Bitfarms

Bitfarms

Owns data centers for Bitcoin mining

Overview

Bitfarms is a global, vertically integrated Bitcoin mining company that operates its own data centers and mining hardware to mine Bitcoin. By owning and running the entire process—from site development and installation to daily operations—the company aims to control costs and improve efficiency. Its revenue comes from the Bitcoins it mines, which are either held as long-term assets or sold to fund growth. Bitfarms differentiates itself by prioritizing cost-effective and sustainable energy, especially hydroelectric power, and by operating multiple mining farms across Canada, the United States, Paraguay, and Argentina. It is publicly traded on Nasdaq and the TSX under the ticker BITF, offering regulated exposure to the crypto mining sector. The company’s goal is to scale its mining capacity and secure more favorable energy terms to expand its infrastructure and hashrate, while managing exposure to Bitcoin’s price and network hashrate.

Significant Headcount Growth

About Bitfarms

Simplify's Rating
Why Bitfarms is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Industrial & Manufacturing

Energy

Crypto & Web3

Company Size

51-200

Company Stage

IPO

Headquarters

Brossard, Canada

Founded

2017

Simplify Jobs

Simplify's Take

What believers are saying

  • $588M convertible offering in February 2026 yields $520M liquidity for 2.2GW pipeline.
  • Hires like Michael Byrne from Linesight and Christopher Ruppel from MARA accelerate HPC execution.
  • 99% shareholder approval on February 13, 2026, enables U.S. redomiciliation to Delaware.

What critics are saying

  • Olympio lawsuit filed May 2025 exposes warrant misclassification and cash flow restatements.
  • Pennsylvania permitting delays block Panther Creek 336MW energization until post-2027.
  • Unproven team loses AI bids to Core Scientific, burning $520M liquidity in 12-24 months.

What makes Bitfarms unique

  • Keel Infrastructure repurposes 2.2GW Bitcoin farms into North American AI/HPC colocation sites.
  • Pennsylvania, Washington, Quebec locations exploit power scarcity for hyperscale AI tenants.
  • Rebrand from Bitfarms to Keel effective April 1, 2026, targets powered-shell AI model.

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Funding

Total Funding

$2B

Above

Industry Average

Funded Over

14 Rounds

Post IPO Equity funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Equity Funding Comparison
Coming Soon

Benefits

Health Insurance

401(k) Retirement Plan

Remote Work Options

Flexible Work Hours

Paid Vacation

Paid Holidays

Pension?

Stock Price

Growth & Insights and Company News

Headcount

6 month growth

23%

1 year growth

26%

2 year growth

28%
Yahoo Finance
Mar 31st, 2026
Canadian crypto miner Bitfarms to sell $123M in Bitcoin, exits crypto entirely for AI

Canadian crypto miner Bitfarms has announced plans to completely exit Bitcoin and pivot exclusively to artificial intelligence. The company is targeting zero BTC on its balance sheet and has already begun selling its holdings of 1,827 Bitcoin, currently valued at $123 million. Bitfarms generated $28.2 million in realised gains from Bitcoin sales in 2025, with further sales planned in coming weeks and months. "In time, we will have no Bitcoin," said CEO Ben Gagnon. The Toronto-based company is repurposing energy infrastructure for high-performance computing and AI workloads, advancing a 2.2-gigawatt development pipeline across North America. It is relocating to the US and rebranding as Keel Infrastructure, with shares trading under ticker symbol "KEEL" from April. BITF stock has risen 140% over the past year to $1.90.

Yahoo Finance
Mar 31st, 2026
Bitfarms pivots from Bitcoin mining to AI infrastructure, raises $588M to fund 2.2GW North America development pipeline

Bitfarms is executing a strategic pivot from Bitcoin mining to high-performance computing and AI infrastructure, rebranding as Keel Infrastructure from 1 April 2026. The company is focusing on a colocation and powered-shell business model in Pennsylvania, Washington and Quebec, where power scarcity creates competitive advantages. The firm completed a $588 million convertible offering in February 2026, providing $520 million in liquidity to fund development. It is winding down legacy Bitcoin operations to reinvest in higher-margin HPC infrastructure, with a 2.2 gigawatt pipeline including 1.5 gigawatts of expansion capacity. Fiscal 2026 is designated for execution, with permits expected by mid-to-late summer and revenue generation from HPC operations projected to commence in 2027. The company reported a $150 million operating loss in 2025.

Yahoo Finance
Mar 31st, 2026
Bitfarms pivots to AI data centres, rebrands as Keel Infrastructure with $520M liquidity

Bitfarms has announced a strategic shift away from Bitcoin mining towards developing high-performance computing and AI data centre infrastructure in North America. CEO Ben Gagnon said the company is making "100% of our focus on North American HPC infrastructure development" and expects to have "no Bitcoin" in time. The company reported revenue of $229 million for fiscal 2025, up 72% year-over-year, but posted an operating loss of $150 million and net loss of $209 million. Bitfarms holds approximately $520 million in cash and Bitcoin after completing a $588 million convertible offering. Effective 1 April, Bitfarms will complete a US re-domiciliation and rebrand to Keel Infrastructure. The company is advancing a three-year build plan centred on three sites, targeting permit approvals by mid-to-late summer, with sites expected to begin delivering megawatts and customer revenue in 2027.

The News Courier
Mar 31st, 2026
Bitfarms to participate in Jefferies Fireside Chat.

Bitfarms to participate in Jefferies Fireside Chat. GlobeNewswire | Bitfarms Ltd. Today at 4:30am PDT TORONTO, Ontario and NEW YORK, March 30, 2026 (GLOBE NEWSWIRE) - Bitfarms Ltd. (NASDAQ/TSX: BITF), a North American digital infrastructure and energy company, will participate in a fireside chat at the Jefferies Virtual Power x Data Center Conference. Jefferies Virtual Fireside Chat Date: Tuesday, March 31, 2026 Time: 10:15 AM Eastern Presenters: CEO, Ben Gagnon and CFO Jonathan Mir Webcast Link About Bitfarms Ltd. Bitfarms is a North American digital infrastructure and energy company that develops and owns data centers and energy infrastructure for high-performance computing workloads, including artificial intelligence. Bitfarms' 2.1 GW North American energy portfolio is comprised of energized, under development, and pipeline MW, located in established data center clusters, with robust access to power and fiber infrastructure. Bitfarms is headquartered in New York, NY and Toronto, ON and traded on Nasdaq and the Toronto Stock Exchange. | Investor Relations Contact: Laine Yonker [email protected] | Media Contact: Tara Goldstein [email protected] | This is a paid placement. For further inquiries, please contact GlobeNewswire directly.

Yahoo Finance
Mar 20th, 2026
Bitfarms shareholders approve redomiciliation plan to become Keel Infrastructure

Bitfarms shareholders have approved a plan to exchange each existing share for one share of Keel Infrastructure Corp, a newly incorporated Delaware entity that will become Bitfarms' ultimate parent company. The resolution passed with 173,274,022 votes for and 1,173,232 against. The arrangement, unanimously supported by the board and independent proxy advisers, represents a key step in the company's "pivot to the US". Operations are expected to continue as Keel Infrastructure from 1 April onwards. The special meeting was held virtually, with 374 shareholders represented by proxy. Approximately 29.4% of the 602,727,574 outstanding shares were represented, meeting quorum requirements. The proposal was approved pursuant to an interim order from the Ontario Superior Court of Justice dated 13 February 2026.

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