Former bitcoin miner Bitfarms reports $145 million Q1 net loss amid Keel rebrand, AI transition
Bitfarms, now Keel Infrastructure, reported a $145 million Q1 net loss due to digital asset fair value changes and debt extinguishment, as it pivots to AI infrastructure.Summary
Keel Infrastructure Corp., formerly Bitfarms, reported a $145 million net loss for the first quarter of 2026. This loss was primarily driven by a $41 million non-cash loss from changes in the fair value of digital assets and a $22 million loss related to the extinguishment of its Macquarie credit facility. The company is undergoing a strategic transformation, rebranding to Keel Infrastructure and shifting resources from bitcoin mining towards high-performance computing (HPC) and artificial intelligence (AI) infrastructure. This transition includes exiting Latin America and reducing its bitcoin holdings, having sold 269 bitcoin for $20 million. General and administrative expenses increased due to costs associated with U.S. redomiciliation, GAAP conversion, and asset sales. As of May 8, Keel's liquidity stood at approximately $533 million, comprising $336 million in unrestricted cash and $197 million in unencumbered bitcoin. The company's CEO, Ben Gagnon, stated that the rebranding signifies the completion of this strategic shift, with a focus on North American HPC/AI markets.
(Source：The Block)