Bitfarms (BITF) is moving its legal base from Canada to the United States and will change its name to Keel Infrastructure as part of its pivot from bitcoin mining. to the development of data centers for high-performance computing (HPC) and artificial intelligence (AI) workloads.
The redomiciliation process, announced in a press release on Friday, will be subject to approval by shareholders, regulators and the courts. A shareholder vote is scheduled for March 20 and, if approved, the company expects the transition to close on April 1. The new parent company, which will be incorporated in Delaware, will be listed on the Nasdaq and the Toronto Stock Exchange under the symbol KEEL.
Bitfarms shares rose 18% on the news, erasing Thursday’s 16% drop when cryptocurrency and AI infrastructure stocks sold off.
The rebranding and relocation follows a year-long strategic review by Bitfarms, which assessed market trends and investor sentiment, CEO Ben Gagnon said. The US move will help the company access a broader pool of capital, simplify its corporate structure and position it more directly in front of institutional investors, he added.
“We are no longer a Bitcoin company,” Gagnon said in a statement, “we are an owner and developer of HPC/AI data center infrastructure across North America.
To support its new approach, Bitfarms has begun repaying its $300 million line of credit from Macquarie Group, starting with $100 million tied to its Panther Creek site in Pennsylvania. The payment reduces debt while preserving what the company says is a strong liquidity position ($698 million as of Feb. 5) made up largely of cash and bitcoin.
Following the move, Bitfarms will maintain its operational sites in Canada and the US, but its New York City office will become its sole headquarters.
