Bitfarms has received overwhelming shareholder approval for a major corporate overhaul that will move its legal home to the United States and rename the company Keel Infrastructure. The decision marks more than a technical restructuring. It reflects a broader strategic effort to reposition the company from a bitcoin miner into a North American infrastructure platform serving artificial intelligence and high-performance computing workloads.
Shareholders Strongly Endorse the Plan
The vote was held on March 20, and approximately 99.3% of ballots cast supported the proposal to redomicile from Canada to Delaware and adopt the new corporate identity. The result easily cleared the required two-thirds threshold, signaling that investors are broadly aligned with management’s long-term direction.
If the remaining approvals are completed on schedule, the transaction is expected to close around April 1, 2026. At that point, each existing Bitfarms share will convert on a 1:1 basis into shares of the new Delaware parent company. Trading is expected to begin shortly afterward under the ticker “KEEL” on both the Nasdaq and the Toronto Stock Exchange.
A Strategic Shift Beyond Bitcoin Mining
While the mechanics of the restructuring are relatively straightforward, the message behind it is much bigger. Bitfarms is deliberately moving away from a market identity centered on bitcoin mining cycles and toward a narrative built around digital infrastructure, power, and compute capacity for AI and HPC customers.
Management first outlined this strategic pivot on February 6 after completing a yearlong review of investor demand, capital access, and long-term positioning. The company concluded that a U.S. domicile, a simplified corporate structure, and a clearer infrastructure-focused brand would better support its next phase of growth.
Under the new setup, Bitfarms will become a subsidiary of Keel Infrastructure Corp., a newly formed Delaware entity. For now, the company has indicated that its operations, facilities, and day-to-day business will remain largely unchanged. What changes is the legal wrapper, the capital markets profile, and the way management wants investors to understand the business.
Why the New Name Matters
The rebrand is designed to reinforce that strategic repositioning. According to the company’s messaging, “Keel” refers to the backbone of a ship, a structural element associated with stability and forward movement. In practical terms, the branding aims to present the company as foundational infrastructure for the next wave of computing demand, rather than as a single-asset business tied mainly to bitcoin.
CEO Ben Gagnon described the shareholder vote as validation of work that has been underway for more than a year. He said the outcome represents both an endorsement of management’s efforts and a meaningful milestone in the company’s pivot.
Potential Benefits of a Delaware Domicile
Bitfarms expects the move to the U.S. to provide several tangible advantages. These include deeper access to American capital markets, better alignment with U.S.-based investors, and a corporate structure that is more familiar under Delaware law. For a company seeking to be valued as infrastructure rather than solely as a crypto miner, those factors could matter significantly.
There is also a commercial dimension. Operating as a U.S.-based entity may help the company in dealings with utilities, regulators, and enterprise customers connected to AI and data infrastructure. As competition grows for power-rich sites capable of supporting advanced computing workloads, legal and corporate positioning may become increasingly important alongside physical assets.
Energy Footprint Supports the New Thesis
One of the key pillars behind the company’s new strategy is its existing energy portfolio across North America. Bitfarms said it already has a 2.1-gigawatt portfolio spanning active operations, in-development assets, and pipeline projects. That power footprint is central to the company’s attempt to expand beyond traditional mining and into compute-heavy infrastructure markets.
The company also noted that its New York office will become its primary executive base after the transition. That detail further reinforces the shift toward a U.S.-centric corporate identity, even as the company remains active across multiple North American jurisdictions.
Part of a Broader Industry Trend
Bitfarms’ move comes as a growing number of crypto mining companies explore opportunities in AI and high-performance computing. The rationale is straightforward: operators with access to large amounts of power, land, and cooling infrastructure may be able to repurpose or expand those resources to capture demand from data center customers. In that context, the company’s rebrand and redomicile appear aimed at making it easier for the market to view Bitfarms through an infrastructure lens rather than strictly a crypto one.
The company’s messaging suggests that management sees future value in being closer to the center of AI-driven compute demand instead of remaining on the edge of bitcoin’s cyclical market forces. The shift does not mean bitcoin mining disappears from the picture overnight, but it does indicate that management wants investors to focus more on scalable infrastructure and less on a single business line.
Final Steps Still Remain
Despite the decisive shareholder vote, the restructuring is not fully complete. Court approval and standard closing conditions still need to be satisfied. As with any corporate reorganization, the company has acknowledged risks such as delays, additional costs, or the possibility that some anticipated benefits take longer than expected to materialize.
Even so, the strategic direction now appears firmly set. With shareholders, the board, and proxy advisers all backing the move, Bitfarms has effectively secured a mandate to pursue a broader infrastructure thesis under the Keel name.
For investors, the development is notable because it highlights how crypto-linked companies are adapting to shifting capital market narratives. For the company itself, the rebrand to Keel Infrastructure is intended to signal that its future may be defined less by bitcoin mining alone and more by its ability to provide energy-rich, large-scale infrastructure for AI and HPC workloads.