Bitfarms has secured overwhelming shareholder approval for a major corporate overhaul that shifts its legal home to the United States and reframes the company around AI and high-performance computing infrastructure. The move marks one of the clearest attempts by a publicly traded bitcoin miner to reposition itself as a broader digital infrastructure operator rather than a business tied primarily to mining cycles.
At a shareholder vote held on March 20, roughly 99.3% of ballots cast supported the plan to redomicile the company from Canada to Delaware and adopt a new corporate identity: Keel Infrastructure. The result comfortably exceeded the required two-thirds threshold, signaling that investors are largely aligned with management’s long-running strategic shift.
If the remaining court approval and customary closing conditions are completed as expected, the transaction is scheduled to close around April 1, 2026. Once finalized, each existing Bitfarms share will convert on a 1:1 basis into stock of the new Delaware parent. Trading is expected to begin shortly afterward under the ticker KEEL on both the Nasdaq and the Toronto Stock Exchange.
A Shift in Identity Beyond Bitcoin Mining
While the transaction mechanics are straightforward, the strategic message is broader. Bitfarms is using the restructuring to present itself less as a pure-play bitcoin miner and more as a North American infrastructure platform positioned to serve rising demand for AI workloads and data-intensive computing.
Under the new structure, Bitfarms will become a subsidiary of Keel Infrastructure Corp., a newly formed Delaware entity. The company has indicated that its operations, facilities, and day-to-day business activities will remain unchanged in the near term. What changes most immediately is the legal wrapper, the market-facing brand, and the narrative surrounding the business.
The choice of the name “Keel” is part of that messaging. Management described it as a reference to the structural backbone of a ship, suggesting stability, direction, and a foundational role in moving energy into productive use. In practical terms, the company wants investors to view it as part of the underlying infrastructure stack for the next wave of compute demand, not simply as a leveraged proxy for bitcoin mining economics.
Chief Executive Officer Ben Gagnon said the vote validates more than a year of work to reposition the company. According to management, the pivot did not emerge suddenly. The company first outlined its strategic direction on February 6 after a yearlong review of investor appetite, capital access, and long-term competitive positioning.
Why Delaware and Why Now?
Bitfarms has argued that moving to Delaware should offer several practical advantages. These include deeper access to U.S. capital markets, a corporate structure more familiar to American investors, and potentially stronger alignment with domestic stakeholders under Delaware law. For a company trying to broaden its investor base and attract infrastructure-oriented capital, those benefits are central to the restructuring case.
There is also a strategic operating angle. As AI and data center markets become more important to the company’s growth story, being organized as a U.S.-based entity may help support relationships with utilities, regulators, and enterprise customers connected to digital infrastructure development. The company has suggested that the new structure could make it easier to operate on the same footing as counterparties in those markets.
Proxy advisory firms, including Institutional Shareholder Services, supported the transaction on economic grounds, and the board unanimously recommended the proposal. The strength of the vote suggests that shareholders viewed the move as a logical extension of management’s evolving strategy rather than a controversial departure.
Energy Footprint Supports the Infrastructure Thesis
A core part of the company’s argument is that it already controls infrastructure that can be relevant beyond bitcoin mining. Bitfarms said it has a North American energy portfolio totaling 2.1 gigawatts across active, in-development, and pipeline projects. That footprint gives the company a basis for arguing that it is not starting from zero in the race to serve AI and HPC demand.
The company also plans to make its New York office its primary executive base following the transition, another signal that its center of gravity is moving more decisively toward the U.S. market. For investors, the implication is that Bitfarms is trying to align its legal structure, leadership location, and growth narrative around a single thesis: energy-backed compute infrastructure in North America.
Importantly, the company has not indicated that current operations will be abruptly transformed overnight. Instead, the redomiciliation and rebrand appear designed to create a framework for future expansion into data center and compute-related opportunities while preserving the existing operating base.
Part of a Broader Industry Realignment
Bitfarms’ move fits into a wider pattern across the digital asset mining sector. As AI demand rises and capital markets increasingly reward infrastructure linked to advanced computing, mining companies with access to power, land, and industrial facilities are reassessing how those assets can be monetized. The economics of AI-oriented data infrastructure have become attractive enough that miners are under pressure to show they can participate in that opportunity.
Against that backdrop, the Bitfarms-to-Keel transition is more than a name change. It formalizes a broader effort to distance the company from a single-sector identity and present it as a flexible infrastructure operator that can serve multiple compute markets. That distinction matters because bitcoin mining businesses are often valued through the lens of commodity-like cycles, while infrastructure platforms tied to long-term compute demand may be viewed differently by investors.
Still, the transformation is not free of execution risk. The company noted that court approval and standard closing conditions remain outstanding. As with any restructuring, there is the possibility of delays, higher-than-expected costs, or a slower realization of the strategic benefits management expects. Investors seeking a fuller picture of those variables have been directed to the company’s filings.
Even with those caveats, the shareholder vote makes one point clear: the strategic direction is no longer theoretical. Bitfarms now has investor backing to complete its move to Delaware, adopt the Keel Infrastructure name, and advance its effort to position itself closer to the center of AI and HPC infrastructure demand in North America.