Research analysts who have asked questions during Bitfarms earnings calls.
MG
Mike Grondahl
Lake Street Capital Markets
6 questions for BITF
Also covers: ABL, ACCS, APLD +35 more
BD
Brian Dobson
Chardan Capital Markets
5 questions for BITF
Also covers: ABTC, BTBT, CLSK +9 more
MT
Martin Toner
ATB Capital Markets
5 questions for BITF
Also covers: DCBO, GLXY, LSPD +3 more
BP
Bill Papanastasiou
Keefe, Bruyette & Woods (KBW)
3 questions for BITF
Also covers: ARBK, BLSH, BTDR +11 more
Brian Kinstlinger
Alliance Global Partners
3 questions for BITF
Also covers: AI, ALAR, ATER +24 more
Nick Giles
B. Riley Securities
3 questions for BITF
Also covers: AA, AMR, APLD +25 more
Stephen Glagola
JonesTrading
3 questions for BITF
Also covers: CLSK, CORZ, EDR +5 more
BK
Brett Knoblauch
Cantor Fitzgerald & Co.
2 questions for BITF
Also covers: APLD, AVPT, BLSH +19 more
BN
Brett Noble
Cantor Fitzgerald
2 questions for BITF
Fedor Shabalin
B. Riley Securities
2 questions for BITF
Also covers: ABTC, BTDR, CAN +4 more
JF
Joseph Flynn
Compass Point Research & Trading, LLC
2 questions for BITF
Also covers: CMPO, CORZ, GLXY +3 more
Michael Colonnese
H.C. Wainwright & Co.
2 questions for BITF
Also covers: BTDR, BTM, CIFR +7 more
MD
Michael Donovan
H.C. Wainwright & Co.
2 questions for BITF
Also covers: APLD, BTCY, CAN +4 more
MC
Mike Colonies
H.C. Wainwright
2 questions for BITF
Gareth Gacetta
Cantor Fitzgerald
1 question for BITF
Also covers: BLSH, CLSK, EVLV
LP
Lucas Pipes
B. Riley Securities
1 question for BITF
Also covers: AA, AMR, AMRK +21 more
Mike Colonnese
H.C. Wainwright & Co., LLC
1 question for BITF
Also covers: ARBK, BTM, CLSK +2 more
TS
Thomas Shinske
Cantor Fitzgerald
1 question for BITF
Also covers: APLD, CSGS, GENI +2 more
Recent press releases and 8-K filings for BITF.
Bitfarms Announces US Redomiciliation and Rebranding to Keel Infrastructure
BITF
New Projects/Investments
Delisting/Listing Issues
- Bitfarms' Board of Directors has approved a plan to redomicile from Canada to the United States, with the ultimate parent company becoming a Delaware corporation named Keel Infrastructure. This change is expected to be completed on or about April 1, 2026, subject to shareholder, stock exchange, and court approvals.
- The company is pivoting its strategic focus to HPC/AI infrastructure development, moving away from being primarily a Bitcoin company, which is expected to expand access to new capital sources and increase eligibility for index inclusion.
- Bitfarms provided notice on February 5, 2026, to repay its $300 million debt facility with Macquarie Group, strengthening its balance sheet and providing financial flexibility. As of February 5, 2026, the company holds $698 million in net liquidity.
22 hours ago
Bitfarms announces US Redomiciliation Plan and intent to rebrand as Keel Infrastructure
BITF
M&A
New Projects/Investments
- Bitfarms Ltd. announced a plan to redomicile from Canada to the United States and rebrand its ultimate parent company as Keel Infrastructure.
- This strategic move aims to expand access to new capital sources, increase eligibility for index inclusion, and simplify its story for U.S. investors, positioning the company for HPC/AI infrastructure development.
- A special meeting of shareholders to approve the plan will be held on March 20, 2026, with the redomiciliation expected to be completed around April 1, 2026.
- The company also provided notice on February 5, 2026, to repay its $300 million debt facility with Macquarie Group, supported by its $698 million in net liquidity as of that date.
