Bitfarms is pivoting from pure Bitcoin mining to high-performance computing infrastructure and plans to redomicile in the United States, rebranding as Keel Infrastructure, with KEEL trading symbols to commence after the redomiciliation completes.

The company projects a 2.2 GW development pipeline across North America and expects AI-driven revenue to start in 2027, supported by a grid-interconnected, secured, and expandable capacity mix.

Shareholders approved the U.S. redomiciliation and the Keel rebrand, with closing anticipated around early April 2026; Keel will become the parent company and trade under KEEL post-redomiciliation.

Liquidity stands around $520 million as of March 27, 2026, comprised of roughly $359 million in unrestricted cash and about $161 million in unencumbered Bitcoin, underpinning ongoing site development.

The company reduced debt by repaying $100 million of its Macquarie facility to improve financial flexibility during the capital-intensive buildout.

A 2.2 GW development pipeline across Washington, Pennsylvania, and Québec is supported by the liquidity position, enabling continued site development and expansion.

Non-GAAP measures include Adjusted EBITDA, which excludes mark-to-market and realized gains/losses on Bitcoin, and these figures are not a substitute for GAAP results.

The company provides reconciliations to EBITDA and Adjusted EBITDA and notes forward-looking statements accompany the results.

Management emphasizes capital allocation, a stronger balance sheet, and leveraging infrastructure to meet growing demand for HPC and AI workloads.

A detailed press release includes financial reconciliations, forward-looking statements, and a conference call set for March 31, 2026, to discuss results and strategy.

Bitfarms is actively selling Bitcoin to fund the transition away from a crypto-focused balance sheet, with plans to eventually hold no Bitcoin.

As of the report, the company holds about 1,827 BTC, realizing $28.2 million in gains from sales in 2025 and continuing to monetize holdings.