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Bitfarms (BITF) shares rose 6.6% on Tuesday after the company reported a widened $284.5 million net loss for 2025, citing weaker Bitcoin prices and high costs of revenue. The results also highlighted Bitfarms’ ongoing pivot toward artificial intelligence (AI) and high-performance computing (HPC).
In its full-year results statement, Bitfarms reported revenue of $229 million in 2025, up 72% year over year. However, the company recorded $248 million in cost of revenue, resulting in a gross loss.
General and administrative expenses increased year over year. Bitfarms also reported a $50.5 million loss from the change in fair value of digital assets in 2025, compared with a $26 million gain in 2024. This was partially offset by a $28.2 million realized gain on the sale of digital assets.
The filing underscored the challenges some Bitcoin miners have faced in generating profit. Bitcoin mining profitability margins have narrowed as Bitcoin fell 46% from its October peak. At the same time, Bitcoin difficulty—an indicator of how hard it is to mine a block—has risen 58.5% since the May 2024 halving.
On the earnings call, Bitfarms CEO Ben Gagnon said the company made what he described as a “bold decision” to exit its Bitcoin mining business in November. He said Bitfarms has since built a new business focused on powering HPC and AI data centers.
Gagnon added that Bitfarms expects to rebrand to Keel Infrastructure on Wednesday and has received shareholder approval to move its legal base from Canada to the United States.
The filing states Bitfarms currently holds approximately $161 million in unencumbered Bitcoin.
Gagnon said the company’s 2025 efforts—its sites, team, and balance sheet—were directed toward a single thesis: that HPC and AI growth requires top-tier infrastructure. He said Bitfarms intends to build to meet that demand and is focusing on powering hyperscalers and neoclouds for the next wave of AI applications.
He said Bitfarms is “not here to compete” with hyperscalers or neoclouds, but instead to enable them by providing what he described as “the critical and largely invisible foundation” needed for advanced AI platforms to deploy on time and at scale without interruption.
Bitfarms is also advancing a 2.2 gigawatt digital infrastructure development pipeline across North America.
Bitfarms is among several Bitcoin miners expanding or pivoting into AI in search of higher-margin opportunities in HPC and AI. The article cited examples including:
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