Bitfarms shares jump 6.6% despite $284.5M loss, pivoting to AI

Bitfarms jumps 6.6% after a $284.5m FY2025 loss. The stock moved as the company confirmed a pivot from Bitcoin mining to AI/HPC, rebranding to Keel and shifting its domicile to the US.

- Shares rose 6.6% on Tuesday per TradingView.
- FY2025 net loss was $284.5m.
- Revenue grew 72% YoY to $229m, but cost of revenue reached $248m, resulting in a gross loss.
- Fair value movement on digital assets swung to a $50.5m loss from a $26m gain in 2024; realized gains on sales were $28.2m.
- The company holds about $161m in unencumbered Bitcoin.

Bitfarms said shareholders approved a rebrand to Keel Infrastructure and US redomiciliation, with execution targeted around April 1, and noted commercialization at Panther Creek, Sharon, and Moses Lake on its results day update post. The company also signaled a full exit from Bitcoin mining and outlined a 2.2 GW AI/HPC data center pipeline, per a disclosure shared on X.

Sector backdrop remains tight. Network difficulty has climbed 58.5% since the April 2024 halving, pressuring mining economics as capacity expanded, per Cointelegraph.

Source: TradingView