Bitfarms targets zero bitcoin on the balance sheet as it pivots to AI

Bitcoin miner Bitfarms (BITF) continued its exit from the bitcoin business, confirming it has already begun selling portions of its holdings, with plans to continue doing so as it pivots toward AI infrastructure.

The company generated $28.2 million in realized gains from bitcoin sales in 2025, signaling active disposals during the year. While the company has not disclosed the exact number of coins sold, management made clear that further sales are planned. According to BitcoinTreasuries.net, Bitfarms currently holds 1,827 BTC.

"In time, we will have no bitcoin,” said CEO Ben Gagnon on the company's fourth-quarter earnings call Tuesday. He added that Bitfarms will sell bitcoin “opportunistically into strength” and is continuing to run mining operations to “maximize free cash flow before selling the miners.” The approach points to a gradual wind-down rather than an immediate liquidation.

The shift reflects a broader trend across the bitcoin mining sector, where companies are repurposing energy infrastructure for high-performance computing and AI workloads. Bitfarms is advancing a 2.2 gigawatt development pipeline across North America and targeting AI-driven revenue beginning in 2027, according to its 2025 full-year results.

The company is also undergoing a structural shift, with shareholders approving a U.S. re-domiciliation and rebrand to Keel Infrastructure (KEEL), expected to close around April 1, 2026, with shares set to trade under the ticker KEEL.

BITF shares are higher by 4.6% on Tuesday alongside a general rally in the AI infrastructure stocks.