Bitfarms reported a widened net loss of $284.5 million for 2025 despite a 72% revenue increase to $229 million, driven by high costs and falling Bitcoin prices. The company’s shares still rose over 6% as it announced a strategic pivot from Bitcoin mining to focus on AI and high-performance computing infrastructure, with plans to rebrand as Keel Infrastructure.
Shares of Bitfarms climbed 6.6% on Tuesday even as the company disclosed a $284.5 million net loss for 2025. The results, stated in a full-year filing, showed revenue grew to $229 million but was outweighed by $248 million in cost of revenue.
The company faced a $50.5 million loss from its digital asset holdings’ changing fair value, partially offset by a $28.2 million gain from selling assets. This illustrates the broader profitability challenge for miners as Bitcoin has fallen 46% from its October high while mining difficulty has increased 58.5%.
In an earnings call, CEO Ben Gagnon said the firm made a bold decision to walk away from Bitcoin mining in November. “No half-measures, no compromises, and in time, no Bitcoin. We built a new company,” he stated.
The company will rebrand to Keel Infrastructure and is moving its legal base from Canada to the U.S. Gagnon added that everything built in 2025 was to serve the thesis that AI’s growth requires top-tier infrastructure.
Bitfarms said its focus is powering hyperscalers and neoclouds for AI applications, not competing with them. “We are here to enable them. Our focus is providing the critical and largely invisible foundation,” the company stated.
It is advancing a 2.2 gigawatt development pipeline across North America. Data shows BITF shares closed at $1.96.
The firm is among several Bitcoin miners expanding into AI, such as Iris Energy and Cipher Mining. Riot Platforms and MARA Holdings have also made similar strategic pivots seeking higher-margin opportunities.