22 hours ago
Bitfarms Announces Board Chair Transition Amidst U.S. Redomiciliation Plans
BITF
Board Change
New Projects/Investments
- On January 14, 2026, Bitfarms announced that Edie Hofmeister has been appointed as the new Chair of the Board, succeeding Brian Howlett, who will continue to serve as an Independent Director.
- This leadership change supports Bitfarms' previously announced strategy of redomiciling to the United States.
- The redomiciliation is expected to increase access to U.S. capital pools, broaden the U.S. investor base, and improve eligibility for inclusion in certain stock indices.
- As Chair, Ms. Hofmeister will focus on maintaining strong governance foundations while supporting the execution of Bitfarms' HPC/AI growth strategy.
Jan 14, 2026, 1:54 PM
Bitfarms Announces Board Chair Transition
BITF
Board Change
New Projects/Investments
- Bitfarms Ltd. announced the appointment of Edie Hofmeister as Chair of the Board, effective January 14, 2026.
- Ms. Hofmeister succeeds Brian Howlett, who will continue to serve as an Independent Director.
- This appointment supports Bitfarms' previously announced strategy of redomiciling to the United States.
- The redomiciliation is expected to increase access to U.S. capital pools, broaden the U.S. investor base, and improve eligibility for inclusion in certain stock indices.
- Ms. Hofmeister will focus on maintaining strong governance foundations while supporting the company's HPC/AI growth strategy during this transition.
Jan 14, 2026, 12:00 PM
Bitfarms Outlines HPC and AI Infrastructure Strategy and Development Plans
BITF
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Bitfarms is strategically transitioning to High-Performance Computing (HPC) and AI infrastructure, prioritizing development for NVIDIA's next-generation Vera Rubin GPUs across 99% of its 2026 and 2027 portfolio, with Vera Rubin GPUs expected to ship in Q4 2026.
- The company maintains a robust balance sheet with $750 million of unencumbered liquidity and $200 million available on its Panther Creek project facility, further supported by $8 million per month from Bitcoin operations.
- Bitfarms has secured substantial power capacity, including 350 megawatts at Panther Creek (50 MW by end of 2026, 300 MW by end of 2027), 110 megawatts at Sharon (full substation online by year-end 2026), and 170 megawatts in Quebec (convertible from Bitcoin mining to HPC/AI).
- Key projects in Washington, Sharon, and Panther Creek are projected to reach Notice to Proceed (NTP) in the second half of 2026, with revenue generation anticipated in late 2027.
Jan 13, 2026, 9:30 PM
Bitfarms Outlines HPC and AI Infrastructure Strategy and Financial Position
BITF
New Projects/Investments
Debt Issuance
Revenue Acceleration/Inflection
- Bitfarms is transitioning its business model from Bitcoin mining to High-Performance Computing (HPC) and AI infrastructure, leveraging its energy assets to meet surging demand for data center capacity, particularly for next-generation NVIDIA Vera Rubin GPUs.
- The company possesses a significant power portfolio across strategic locations including 350 megawatts (MW) secured at Panther Creek (Pennsylvania), 110 MW at Sharon (Pennsylvania), and 170 MW in Quebec, with plans to convert existing Bitcoin mining capacity and develop new sites for HPC/AI. Notice to Proceed (NTP) for key projects is expected in H2 2026, with revenue generation projected for late 2027.
- Bitfarms maintains a strong financial position with $750 million in unencumbered liquidity and $200 million remaining on its Macquarie facility, providing over $1 billion in financial flexibility to fund its development plans. Its Bitcoin mining operations generate approximately $8 million per month.
- The company is exploring a GPU-as-a-service cloud monetization strategy for its Washington site, which is anticipated to generate more net operating income annually than its historical Bitcoin mining operations.
- Bitfarms is undergoing corporate restructuring, including a full LATAM exit, transition to US GAAP, and planned US redomiciliation in 2026 to enhance index inclusion and institutional investment.
