Why Bitfarms Just Abandoned Its Bitcoin Identity for AI

18%. That's how much Bitfarms stock jumped in a single day after the company made one simple declaration: "We are no longer a Bitcoin company."

The market's reaction tells a story that goes far beyond one company's rebrand. It reveals how investors are betting on the future of digital infrastructure—and it's not crypto mining.

From Mining Rigs to AI Chips

Bitfarms announced Friday it's moving its legal headquarters from Canada to the United States and rebranding as Keel Infrastructure. The transformation is complete: from bitcoin mining to building data centers for high-performance computing and artificial intelligence workloads.

CEO Ben Gagnon couldn't have been clearer about the shift: "We are no longer a Bitcoin company. We are an infrastructure-first owner and developer for HPC/AI data centers across North America."

The redomiciling process requires shareholder approval at a March 20 vote. If approved, a new Delaware-incorporated parent company will start trading on Nasdaq and the Toronto Stock Exchange under the symbol KEEL by April 1. The company has already begun repaying its $300 million credit facility from Macquarie Group, starting with $100 million tied to its Pennsylvania Panther Creek site.

Why Investors Are Cheering

The timing couldn't be more telling. While AI infrastructure and crypto stocks tumbled 16% on Thursday, Bitfarms surged in the opposite direction with its 18% gain. The market is essentially saying: "Good riddance to crypto mining, hello to AI infrastructure."

This isn't just about following trends. Bitcoin mining has been plagued by shrinking margins, regulatory uncertainty, and environmental concerns. Meanwhile, AI data centers are experiencing explosive demand, driven by the insatiable appetite for GPU computing power that companies like NVIDIA have made essential for modern AI applications.

Bitfarms isn't starting from scratch. The company maintains $698 million in liquidity as of February 5, comprised largely of cash and bitcoin holdings. That's serious capital for building out AI infrastructure at a time when demand far exceeds supply.

The Broader Infrastructure Play

What makes this move particularly savvy is the infrastructure angle. While crypto mining requires specialized ASIC machines with limited use cases, AI data centers need versatile computing power that can serve multiple industries—from autonomous vehicles to pharmaceutical research to financial modeling.

The U.S. relocation isn't just about regulatory arbitrage. It positions the company closer to the epicenter of AI innovation and venture capital funding. Delaware incorporation provides access to a broader investor base and simplifies corporate governance—classic moves for a company planning rapid expansion.

The company will maintain operational sites in both Canada and the U.S., but its New York City office becomes the sole headquarters. This geographic consolidation signals serious intent to compete with established data center operators like Digital Realty Trust and Equinix.

Questions for the AI Gold Rush

But here's what investors should consider: Can a company completely reinvent its identity overnight? Bitfarms built its expertise in energy-intensive computing, which translates well to AI workloads. However, the competitive landscape for data centers is vastly different from crypto mining.

Established players have decades of relationships with enterprise clients, regulatory expertise, and geographic footprints. Bitfarms—sorry, Keel Infrastructure—will need to prove it can compete not just on infrastructure, but on service, reliability, and enterprise sales.