BITF Stock Is Now KEEL: Bitfarms’ Pivot to HPC Power
Type "BITF" into your brokerage today and you get a different name back. The BITF stock that thousands of people still search for, Bitfarms Ltd, stopped trading under that symbol in April 2026. The shares did not vanish and the company did not go bankrupt. It changed its name to Keel Infrastructure and its ticker to KEEL. Same business, same shareholders, new label — and underneath the label, a very different company than the Bitcoin miner most investors remember. Here is what actually happened to BITF stock, what the numbers look like now, and whether the new KEEL is worth owning.
What happened to BITF stock in 2026?
Let me answer the question most people are really asking, because it is the top thing searchers want to know: BITF did not crash, get halted, or get kicked off the exchange for failing. It rebranded. On April 6, 2026, Bitfarms stopped trading as BITF and started trading as KEEL on both the Nasdaq and the Toronto Stock Exchange.
If you held BITF, you did not lose a cent in the swap itself. Every BITF share converted one-for-one into a Keel Infrastructure share, according to Bitfarms' own redomiciliation filing. No action was required from shareholders, and the cost basis carried over. What changed was the symbol on the screen and, more importantly, the story the company wants the market to tell about it. The ticker change is the confusing part. The reason behind it is the interesting part.
From Bitfarms Ltd to Keel Infrastructure
The rebrand was not a marketing exercise. It was a legal reincorporation paired with a deliberate signal that the company no longer wants to be valued as a crypto miner.
The timeline moved fast. Bitfarms announced the plan on February 6, 2026. Shareholders approved it on March 20, an Ontario court signed off on March 24, and the move completed on April 1, with trading under the new symbol beginning April 6. In that process, 602,851,137 shares were exchanged one-for-one into the new entity.
CEO Ben Gagnon framed the name as a thesis rather than a logo. "When you name a company Keel, you're making a commitment to be foundational," he said, pointing to the company's goal of providing energy-secured sites for AI deployment at scale. A keel is the beam that everything else on a ship is built on. The choice was not subtle.
The redomiciliation plan
The bigger structural change was geography. Bitfarms moved its incorporation from Canada to the United States and became a Delaware corporation, with a new headquarters at 120 Broadway in New York City. Why bother? Three reasons that all point the same way. US incorporation sits closer to the deepest pool of capital for an infrastructure build. It opens the door to US stock-index inclusion over time, which pulls in passive fund money. And it puts the company in the same jurisdiction as the hyperscale and AI customers it now wants to sign. There is a quieter motive too. Index funds that track US benchmarks generally cannot hold a foreign-domiciled company, so becoming a Delaware corporation removes that barrier and, over time, widens the pool of natural buyers for the stock.
What it meant for Bitfarms shareholders
For existing holders, the mechanics were painless. One BITF share became one KEEL share, the ticker and the security identifier changed, and that was it. The harder question is not what happened to the shares but what happened to the business they represent. That answer sits in the company's decision to walk away from the thing it was built to do.
Why Bitfarms is leaving mining for HPC power
Here is the part that matters most, and the part the price-quote pages never explain. Keel is intentionally turning Bitcoin miners off. Not because they broke, but because the megawatts feeding them are worth more pointed at something else.
Turning off the miners
Bitfarms is running roughly 14 exahash per second of mining capacity today, and management has guided that figure down to about 5 EH/s by the end of 2026. Read that again. A Bitcoin miner is shrinking its mining on purpose. The logic traces back to the April 2024 halving, which cut the block reward to 3.125 BTC and squeezed margins across the whole sector. When the math on hashing gets thin, the most valuable thing a miner owns is not its machines. It is its power.
Some of those megawatts arrived by acquisition. Bitfarms bought Stronghold Digital Mining in March 2025 for about 59.7 million shares, a deal that added 623 MW of power capacity across Pennsylvania. At the time it read as an expansion of mining. In hindsight it looks more like a land grab for grid-connected sites that an AI tenant will pay far more to use than a Bitcoin block reward ever could.
Panther Creek and the 2.2 GW pipeline
That power is what Keel is repackaging. The company is building toward a 2.2 gigawatt infrastructure pipeline, with 560 megawatts of high-performance computing capacity secured near-term across three sites. The centerpiece is Panther Creek in Pennsylvania, a planned 350 MW campus whose first 50 MW phase is expected to be energized by the end of 2026. To build it, Bitfarms converted a Macquarie debt facility into up to $300 million of project finance, a sign that outside lenders will back the data-center plan. The other sites it will operate sit in Pennsylvania, Washington, and Quebec.
From hash power to AI workloads
High-performance computing, in plain terms, means renting that power and those buildings to companies running artificial intelligence and other heavy data center workloads instead of mining Bitcoin with them. The bet is straightforward: an AI landlord collecting contracted rent earns steadier money than a miner exposed to Bitcoin's price and the next halving. Whether Keel can actually sign those tenants and energize the sites on schedule is the entire investment question. It is worth being clear about what Keel is selling. Not chips, and not AI models, but the hardest part of the AI supply chain to build quickly: power, land, cooling, and a grid connection that can take years to permit. If those sites fill, the rent is contracted and predictable. If they sit empty, the company pays to keep the lights on with nothing coming in. The strategy is clear. The execution is unproven.
