Bitfarms (BITF) says it's 'no longer a Bitcoin company' as it moves to U.S. under new name
Bitfarms is moving its legal base to the U.S., rebranding as Keel Infrastructure, and pivoting from bitcoin mining to HPC/AI data centers.Summary
Bitfarms (BITF) announced a significant strategic shift, moving its legal domicile from Canada to the United States and rebranding as Keel Infrastructure. This move signals a pivot away from being primarily a 'Bitcoin company' to focusing on building and operating data centers for high-performance computing (HPC) and artificial intelligence (AI) workloads. The redomiciling process requires shareholder and regulatory approval, with a shareholder vote set for March 20, aiming for completion by April 1. The new Delaware-incorporated parent company will trade on Nasdaq and the TSX under the symbol KEEL. CEO Ben Gagnon stated the U.S. move will improve access to capital and better position the company for institutional investors. Following the announcement, Bitfarms' stock surged 18%. To support the new focus, the company has started repaying its $300 million credit facility, while maintaining a strong liquidity position of $698 million as of February 5.
(Source：CoinDesk)