Bitfarms Posts ₱17.28 billion ($285 million) Loss, Pivots to AI Infrastructure
Bitfarms will complete its rebrand to Keel Infrastructure on Wednesday after shareholders approved the shift from Bitcoin mining to AI infrastructure. The company is building a 2.2 gigawatt digital infrastructure pipeline across North America targeting hyperscalers and neoclouds.
Key Takeaway
Investors are betting on AI infrastructure margins over Bitcoin mining as difficulty surges and prices fall.
Bitfarms stock climbed 6.6% on Tuesday after the company reported a ₱17.28 billion ($285 million) net loss for 2025, closing at $1.96 as investors bet on its AI infrastructure pivot.
Revenue jumped 72% to ₱13.89 billion ($229 million) for the full year, but cost of revenue hit ₱15.04 billion ($248 million). The company took a ₱3.06 billion ($50.5 million) loss on the fair value of its digital assets in 2025, a sharp reversal from a $26 million gain in 2024. Bitcoin's 46% decline from its October high and a 58.5% increase in mining difficulty since the May 2024 halving squeezed margins across the industry.
Bitfarms CEO Ben Gagnon said the company made the decision to walk away from Bitcoin mining in November after five months of repositioning toward high-performance computing and AI infrastructure. Gagnon said everything the company built in 2025 was in service of one thesis: that exponential growth in HPC and AI requires top-tier infrastructure, and Bitfarms intends to build to meet that demand.
The company will complete its rebrand to Keel Infrastructure on Wednesday following shareholder approval and relocation of its legal base from Canada to the United States. Bitfarms is building a 2.2 gigawatt digital infrastructure pipeline across North America, targeting hyperscalers and neoclouds by providing the critical foundation that will allow advanced AI platforms to deploy on time and scale without interruption.
The company recorded a $28.2 million realized gain on the sale of digital assets and holds approximately $161 million in unencumbered Bitcoin. Other Bitcoin miners like Iris Energy and Cipher Mining have announced similar pivots to AI hosting, chasing higher margins as Bitcoin mining profitability collapsed, positioning the 2.2 gigawatt infrastructure pipeline to compete in a market where power availability and cooling infrastructure are the primary bottlenecks.
This article was written based on reporting from Cointelegraph.
