Simply put
- BitFarms is changing its name to Keel Infrastructure and shifting its operations to the United States, moving away from Bitcoin mining.
- The company plans to hold a special shareholder vote on March 20 to approve this transition.
- BITF stock saw a nearly 27% increase on Friday, alongside a recovery in crypto stocks and tokens.
Bitfarms, a public Bitcoin mining company, will be rebranded as Keel Infrastructure as it aims to completely detach from the leading cryptocurrency and relocate its base to the U.S. to focus on enhancing its artificial intelligence (AI) initiatives.
This direction was first hinted at in November, when the company outlined plans to abandon its Bitcoin mining operations, recognizing a chance to increase net operating income while transitioning towards AI infrastructure.
“Our new name reflects our vision for infrastructure, our corporate strategy, and our future service to customers,” said CEO Ben Gagnon in a Friday announcement.
The company’s board has confirmed the move to the U.S. and the new name, “Keel Infrastructure.” The keel is a ship’s structural backbone, essential for stability…
Gagnon further remarked, “We are no longer a Bitcoin company; we are an infrastructure-first owner and developer of HPC/AI data centers across North America. Our future focus is straightforward: building the foundation for the next generation of computing.”
Following the news, the BITF stock jumped 27%, buoyed by a general upswing in the cryptocurrency market, settling around $2.17. Once the relocation process wraps up, likely by April 1, the company plans to trade on Nasdaq under the new ticker “KEEL.”
A shareholder vote is set for March 20, which needs to pass before the transition can proceed.
This strategic shift marks the culmination of an extensive review by the board over the last year. However, the new emphasis on AI aligns with broader trends; other publicly traded Bitcoin miners, such as Riot and Mara Holdings, are hinting at similar transitions toward AI. Companies like Hut 8 have even engaged in multi-billion dollar partnerships with Google for AI data centers.
Moving toward AI could open up a more consistent revenue stream at a time when Bitcoin miners are facing volatility. The price of Bitcoin recently dipped to $60,255 but has bounced back to around $70,415. Yet, Bitcoin remains 16% down over the past week and has lost more than 44% from its peak of $126,080.
