Bitfarms Bleeds $284M Chasing AI Dreams, Stock Still Pumps 5% Because Markets Are Weird Like That

Bitfarms is going all-in on AI infrastructure, and the market seems to be here for it. The company announced it's pivoting to building out North American HPC infrastructure, with CEO Ben Gagnon calling the move a "deliberate and consequential transformation" during the 2025 earnings call. Nothing says "we're definitely not having a midlife crisis" quite like abandoning your bitcoin mining empire to rent out server racks to tech giants.

Revenue jumped 72% year-over-year to $229 million, but the transition didn't come cheap. Operating losses hit $150 million compared to $28 million a year earlier, while losses from continuing operations reached $209 million. Total net loss for the year: $284 million. For those keeping score at home, that's roughly $778,000 lost every single day—chump change in crypto terms, but still, ouch.

The company will rebrand as Keel Infrastructure starting Wednesday and plans to fully exit its legacy bitcoin mining operations over time. Under the new venture, Bitfarms will focus on leasing power-secured sites to large compute customers. It's currently developing a 2.2 gigawatt pipeline across sites in Pennsylvania, Washington state, and Québec, with initial AI-related revenue expected as early as 2027. Yes, you read that right—2027. That's three years of burning cash while the AI hype train hopefully doesn't derail. But hey, who's counting?

Near-term priorities include obtaining permits, engineering work, and locking down long-term leases across key sites. The company ended March with about $520 million in liquidity, including cash and bitcoin holdings currently valued at around $161 million. For context, that's enough bitcoin to buy roughly 2,400 ASICs at today's prices—or you know, maybe just one very nice yacht.

For now, Bitfarms will keep mining bitcoin to generate cash flow before selling its mining equipment and eventually offloading its bitcoin holdings "opportunistically... into strength." Translation: they're playing the altcoin exit strategy, but with their own stash. Bold strategy, cotton.