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 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.
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.
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