KEEL stock price, market cap and key data
The market has already rewarded the AI story, hard. KEEL trades around $5.93 as of June 4, 2026, near the top of a 52-week range that runs from $0.70 to $6.60. That is roughly a 475% move off the lows. A lot of the pivot is already in the price, and this is a high-beta momentum name, not a sleepy infrastructure stock.
| KEEL key data | Figure (as of June 4, 2026) |
|---|---|
| Stock price | ~$5.93 |
| 52-week range | $0.70 – $6.60 |
| Market cap | ~$3.58 billion |
| Shares outstanding | ~603.8 million |
| Beta | 4.13 |
| P/E ratio | n/a (no positive earnings) |
| Dividend | None |
The figures come from stockanalysis.com's KEEL page and shift daily. Two numbers deserve a flag. The beta of 4.13 means the stock tends to swing about four times as hard as the broad market, up and down. And there is no P/E, because there are no earnings to divide by. That is the bull and bear case in one line.
Bitfarms shareholders: the bull case
The case for owning KEEL stock is the balance sheet and the optionality, not today's profit and loss. The company held roughly $533 million in cash and Bitcoin as of May 8, 2026, and management says that is enough to fund the build-out through 2028 without being forced to sell assets at a bad time. For an infrastructure company spending heavily before revenue arrives, a funded runway is the whole game.
Part of that cushion is Bitcoin itself. Bitfarms held 1,402 BTC as of August 2025 and has been trimming the stack modestly through the transition, around 269 BTC sold between January and early May 2026, to cover operating costs rather than dumping the whole treasury. That buffer is something pure data-center startups do not have, and it lets management fund the pivot without leaning entirely on new debt or new shares.
The second piece is the pipeline itself. Secured power and grid interconnects at 2.2 gigawatts of scale are scarce — and AI demand is chasing exactly that. The top of the analyst range backs the idea: revenue grew about 72% in fiscal 2025 to $229.3 million, and the consensus rating leans bullish. None of this is delivered earnings yet. It is optionality on a real asset. For some investors, optionality on scarce power is precisely the trade.
Analyst views and the bear case for KEEL
Now the other side, and it is sharper than the bull case wants to admit. For KEEL stock, the bear case is dilution and execution. The most telling signal is that several analyst price targets sit below where the stock already trades. Wall Street likes the company and thinks the shares ran ahead of the build.
MarketBeat's analyst data shows a Moderate Buy consensus from eight analysts, six buy, one hold, one sell, with an average target of $4.14 against a price near $6. The high target is $7, the low is $2. Other trackers are more upbeat, with a Strong Buy lean and a target closer to $5.63, so the range is wide. The disagreement is the point.
Then there is leverage. The company carries a $588 million convertible note priced at 1.375% and due in January 2031, and on June 4, 2026 it announced a fresh $350 million convertible offering on top of that. Convertibles are cheap to service now but dilute shareholders later. The income statement underlines the risk: a first-quarter 2026 net loss of about $128 million, or $0.21 per share, with adjusted EBITDA of negative $17 million, and a full-year 2025 net loss of $284.5 million.
The trajectory is the real worry. Revenue did grow, from $133.3 million in 2024 to $229.3 million in 2025, but the company has never turned an operating profit on it, and gross margin has stayed negative. Over the trailing twelve months to March 2026, the net loss widened to roughly $374 million on $218.6 million of revenue, weighed down by writedowns tied to the mining wind-down. Spending is climbing while mining income falls, and so far the gap is being filled with borrowed money.
| The two-sided case | Bull | Bear |
|---|---|---|
| Balance sheet | ~$533M cash+BTC, funded to 2028 | ~$900M+ in convertibles, more dilution coming |
| Earnings | Revenue +72% in FY2025 | Q1 2026 net loss ~$128M, no profit |
| The stock | Up ~475% off lows on the AI story | Avg analyst target below current price |
How KEEL compares to other mining stocks
Comparing KEEL to pure Bitcoin miners on hashrate now misses the point, which is exactly why the comparison is worth doing. Against Marathon, Riot, and CleanSpark, Keel is the outlier: far less hashrate, and shrinking by design.
| Miner (2026) | Hashrate | Direction |
|---|---|---|
| MARA | 72.2 EH/s | Growing |
| CleanSpark (CLSK) | 46.2 EH/s | Growing |
| Riot Platforms (RIOT) | 36.4 EH/s | Growing |
| Keel (formerly BITF) | ~14 EH/s | Shrinking on purpose |
Source: bitcoinminingstock.io. On a pure mining basis, KEEL looks weak. But it is no longer trying to win that race. It is trying to be valued like a data-center and power company, which is why it can trade richer per unit of hashrate than its peers. There is history here, too. Riot Platforms tried to take Bitfarms over with a hostile bid worth about $950 million in 2024, an Ontario court struck down Bitfarms' poison-pill defense, and Riot eventually booked a loss of roughly $107 million unwinding its stake. The company that rejected being absorbed by a bigger miner is now trying not to be a miner at all.
Is BITF/KEEL stock a buy in 2026?
I will give you a verdict rather than a shrug. KEEL stock is a bet on an unproven AI-landlord model, funded through 2028 but steadily dilutive, with a lot of the upside already priced in after a 475% run. For a high-risk corner of a portfolio, that is a defensible bet for investors who believe Keel can sign tenants and energize Panther Creek on time. What it is not, anymore, is a safe Bitcoin proxy. That version of the company retired with the BITF ticker. The only real question left is whether you are buying the power or still buying the miner, because you can no longer buy both.
