Publicly traded Bitcoin miner Bitfarms is fully detaching itself from the top crypto asset, changing its name to Keel Infrastructure as it seeks to transition its business to the United States to focus on empowering artificial intelligence (AI).
The firm first announced its intentions in November to abandon its Bitcoin mining business, signaling a shift to providing infrastructure for AI as it saw an opportunity to improve net operating incomes.
“Our new name reflects how we think about infrastructure, how we’re building this company, and how we want to serve our future customers,” CEO Ben Gagnon said in a Friday statement.
“We are no longer a Bitcoin company, we are an infrastructure-first owner and developer for HPC/AI data centers across North America,” he continued. “As we enter this next chapter, our focus is simple: we’re building the infrastructure for the compute of the future.”
Shares in the firm (BITF) have jumped 27% following the announcement and alongside a broader rebound in crypto equities and tokens on Friday, recently changing hands around $2.17. Upon the completion of its U.S. redomiciliation process, which is expected to be completed by April 1, the firm anticipates trading on the Nasdaq under the ticker KEEL.
A shareholder vote will be held on March 20, and must be approved before the transition takes place.
The firm’s move from Canada to the United States and its business shift have been the “culmination of a comprehensive strategic review process” by its board of directors over the last year—but its renewed focus on AI is not one it’s making alone.
Publicly traded Bitcoin miners, like Riot Platforms, MARA Holdings, and CleanSpark, have all signaled at least a partial shift to AI. Others, like Cipher Mining and Hut 8 have made multibillion-dollar deals with Google to back AI data centers.
The shift to AI may represent a more predictable revenue stream, as miners face uncertainty amid a falling Bitcoin price. The largest crypto asset by market cap dropped as low as $60,255 on Thursday before rebounding to recently change hands around $70,415.
BTC is now down 16% in the last week and sits over 44% off its all-time high of $126,080.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
