Bitfarms shares rose more than 5% on Tuesday morning after the company reported a $284 million net loss for 2025, tied to its transition from bitcoin mining into AI and high-performance computing (HPC) infrastructure.

The company said it is now entirely focused on building out its North American HPC infrastructure, with CEO Ben Gagnon describing the pivot as a "deliberate and consequential transformation" in its 2025 earnings conference call.

Gagnon added that, over time, Bitfarms, which will rebrand as Keel Infrastructure starting Wednesday, expects to fully exit its legacy bitcoin mining operations.

Revenue jumped 72% year-over-year to $229 million, but its losses piled up as it absorbed swings tied to its bitcoin holdings, currently valued at around $161 million. Operating losses came in at $150 million, compared to $28 million a year earlier, while losses from continuing operations reached $209 million.

Under the new Keel Infrastructure venture, the company will focus on leasing power-secured sites to large compute customers. It is currently working on building a 2.2 gigawatt development pipeline across sites in Pennsylvania, Washington state, and Québec, with initial revenue tied to AI expected as early as 2027.

For the near term, management said its efforts are prioritized on obtaining permits, engineering, and locking down long-term leases across its key sites.

Bitfarms (BITF) said it ended March with about $520 million in liquidity, including cash and bitcoin, which it expects to use to fund development through these early leasing stages.

Gagnon said the company will continue to mine bitcoin in the near term to generate cash flow before selling its mining equipment and eventually, its bitcoin holdings "opportunistically... into strength."