Key Highlights
- Bitfarms plans to relocate from Canada to Delaware and rebrand as Keel Infrastructure to focus on data center development.
- The company plans to fully repay its $300 million debt facility to strengthen its balance sheet for high-performance computing projects.
- Shareholders will vote in March on the transition and the new ticker KEEL on the Nasdaq and the TSX.
Canadian digital infrastructure firm Bitfarms announced its plan to rebrand as Keel Infrastructure and shift its focus from Bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) data centers. The move also includes relocating its legal domicile from Canada to the United States.
As per the official release, the decision aims to capture long-term value by aligning with the growing AI infrastructure sector and accessing deeper U.S. capital markets. The transition will be finalized following necessary shareholder, exchange, and court approvals.
“We are no longer a Bitcoin company, we are an infrastructure-first owner and developer for HPC/AI data centers across North America,” said Bitfarms CEO Ben Gagnon.
Transition to Delaware jurisdiction
The relocation is expected to wrap up around April 1, leading to a new parent corporation established under Delaware law. In this arrangement, Bitfarms’ common shares will be swapped on a one-for-one basis for common stock in Keel Infrastructure, which will trade on both the Nasdaq and the Toronto Stock Exchange under the ticker symbol KEEL.
The company will also set its main executive office in New York City. After the announcement, Bitfarms shares surged as much as 23% during trading on February 6, reaching approximately $2.91. The move added approximately +$164 million to the company’s total market capitalization, bringing it to roughly $1.18 billion.
Debt settlement and liquidity
Moreover, Bitfarms has confirmed that it will pay off the entire amount of the $300 million debt facility due to the Macquarie Group. As of February 5, the company reported a liquidity position of $698 million, which it plans to use to pay off the debt while keeping funds for site development.
The transition is in response to the company’s year-long review, where it has examined investor sentiment as well as market trends. The company has been preparing for this transition, as evidenced by its pledge in August 2025 to adopt U.S. GAAP reporting in the future.
Execution of AI pivot
CEO Ben Gagnon commented on the move, stating, “Bitfarms is officially launching the final phase of our pivot to the U.S., positioning us to more effectively execute on the significant opportunities we see ahead in HPC/AI infrastructure development.” He noted that this transition will open up access to new sources of capital, increase eligibility for index inclusion, and make the company’s story clearer for U.S. investors.
Gagnon highlighted the significance of the new name by saying, “The keel is the structural backbone of a vessel—the largely unseen but critical foundation that provides stability and converts energy into forward motion. It represents our commitment to becoming an infrastructure partner that enables customers to achieve their goals in the HPC/AI revolution that will continue for years to come.”
Industry shift and stability
The rebrand plan indicates a clear break from the unpredictable cryptocurrency mining sector and a focus on the more stable and growing AI data center industry. By moving to Delaware and concentrating on HPC, Keel Infrastructure aims to simplify services for potential customers and strengthen relationships with energy providers and equipment suppliers.
A special meeting of shareholders is planned for March 20, 2026, to vote on the proposal, with a record date for voting eligibility set for February 13. If approved, the company will complete its move to the United States and start its new chapter as a dedicated provider of the physical infrastructure needed for the future of global computing.
While current operations are expected to continue without immediate changes, the corporate focus will be firmly on expanding its presence in America and meeting the needs of the HPC and AI sectors.
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