in a statement. “We are a priority infrastructure owner and developer for HPC/AI data centers across North America.
To support its new direction, Bitfarms has begun repaying its $300 million Macquarie Group credit facility, starting with $100 million tied to its Panther Creek facility in Pennsylvania. The repayment reduces debt while preserving what the company considers a strong liquidity position – $698 million as of February 5 – consisting largely of cash and bitcoin.
Following this move, Bitfarms will retain its operational locations in Canada and the United States, but its New York office will become its sole headquarters.
