Bitfarms stock jumps 16% as firm finalizes shift from bitcoin mining to AI infrastructure
Bitfarms stock rose after the company announced plans to redomicile to the U.S. and rebrand as Keel Infrastructure, finalizing its pivot to AI.Summary
Bitfarms shares jumped approximately 17% following the announcement that the company's board approved a plan to redomicile its parent company from Canada to Delaware, contingent on shareholder and exchange approvals. This move is part of the firm's final transition away from bitcoin mining toward developing AI and high-performance computing (HPC) infrastructure, with the new U.S. parent company expected to trade under the ticker KEEL. CEO Ben Gagnon stated, "We are no longer a Bitcoin company," emphasizing the focus on serving future AI and compute demand. This strategic shift follows the recent sale of its last Latin American operation in Paraguay. Furthermore, Bitfarms intends to fully repay outstanding amounts under its $300 million debt facility with Macquarie Group, a move analysts view positively for strengthening the balance sheet ahead of market downturns.
(Source：The Block)