Bitfarms Reports Fiscal Year 2025 Results

• On April 1, 2026, Bitfarms Ltd. officially completed its statutory plan of arrangement, redomiciling from Canada to the United States and becoming a subsidiary of Keel Infrastructure Corp., a Delaware corporation.
• All 602,851,137 outstanding Bitfarms shares were exchanged on a 1:1 basis for Keel common stock. The new ticker KEEL will begin trading on Nasdaq and the TSX on April 6, 2026, while the BITF ticker will be delisted.
• The company will continue its previously authorized normal-course issuer bid (NCIB) to repurchase up to 49,943,031 shares.
• CEO Ben Gagnon framed the rebrand as a definitive shift from a Bitcoin mining operator to a pure-play high-performance computing (HPC) and AI infrastructure developer, emphasizing energy-secured sites and AI compute deployment.
• This announcement is the final administrative step following shareholder approval on March 20, 2026, and a final court order on March 24, 2026.

• The redomiciliation and rebrand are fully expected corporate actions that were telegraphed months in advance. They introduce zero new operational, financial, or contractual data.
• Positive elements include streamlined access to U.S. capital markets, potential inclusion in U.S.-focused indices, and reduced Canadian regulatory friction. The continuation of the NCIB provides minor structural support.
• Negative/Neutral elements dominate the materiality assessment: the corporate wrapper change does not alter the underlying asset base, cash flow generation, or execution timeline. The market has already priced in the structural pivot.
• The news is classified as Routine - Positive. It removes administrative friction but does not de-risk the core business model or accelerate revenue generation.

• Keel Infrastructure (formerly Bitfarms) is executing a strategic pivot from Bitcoin mining to North American HPC and AI data center development.
• Flagship Project: Panther Creek, Pennsylvania. A planned 350 MW HPC/AI campus with secured power delivery (50 MW by end of 2026, 300 MW by end of 2027). Management is actively pursuing expansion to 410-500+ MW and redesigning Phase 1 for NVIDIA Vera Rubin GPUs, which has delayed initial energization to H1 2027.
• Secondary Pipeline: Sharon, PA (110 MW, targeting H1 2027 completion), Washington/Moses Lake (18 MW, converting to GPU cloud by Dec 2026), Quebec (170 MW, converting mining to HPC), and Scrubgrass, PA (1.3 GW potential, highly speculative, 2028+ timeline).
• Total Pipeline: 2.2 GW (341 MW energized, 430 MW secured, 1.5 GW expansion).