Introduction
In a decisive strategic shift, publicly traded Bitcoin miner Bitfarms is severing its ties with cryptocurrency to become Keel Infrastructure, a developer of high-performance computing and artificial intelligence data centers. The company’s planned move from Canada to the United States, pending a March 20 shareholder vote, has already catalyzed a 27% surge in its stock price, reflecting investor optimism for its pivot toward the burgeoning AI infrastructure sector.
Key Points
- Bitfarms will hold a special shareholder vote on March 20 to approve its redomiciliation to the U.S. and rebranding to Keel Infrastructure, with the transition expected to complete by April 1.
- The company's strategic pivot from Bitcoin mining to AI infrastructure follows a year-long board review and reflects industry-wide trends as miners seek more predictable revenue streams.
- Upon completing its move to the U.S., Bitfarms anticipates trading on NASDAQ under the ticker KEEL, joining other crypto miners diversifying into AI partnerships and infrastructure development.
A Strategic Rebirth: From Bitcoin Miner to AI Infrastructure Developer
The transformation of Bitfarms into Keel Infrastructure represents more than a simple name change; it is a complete corporate reinvention. CEO Ben Gagnon’s statement that “We are no longer a Bitcoin company” underscores a fundamental departure from the volatile crypto mining business. The firm’s new identity as an “infrastructure-first owner and developer for HPC/AI data centers across North America” signals its ambition to capitalize on the explosive demand for computational power driven by artificial intelligence. This pivot, first announced in November, was the culmination of a year-long strategic review by the board, aiming to improve net operating income by entering a market perceived as offering more stable and predictable revenue streams than Bitcoin mining.
The market’s immediate reaction was strongly positive, with shares of BITF jumping 27% to approximately $2.17 on the announcement. This rally occurred alongside a broader rebound in crypto equities and tokens, suggesting that while the news provided a specific catalyst, it landed within a favorable market context. The company anticipates completing its U.S. redomiciliation process by April 1, after which it expects to trade on the Nasdaq under the new ticker symbol KEEL, marking its formal entry into a new investment category focused on foundational tech infrastructure.
An Industry-Wide Exodus: Crypto Miners Chase AI's Promise
Bitfarms is not navigating this transition in isolation. Its strategic shift mirrors a broader trend among publicly traded Bitcoin miners seeking to diversify away from the inherent uncertainties of cryptocurrency rewards, which are tightly coupled with the price of Bitcoin (BTC). As noted in the source text, BTC recently dropped as low as $60,255 and remains down 16% over the past week and over 44% from its all-time high of $126,080. This volatility creates an unstable foundation for mining-centric business models, pushing firms toward the seemingly more predictable contracts of AI infrastructure provisioning.
Other major players are making similar moves. Companies like Riot Platforms (RIOT), MARA Holdings (MARA), and CleanSpark (CLSK) have all signaled at least a partial strategic shift toward AI. Furthermore, competitors like Cipher Mining (CIFR) and Hut 8 (HUT) have secured multibillion-dollar deals with tech behemoth Google to support AI data center operations. This collective industry pivot highlights a significant capital migration within the sector, as firms repurpose their expertise in large-scale, energy-intensive computing from validating blockchain transactions to powering the next generation of AI models.
The Path Forward: Shareholder Vote and Market Repositioning
The immediate next step for Bitfarms is securing formal approval for its ambitious plan. A special shareholder vote scheduled for March 20 is the critical gatekeeper for the company’s redomiciliation to the United States and its associated rebranding. Approval is required before the transition can be finalized, setting the stage for the company’s anticipated Nasdaq debut under the KEEL ticker by early April.
Looking ahead, the success of Keel Infrastructure will hinge on its ability to execute in the competitive AI infrastructure arena. CEO Ben Gagnon framed the mission clearly: “Our focus is simple: we’re building the infrastructure for the compute of the future.” This move positions the former miner not as a participant in the digital asset economy, but as a critical enabler of the AI revolution, betting that the long-term demand for high-performance computing (HPC) will provide a more resilient and lucrative business model than the cyclical nature of Bitcoin mining.
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