If you have been tracking bitfarms stock, you may have noticed something unusual recently when searching for the ticker BITF. On April 1, 2026, one of the most prominent names in the cryptocurrency mining industry completed a historic corporate transformation. Following an overwhelming 99.3% shareholder vote, Bitfarms officially redomiciled to the United States and rebranded as Keel Infrastructure Corp., transitioning its trading symbol from BITF to KEEL on both the Nasdaq and Toronto Stock Exchange (TSX).

This is not merely a cosmetic name change; it is a fundamental pivot in business model, geography, and valuation. Once valued strictly as a highly cyclical Bitcoin miner, the newly minted Keel Infrastructure is positioning itself as a pure-play North American energy and high-performance computing (HPC) power developer.

To help investors understand what this means, this comprehensive guide breaks down the latest financial developments, the strategic shift from Bitcoin to AI, the resolution of the dramatic Riot Platforms takeover attempt, and whether the company is a compelling buy under its new identity.

1. The Genesis of the Pivot: Why Bitfarms Rebranded to Keel Infrastructure

To appreciate the future of the stock, we must first look at why management chose to shed its legacy identity. Bitfarms was founded in 2017 as a Canadian-based Bitcoin mining firm. It operated massive warehouses packed with specialized ASIC miners, generating revenue by securing the Bitcoin network.

However, pure-play Bitcoin mining carries heavy systemic risks:

• The Halving Effect: Every four years, the block reward for mining Bitcoin is cut in half, instantly doubling the security and energy costs per coin produced.
• Low Valuation Multiples: Investors historically value crypto miners on low enterprise value-to-EBITDA (EV/EBITDA) multiples due to the highly cyclical, volatile nature of digital assets.
• The Energy Crisis: Mining operations often face intense regulatory scrutiny over environmental impacts and grid stability.

Recognizing these structural limitations, CEO Ben Gagnon and the board initiated a dramatic shift in late 2024 and throughout 2025. The core realization was simple: the massive power assets, grid interconnections, and real estate owned by Bitfarms were worth far more if utilized for High-Performance Computing (HPC) and Artificial Intelligence (AI) workloads than for mining Bitcoin.

On April 1, 2026, the company completed its redomiciliation to the U.S. and rebranded as Keel Infrastructure (NASDAQ/TSX: KEEL). Under the Arrangement, every outstanding share of Bitfarms Stock (BITF) was converted on a 1:1 basis into Keel Common Stock.

The name "Keel" is highly symbolic. In maritime engineering, the keel is the structural backbone of a vessel—unseen, yet absolutely critical for stability and performance. The company’s new operating model is to build the "backbone" of the AI revolution by owning the power-secured sites that hyperscalers (like Amazon, Microsoft, and Google) and emerging "Neoclouds" desperately need to power their next-generation GPU clusters.

2. Analyzing the 2.2 GW Development Pipeline and Core Sites

In the world of AI data centers, power is the ultimate constraint. Hyperscalers are facing an unprecedented shortage of grid-connected electricity. While traditional data center developers face multi-year delays trying to secure new grid connections, Keel Infrastructure has a massive head start.

The company is advancing a 2.2 Gigawatt (GW) digital infrastructure development pipeline across strategic, supply-constrained markets in North America. This represents a complete exit from its legacy Latin American operations. In late 2025 and early 2026, Keel officially discontinued and sold off its assets in Paraguay (including the sale of its 70 MW Paso Pe site and its Yguazu operations) and Argentina, transforming into a 100% North American pure play.

Here is a project-by-project breakdown of Keel Infrastructure's premier North American sites:

Sharon, Pennsylvania Campus

The Sharon facility is a prime example of how Keel is converting legacy mining operations into high-margin AI data infrastructure:

• Current Operations: The site currently operates 30 MW of Bitcoin mining capacity.
• The AI Conversion: Keel is committing this entire 30 MW footprint to HPC/AI workloads.
• Power Expansion: An additional 80 MW substation is actively under construction and is scheduled to come online by year-end 2026, bringing the total campus capacity to 110 MW.
• Strategic Advantage: This site sits directly in the highly liquid PJM Interconnection power market, offering proximity to major fiber backbones and low latency to major northeastern metropolitan hubs.

