Bitfarms Stock Pumps as It Dumps Bitcoin Mining for AI With Name Change, Move to US
Bitfarms, a publicly traded Bitcoin mining company, is rebranding as Keel Infrastructure and shifting its business focus from Bitcoin mining to developing infrastructure for AI and high-performance computing (HPC) data centers in North America. The company plans to relocate from Canada to the United States, pending a shareholder vote on March 20, with redomiciliation expected by April 1 and a new Nasdaq ticker, KEEL. This strategic move follows a comprehensive review by its board, motivated by the desire for more stable revenue from AI infrastructure amid volatility in Bitcoin markets. The transition aligns with a broader industry trend, as other Bitcoin miners also pivot toward AI to diversify beyond cryptocurrency. Bitfarms’ stock rose 27% following the announcement.
