Bitfarms Loses $285M Chasing Satoshi, Market Responds: 'Finally — Now Let's Pump' — Stock Jumps 6.6%

Bitfarms (BITF) shares climbed 6.6% on Tuesday despite reporting a widened $284.5 million net loss for 2025, driven by a decline in Bitcoin prices and a high cost of revenue, with the company advancing its pivot to AI and high-performance computing. Because nothing says "buy the dip" quite like a company that just admitted Bitcoin mining is so 2023.

The company's full-year results showed a 72% year-on-year increase in revenue to $229 million. This was outweighed by $248 million in cost of revenue, leading to a gross loss. General and administrative expenses also increased year over year, while the change in fair value of digital assets led to a $50.5 million loss in 2025 compared with a gain of $26 million in 2024. This was partially offset by a $28.2 million realized gain on the sale of digital assets. In simpler terms: they made more money than ever, spent even more than that, and Bitcoin's price action did the rest. Classic.

The results highlight the struggle some Bitcoin miners have faced in turning a profit. Bitcoin mining profitability margins have slimmed as Bitcoin has fallen 46% from its high in October, while Bitcoin difficulty has increased 58.5% since the last halving event in May 2024. When your hashrate is competing against a difficulty adjustment that reads like a "how hard can we make this" challenge, and the reward keeps halving, well, math gets ugly fast.

In the earnings call, Bitfarms CEO Ben Gagnon said the company made the "bold decision to walk away" from its Bitcoin mining business in November and has built a new business powering HPC and AI data centers: "No half-measures, no compromises, and in time, no Bitcoin. We built a new company," he said. That's the kind of quote that gets printed on t-shirts at the next mining conference. Somewhere, a degen is printing "No Bitcoin" on a shirt right now.

Gagnon added that Bitfarms expects to rebrand to Keel Infrastructure on Wednesday and has received shareholder approval to move its legal base from Canada to the US. The filing shows Bitfarms currently still holds approximately $161 million in unencumbered Bitcoin. So they're pivoting away from Bitcoin, but still sitting on $161M of it. Peak Web3 energy — one foot in the future, one foot in the Lambo fund.

"Everything we built in 2025 — the sites, the team, the balance sheet — was in service of one thesis: that HPC/AI's exponential growth requires