Popular crypto company exits Bitcoin amid crash

Bitfarms Ltd. has announced plans to redomicile from Canada to the United States and rebrand as Keel Infrastructure. The move follows a strategic review and signals a total pivot from Bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) data center operations. CEO Ben Gagnon stated, 'We are no longer a Bitcoin company,' highlighting the declining profitability of Bitcoin mining due to halvings, rising power costs, and market crashes. The company will be incorporated in Delaware and trade under the ticker 'KEEL' on Nasdaq and the Toronto Stock Exchange. A shareholder vote is scheduled for March 20, 2026, with the transition expected to complete by April 1, 2026. Bitfarms is also repaying a $300 million credit facility to Macquarie Group using its $698 million in liquidity. This trend follows other firms like Bit Digital, which also recently shifted focus to AI and Ethereum operations.