Bitfarms Ditches Bitcoin, Hitches AI Wagon – Stocks Go Bonkers!

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Finance

What to know:

  • Bitfarms, in a move as sudden as a Missouri riverboat swindle, is packing its bags and hightailing it from Canada to the U.S., rechristening itself as Keel Infrastructure.
  • Seems they’ve decided bitcoin mining is as passé as a hoop skirt, and are now setting their sights on the glittering promise of AI and high-performance computing – a field as crowded as a Mississippi steamboat on a Saturday night.
  • They’re also paying back a cool $300 million, starting with a $100 million chunk tied to their Panther Creek site – a sum that would make even a riverboat gambler blush.
  • Investors, ever the fickle lot, sent Bitfarms’ (BITF) shares soaring 18% on the news, proving once again that Wall Street loves a good rebranding almost as much as a whiskey sour.

Well, slap my knee and call me surprised! Bitfarms (BITF), those erstwhile bitcoin miners, have decided to trade in their pickaxes for slide rules and join the AI gold rush. They’re packing up their maple syrup and heading south, rebranding as Keel Infrastructure – a name that sounds like it belongs on a ship captained by a man with a wooden leg and a penchant for tall tales.

This whole redomiciling business, announced with all the fanfare of a circus coming to town, is subject to the usual rigmarole of shareholder votes, regulatory nods, and court approvals. They’re aiming to have this circus tent pitched by April 1st, which, let’s be honest, seems fitting.

CEO Ben Gagnon, presumably sporting a brand new Stetson, declared, “We are no longer a Bitcoin company,” with the gravitas of a man announcing he’s given up moonshine. “We’re infrastructure-first now,” he proclaimed, “building data centers for HPC/AI – whatever that mouthful means.”

To fuel this grand adventure, they’re paying back a hefty $300 million loan from Macquarie Group, starting with a $100 million chunk tied to their Panther Creek site. That’s a lot of hush money to keep the debt collectors at bay, but they claim they’ve still got a cool $698 million in the kitty – mostly in cash and bitcoin, which, let’s face it, is about as stable as a three-legged stool on a rocking boat.

So, there you have it, folks. Bitfarms is trading in its digital pickaxe for a slide rule and a dream. Will they strike AI gold, or will they end up shipwrecked on the shores of technological obsolescence? Only time, and a healthy dose of investor optimism, will tell.

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2026-02-06 18:39