Key Points – Bitfarms is transforming from a Bitcoin miner into Keel Infrastructure, focusing on North American digital infrastructure for AI and high-performance computing.
Management said the multi-year shift is now fully underway, including a U.S. re-domicile, rebrand, and the sale of its Paraguay site. – The company’s top 2026 goal is to sign three leases by year-end at Panther Creek and Sharon in Pennsylvania and Moses Lake in Washington
These sites are being developed for hyperscalers, neo-cloud providers, enterprise customers and government clients, with power availability positioned as the key advantage. – Financial results remained weak during the transition, with first-quarter continuing revenue of $37 million, an operating loss of $98 million and negative adjusted EBITDA of $17 million. Even so, Bitfarms said it had about $533 million in liquidity as of May 8 and believes that is enough to fund development through 2028 without needing external capital to reach lease execution. – Will Crypto Miners Pivot to AI? Latest on 3 Key Players Bitfarms (NASDAQ:BITF), now presenting as Keel Infrastructure, used its first-quarter 2026 earnings call to emphasize its shift from Bitcoin mining toward North American digital infrastructure for high-performance computing and artificial intelligence customers.
Chief Executive Officer Ben Gagnon said the company has completed several elements of a multi-year transformation plan, including winding down parts of its Bitcoin business, re-domiciling to the United States, rebranding as Keel Infrastructure and closing the sale of its Paso Pe site in Paraguay. He described Keel as a North American digital infrastructure company developing powered land sites in Pennsylvania, Quebec and Washington into more than 2 gigawatts of high-performance computing campuses. – These 3 Crypto Stocks Could Get a Bump as Dollar Trust Weakens “Two years ago, we outlined a deliberate multi-year plan to transform this company,” Gagnon said. “That…