Bitfarms shares surge after it ditches its 'bitcoin company' identity and doubles down on AI with U.S. move
Analysis
Price Impact
LowWhile bitfarms was a notable bitcoin mining company, its pivot to ai infrastructure is unlikely to have a significant direct impact on bitcoin's price. the broader bitcoin market is vast and influenced by many larger factors. this news reflects a corporate strategy rather than a fundamental shift in bitcoin's utility or demand.
Trustworthiness
HighThe information is directly from bitfarms' official announcement and reported by a reputable financial news source (coindesk) with direct quotes from the ceo.
Price Direction
BearishThe explicit statement 'we are no longer a bitcoin company' from a former major miner, combined with their move to ai, suggests a reallocation of corporate focus and potentially capital away from direct bitcoin-centric operations. this could be seen as a minor negative sentiment for bitcoin, implying that some traditional 'bitcoin plays' are seeking growth elsewhere, though the direct price impact is expected to be minimal.
Time Effect
LongThe shift in bitfarms' identity and business model is a long-term strategic move. any ripple effect on bitcoin's broader market sentiment, if any, would unfold gradually over time as the market observes similar trends or capital reallocations rather than causing an immediate price fluctuation.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitfarms shares surge after it ditches its 'bitcoin company' identity and doubles down on AI with U.S. move The company said it will focus on building data centers for high-performance computing and artificial-intelligence workloads. By Krisztian Sandor | Edited by Aoyon Ashraf Feb 6, 2026, 2:58 p.m. Make us preferred on Google Bitfarms facility in Saint-Hyacinthe, Quebec, Canada. (CoinDesk archives) What to know : Bitfarms unveiled plans to move its legal base from Canada to the United States, rebrand as Keel Infrastructure. The shift is part of the firm's pivot from bitcoin mining to building data centers for high-performance computing and artificial-intelligence workloads. The company has begun repaying a $300 million credit facility, starting with $100 million tied to its Panther Creek site. Bitfarms' (BITF) shares rose 18% on the news. Bitfarms (BITF) is moving its legal base from Canada to the United States and will rebrand as Keel Infrastructure as part of its pivot from bitcoin mining BTC $ 68,453.59 to data center development for high-performance computing (HPC) and artificial intelligence (AI) workloads. The redomiciling process, announced in a Friday press release , will be subject to shareholder, regulatory and court approvals. A shareholder vote is scheduled for March 20, and if approved, the company expects the transition to close by April 1. The new parent company, to be incorporated in Delaware, will trade on the Nasdaq and Toronto Stock Exchange under the symbol KEEL. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Bitfarms' stock rose 18% following the news, erasing Thursday's 16% tumble as AI infrastructure and crypto stocks sold off. The rebrand and relocation follow a year-long strategic review by Bitfarms, which assessed market trends and investor sentiment, CEO Ben Gagnon said. The U.S. 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 infrastructure-first owner and developer for HPC/AI data centers across North America. To support its new focus, Bitfarms has begun repaying its $300 million credit facility from Macquarie Group, starting with $100 million tied to its Panther Creek site in Pennsylvania. The repayment reduces debt while preserving what the company says is a strong liquidity position — $698 million as of Feb. 5 — comprised largely of cash and bitcoin. Following the move, Bitfarms will maintain its operational sites in Canada and the U.S., but its New York City office will become its sole headquarters. Bitfarms Bitcoin Mining Data Centers