Bitfarms posts a $284.5 million net loss on Bitcoin weakness; shares rise on AI pivot announcement

Bitfarms saw its net loss widen on the back of a decline in Bitcoin prices, but its shares rose on expectations surrounding its artificial intelligence (AI) transition strategy.

According to Cointelegraph on the 31st (local time), Bitfarms posted a 2025 net loss of $284.5 million. Revenue rose 72% year on year to $229.0 million, but cost of sales came in at $248.0 million, exceeding revenue and weighing on profitability. A $50.5 million loss was also booked on digital asset revaluation, swinging from a $26.0 million gain a year earlier to a loss.

The results reflect a deterioration in mining industry conditions. Bitcoin has fallen about 46% from its October 2025 peak, while mining difficulty has climbed 58.5% since the May 2024 halving. With mining profitability under pressure, Bitfarms has moved to overhaul its business structure.

Ben Gagnon, chief executive officer (CEO) of Bitfarms, said, "We made the bold decision to move away from the Bitcoin mining business," adding, "There will be no partial transition or compromises—we ultimately will not be doing Bitcoin." He continued, "We created a new company."

The company is reshaping its business around AI and high-performance computing (HPC) data centers and plans to change its name to Keel Infrastructure. It has also obtained shareholder approval for a plan to relocate its legal headquarters from Canada to the United States.

Gagnon said, "Everything we built in 2025 was to respond to the exponential growth of AI and HPC," adding, "We will build the infrastructure to meet that demand." The company is pursuing development of a total of 2.2 gigawatts of digital infrastructure in North America.

Amid expectations for the strategic shift, Bitfarms shares rose 6.64% on the day to C$2.73.