Panther Creek, Pennsylvania Campus

Acquired through the strategic purchase of Stronghold Digital Mining in early 2025, Panther Creek is the crown jewel of Keel's energy-generation and data-hosting strategy:

• Capacity: This site has 350 MW of secured power capacity, with long-term potential to expand beyond 500 MW based on ongoing load studies.
• Financing: Development at Panther Creek is fully funded through a converted $300 million project-specific financing facility (re-routed from a Macquarie credit line in late 2025), which accelerates the procurement of long-lead-time electrical equipment like substations and transformers.
• Co-Location Advantage: The campus features its own grid-connected power-generation asset, allowing Keel to provide behind-the-meter, highly reliable energy directly to energy-intensive AI workloads.

Moses Lake, Washington State

Located in the Pacific Northwest, Moses Lake benefits from some of the cheapest and cleanest hydroelectric power in North America:

• The Strategy: This site is positioned to capture demand from West Coast tech giants seeking ultra-low-carbon energy for large-scale training and inference clusters.

Sherbrooke, Quebec

Canada remains a core pillar of Keel's geographical footprint, leveraging Hydro-Quebec’s renewable power grid to offer low-cost, green hosting options to international clients.

By focusing on these strategic hubs, Keel avoids the crowded, highly competitive "Tier 1" markets (like Northern Virginia) and operates in supply-constrained "Tier 2" markets where they control the grid interconnections.

3. Financial Health: Deconstructing the FY2025 Balance Sheet

Analyzing the financials of a company in transition can be tricky. When Keel reported its full-year 2025 results on March 31, 2026, the headline numbers initially showed a steep net loss. However, a deeper dive into the numbers (under its newly adopted U.S. GAAP accounting standards) reveals a highly liquid, derisked balance sheet designed to fund multi-year growth without shareholder dilution.

Headline Results vs. Operational Reality (Fiscal Year 2025)

• Revenue: $229 million, representing a 72% increase year-over-year compared to 2024. This growth was driven by high Bitcoin prices in 2025 and the consolidation of the Stronghold Digital Mining assets.
• Operating Loss: $150 million. This operating loss is largely a function of a $98 million non-cash depreciation charge on older mining rigs and $28 million in asset impairment charges related to the strategic abandonment of Latin American operations.
• Net Loss: $209 million ($0.38 per share), heavily weighed down by discontinued operations.
• Adjusted EBITDA: $29 million.

The True Strength: Liquidity and Debt Reduction

While the GAAP net loss looks alarming, Keel Infrastructure’s actual liquidity position is incredibly strong:

• Cash and Bitcoin Reserves: As of late March 2026, the company held $520 million in cash and Bitcoin on its balance sheet. This cash hoard was bolstered by an oversubscribed $588 million convertible senior notes offering issued in 2025.
• Debt Eradication: In February 2026, Keel made a massive strategic move by fully repaying the outstanding $100 million on its Macquarie debt facility. This leaves the company's asset base largely unencumbered, giving management maximum flexibility to negotiate highly favorable, low-cost project finance at the individual data center level.
• Share Buyback Program: Demonstrating capital discipline, Keel executed a share buyback program, purchasing 7.8 million shares at an average price of $1.27 (for a total of $10 million) to combat historic dilution.

With over half a billion dollars in liquid assets and virtually no restrictive legacy debt, Keel is fully funded to execute its permitting, engineering, and pre-construction activities throughout 2026.

4. The Riot Platforms Hostile Takeover Saga and Its Resolution

You cannot talk about the history of bitfarms stock without addressing the dramatic, months-long corporate warfare with rival Bitcoin miner Riot Platforms (NASDAQ: RIOT).

How the Battle Unfolded

In May 2024, Riot Platforms made an aggressive, unsolicited hostile takeover bid to acquire all outstanding shares of Bitfarms for $2.30 per share—a deal valued at roughly $950 million. Riot’s goal was clear: combine the two firms to create the largest publicly traded Bitcoin miner in the world.

Bitfarms’ board of directors immediately rejected the offer, arguing that it significantly undervalued the company's unique energy assets and pipeline. In response, Bitfarms adopted a series of "poison pill" shareholder rights plans designed to dilute Riot if they acquired more than 15% of the company's stock.

Riot fought back aggressively in both Canadian courts and the regulatory system, acquiring a massive 19.9% stake in Bitfarms to become its largest shareholder. Riot launched a public campaign to replace several long-standing board members, including Bitfarms' co-founders Emiliano Grodzki and Nicolas Bonta, accusing them of entrenchment and poor corporate governance.

The Settlement and Share Overhang Relief

Under intense public and institutional pressure, the dispute culminated in a comprehensive settlement in late 2024. As part of the agreement:

1. Nicolas Bonta and Emiliano Grodzki stepped down from the board and executive leadership.
2. Ben Gagnon was promoted to Chief Executive Officer.
3. Riot agreed to halt its hostile takeover efforts and entered into a standstill agreement.

