Shares of Bitfarms jumped sharply on Friday after the company announced plans to relocate its corporate headquarters to the United States and rebrand as Keel Infrastructure, a move executives describe as the final step in its transition away from bitcoin mining and toward artificial intelligence and high-performance computing infrastructure.
Bitfarms stock rose about 16–17% to roughly $2, rebounding from a drop to around $1.70 the previous day. The bounce came amid a broader cryptocurrency market downturn that has erased an estimated $750 billion in total market value over the past week, putting pressure on mining-related stocks.
Redomiciling to the U.S. and rebranding as Keel Infrastructure
In a Friday statement, Bitfarms said its board has approved a plan to move the parent company from Canada to Delaware, pending shareholder and exchange approvals. Investors are set to vote on the proposal at a March 20 meeting, with the transaction expected to close around April 1.
Under the plan, existing Bitfarms shares will be exchanged on a one-for-one basis for shares in the new U.S.-based parent company. The rebranded firm, Keel Infrastructure, is expected to trade on both Nasdaq and the Toronto Stock Exchange under the ticker symbol KEEL.
Bitfarms Ltd.Chief executive Ben Gagnon said the move is designed to improve access to U.S. capital markets and support the company’s expanding focus on AI and high-performance computing data center development across North America.
“We are no longer a Bitcoin company,” Gagnon said, describing Bitfarms as an infrastructure developer and operator positioned to serve growing demand for AI-driven compute capacity.
A gradual exit from bitcoin mining
The announcement builds on a series of steps taken over the past year to reposition the business. In January, Bitfarms agreed to sell its last Latin American operation in Paraguay for up to $30 million, fully exiting the region. Following that sale, the company’s energy assets are now concentrated entirely in North America, aligning with its strategy to develop AI- and HPC-focused data centers.
This shift reflects a broader trend among some former crypto miners, who are repurposing energy assets and facilities to support AI workloads as demand for computing power accelerates.
Debt repayment strengthens balance sheet
Alongside the rebrand and relocation, Bitfarms said it has notified lenders of its intention to fully repay amounts outstanding under its $300 million debt facility with Macquarie Group’s commodities and global markets division.
As of early February, the company had drawn approximately $100 million from the facility. After accounting for about $50 million in restricted cash tied to the financing, Bitfarms expects its net liquidity to decline by roughly $50 million once the debt is repaid.
$BITF ($KEEL) repaying Macquarie $300M debt facility. Good decision to retire that pricy debt as their balance sheet has never been stronger coming into this downdraft and their lease discussions should be going well in WA.
— matthew sigel, recovering CFA (@matthew_sigel) February 6, 2026
No impact to capex plans at Panther Creek/Sharon. https://t.co/4m7l2XhNCJ pic.twitter.com/2XZpexrI6n
The company reported net liquidity of around $698 million as of Feb. 5, largely made up of unrestricted cash and some bitcoin holdings. Management said this leaves sufficient capital to continue development work across multiple U.S. sites.
Matthew Sigel, head of digital assets research at VanEck, described the decision to retire the debt as a positive move, noting that Bitfarms is entering a volatile market environment with one of its strongest balance sheets to date.
