Bitfarms
BitfarmsNorth American data center and energy infrastructure developer for AI and HPC
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About Bitfarms
Bitfarms, now operating as Keel Infrastructure after its 2026 U.S. redomiciliation, is a North American digital infrastructure and energy company. It develops and owns data centers and energy infrastructure for high-performance computing (HPC) and AI workloads, having pivoted away from its original Bitcoin mining business.
Core business: The company secures land, power grid interconnections, and energy capacity to build and operate large-scale data centers. Its pipeline totals 2.2 gigawatts across Pennsylvania, Washington, and Québec, with 341 MW energized, 430 MW secured, and the remainder in development.
Market pain points addressed: AI and HPC growth is constrained by access to reliable, cost-effective power and the long timelines for grid interconnection. Bitfarms/Keel solves this by owning energy-secured sites with existing grid connections, enabling customers to deploy compute faster than building from scratch. The company also addresses the volatility and energy intensity of Bitcoin mining by transitioning to more stable, long-term infrastructure contracts.
Recent developments (March–September 2026): Completed the redomiciliation to Delaware and rebranded to Keel Infrastructure in early April 2026. Repaid a $300 million Macquarie debt facility in February 2026. Secured zoning approval for the Panther Creek site. Active go-to-market processes are underway at Panther Creek, Sharon, and Moses Lake. The company reported FY2025 revenue of $229 million (up 72% Y/Y), but an operating loss of $150 million, including $98 million in non-cash depreciation and $28 million in impairment charges, largely due to a decline in Bitcoin prices and a net loss on digital asset fair value changes.
Over the past six months, Bitfarms completed its U.S. redomiciliation and rebranded as Keel Infrastructure on April 1, 2026, with Nasdaq/TSX ticker KEEL, marking its full pivot to an HPC/AI infrastructure company .
Key milestones: advanced a 2.2 GW North American development pipeline (341 MW energized, 430 MW secured, 1.5 GW expansion); secured zoning and conditional land development approval at Panther Creek, with final environmental permits in progress and expansion potential to 500 MW+; obtained all local approvals for Sherbrooke, pending only provincial approval to consolidate three legacy Bitcoin PPAs into one 96 MW HPC/AI PPA; decommissioned all U.S. bitcoin mining and advanced Moses Lake and Sharon site work, with Sharon in active commercial discussions .
Financially, Keel closed a $458 million convertible senior notes offering in June to expand Panther Creek and Scrubgrass capacity; liquidity reached $819 million as of August 7, 2026, with intent to liquidate its remaining 1,861 Bitcoin during 2026 .
Future focus: convert Pennsylvania expansion capacity into signed ESAs, deliver energized MW for HPC through 2030, and fund site development to lease signing—positioning Keel as an infrastructure-first owner/developer for HPC/AI data centers.