Throughout 2025, Riot transitionally reclassified its holding as a passive stake and began divesting its shares under SEC Rule 144 (which limits sales to approximately 2 million shares per week). This divestiture created a massive, artificial "sell overhang" on bitfarms stock for over a year, keeping the stock price artificially suppressed even as the underlying fundamentals improved.

By early 2026, this sell pressure has substantially subsided, clearing the path for the stock to trade based on its fundamental merit rather than technical liquidity flows.

5. Valuation and the Investment Thesis: Bitcoin Mining vs. AI HPC Economics

The central question for anyone looking at bitfarms stock (now trading as KEEL) is: How should this company be valued?

To answer this, we must compare the economics of Bitcoin mining to the economics of High-Performance Computing (HPC) hosting.

The Re-Rating Catalyst

Right now, Keel Infrastructure is in a valuation "no-man's-land." Most retail investors still view it as a volatile crypto miner, valuing it at a low multiple. However, as Keel successfully signs its first multi-megawatt lease agreements with hyperscalers in 2026, the market is expected to aggressively re-rate the stock.

If Keel can convert even a portion of its 2.2 GW pipeline into active AI data centers, the transition from a 5x EBITDA miner to a 20x EBITDA infrastructure giant represents massive asymmetrical upside.

The Bull Case for KEEL

• Elite Power Portfolio: 2.2 GW of pipeline with active, high-value grid interconnections in PJM and Washington state.
• Rock-Solid Liquidity: $520 million in cash and Bitcoin with zero debt on the Macquarie facility.
• Top-Tier Executive Team: Led by CEO Ben Gagnon, veteran energy executive CFO Jonathan Mir, and former Amazon Web Services (AWS) VP Wayne Duso on the board.
• Overhang Removed: The Riot Platforms hostile takeover has ended, and the institutional sell pressure is nearing its end.

The Bear Case for KEEL

• Execution Risk: Designing, permitting, and building out massive HPC data centers is capital-intensive and takes time. First major revenues from converted AI sites are not expected until late 2026 or 2027.
• Transition Drag: Winding down the legacy Bitcoin mining business will temporarily lower operational revenue before the highly lucrative AI lease revenues begin to flow.
• Power Sourcing Volatility: Rising energy grid costs or local regulatory pushbacks on power usage could delay development timelines.

Frequently Asked Questions (FAQ)

Can I still buy Bitfarms stock under the ticker BITF?

No. Following the successful U.S. redomiciliation on April 1, 2026, Bitfarms rebranded as Keel Infrastructure Corp. The legacy ticker symbol BITF has been fully retired and replaced by KEEL on both the Nasdaq and TSX. If you owned BITF shares, they have automatically converted to KEEL on a 1:1 basis.

Did Bitfarms acquire Stronghold Digital Mining?

Yes. Bitfarms completed its acquisition of Stronghold Digital Mining in early 2025. This critical transaction secured the 350+ MW Panther Creek campus in Pennsylvania, complete with its own power generation capabilities, which is now a cornerstone of Keel Infrastructure's AI expansion plans.

Is Keel Infrastructure still mining Bitcoin?

While Keel is winding down its pure-play, self-mining operations to focus strictly on North American HPC/AI power development, it still retains high-performance mining capabilities at select locations (like its 30 MW Sharon site) during the physical transition phase. The company also holds significant Bitcoin on its balance sheet as a treasury reserve asset.

Who is running Keel Infrastructure?

Keel is led by CEO Ben Gagnon, who took over after the restructuring of the board in late 2024. The executive suite has been heavily reinforced with enterprise veterans, including CFO Jonathan Mir (a 25-year energy capital markets expert) and Board Member Wayne Duso, a highly respected former AWS infrastructure executive.

Conclusion

The story of bitfarms stock is no longer a story about hash rates, mining difficulty, or daily Bitcoin production. It is a story about the structural backbone of the next industrial revolution. By executing a massive geographical consolidation, shedding its Latin American mining assets, and rebranding as Keel Infrastructure (NASDAQ: KEEL), the company has transformed itself into a highly strategic power play.

With $520 million in liquidity, a clean debt profile, and a 2.2 GW development pipeline, Keel has the capital and the resources to bridge the massive gap between energy generation and artificial intelligence. For long-term value investors willing to look past short-term transition drag, KEEL represents one of the most compelling, asymmetrical opportunities in the tech infrastructure space today.

Disclaimer: This article is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Always perform your own due diligence before investing in highly volatile equities.