Jan 13, 2026, 9:30 PM
Bitfarms Outlines HPC and AI Infrastructure Strategy and Development Plans
BITF
New Projects/Investments
Debt Issuance
Revenue Acceleration/Inflection
- Bitfarms is strategically transitioning to High-Performance Computing (HPC) and AI infrastructure development to meet surging demand and capitalize on increasing data center lease rates, moving away from its Bitcoin mining focus.
- Key development projects include 350 MWs at Panther Creek (Pennsylvania) with power delivery by end of 2026 and 2027, 110 MWs at Sharon (Pennsylvania) expected online by year-end 2026, and 170 MWs of convertible hydropower in Quebec.
- The company reports a strong financial position with $750 million in unencumbered liquidity and an additional $200 million available from a project facility, enabling it to fund initial project development through to Notice to Proceed (NTP).
- Bitfarms plans to delay signing multi-year leases for its data center capacity until closer to the expected NTP dates in H2 2026 for its main projects, aiming to secure higher lease rates and margins by reducing execution risk discounts.
Jan 13, 2026, 9:30 PM
Bitfarms Announces Sale of Paso Pe Site and Exit from Latin America
BITF
M&A
New Projects/Investments
Guidance Update
- Bitfarms Ltd. has entered into a definitive agreement to sell its 70 MW Paso Pe site in Paraguay to the Sympatheia Power Fund, completing its exit from Latin America.
- The transaction values the operating site at up to $30 million, with Bitfarms expecting to receive $9 million in cash upon closing in Q1 2026 and up to $21 million over 10 months post-closing based on certain payment milestones.
- This strategic sale rebalances Bitfarms' energy assets portfolio to 100% North American, with the capital to be reinvested in North American HPC/AI energy infrastructure.
- Bitfarms' updated North American energy portfolio consists of 341 MW energized capacity, 430 MW under active development (100% U.S. based), and a 2.1 GW total multi-year pipeline (~90% U.S. based).
Jan 2, 2026, 9:11 PM
Bitfarms Reports Q3 2025 Results, Advances HPC and AI Transformation, and Strengthens Balance Sheet
BITF
Earnings
New Projects/Investments
Debt Issuance
- Bitfarms reported Q3 2025 revenue of $69 million from continuing operations and a net loss of $46 million, or $0.08 per share. Adjusted EBITDA from continuing operations was $20 million, representing 28% of revenue.
- The company is transforming into a leading North American HPC and AI infrastructure provider, announcing the conversion of its 18 MW Washington site for HPC and AI workloads, targeted for completion in December 2026, with a $128 million binding agreement for critical IT infrastructure and building materials.
- Bitfarms strengthened its financial position with a "war chest" of over $1 billion, including approximately $820 million in cash and Bitcoin and $200 million available from its Macquarie facility, following a successful $588 million convertible note offering.
- Jonathan Mir joined Bitfarms as the new Chief Financial Officer (CFO), focusing on capital allocation, sourcing, and structure to support the company's transition into the HPC AI space.
Nov 13, 2025, 1:00 PM
Bitfarms Reports Q3 2025 Adjusted EBITDA and Advances HPC/AI Transformation
BITF
New Projects/Investments
Debt Issuance
CFO Change
- Bitfarms reported adjusted EBITDA from continuing operations of $20 million for Q3 2025, representing 28% of revenue, a significant increase from $2 million (8% of revenue) in Q3 2024 and $9 million (15% of revenue) in Q2 2025.
- The company is strategically transforming into a North American HPC and AI infrastructure provider, supported by a strong balance sheet with over $1 billion in available capital, comprising approximately $820 million in cash and Bitcoin and $200 million from a Macquarie facility.
- To fund its HPC AI growth initiatives, Bitfarms recently completed a $588 million convertible note offering.
- Key development projects include the conversion of the Washington site for HPC/AI workloads, targeted for completion in December 2026, and plans to develop infrastructure for NVIDIA's next-generation Vera Rubin GPUs for 2026 and 2027 deployments.
- Jonathan Mur was appointed as the new CFO, and the company is executing a U.S. pivot, which includes the anticipated sale of its Pasco facility and a full LATAM exit.
Nov 13, 2025, 1:00 PM
Quarterly earnings call transcripts for Bitfarms.
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