Bitcoin miner Bitfarms (BITF) is accelerating its exit from the bitcoin business, confirming it has begun selling portions of its holdings and intends to empty its balance sheet of bitcoin entirely as it pivots to AI infrastructure.
$28.2M Realized Gains from Bitcoin Sales in 2025
Bitfarms generated $28.2 million in realized gains from bitcoin sales in 2025, signaling active disposals during the year. While the exact number of coins sold remains undisclosed, management made clear further sales are planned. According to BitcoinTreasuries.net, Bitfarms currently holds 1,827 BTC.
CEO: ‘In Time, We Will Have No Bitcoin’
“In time, we will have no bitcoin,” said CEO Ben Gagnon on the company's fourth-quarter earnings call Tuesday. He added that Bitfarms will sell bitcoin “opportunistically into strength” and will continue running mining operations to “maximize free cash flow before selling the miners.” The approach points to a gradual wind-down rather than an immediate liquidation.
The company is still operating its miners but now sees the activity purely as a cash-flow tool, not as a core asset-accumulation strategy.
2.2GW AI Pipeline & 2027 Revenue Target
Bitfarms is advancing a 2.2 gigawatt development pipeline across North America and targeting AI-driven revenue beginning in 2027, according to its 2025 full-year results. The shift mirrors a broader trend across the bitcoin mining sector, where companies are repurposing energy infrastructure for high-performance computing and AI workloads.
Bitfarms is also undergoing a structural shift. Shareholders approved a U.S. re-domiciliation and rebrand to Keel Infrastructure (KEEL), expected to close around April 1, 2026, with shares set to trade under the ticker KEEL.
BITF shares rose 4.6% on Tuesday alongside a broad rally in AI infrastructure stocks.