Bitfarms (BITF) shares climbed 6.6% on Tuesday despite the company reporting a widened $284.5 million net loss for 2025, driven by lower Bitcoin prices and a high cost of revenue as it advances a pivot to AI and high-performance computing (HPC).
The company’s full-year results showed revenue of $229 million, up 72% year over year, but cost of revenue totaled $248 million, producing a gross loss. General and administrative expenses also rose year over year. A change in the fair value of digital assets produced a $50.5 million loss in 2025 versus a $26 million gain in 2024, partially offset by a $28.2 million realized gain on the sale of digital assets.
The results highlight challenges for some Bitcoin miners in sustaining profitability: Bitcoin has fallen about 46% from its October high, while Bitcoin mining difficulty — the measure of how hard it is to mine a block — has increased roughly 58.5% since the last halving in May 2024.
In the earnings call, CEO Ben Gagnon said the company made the “bold decision to walk away” from its Bitcoin mining business in November and has built a new company focused on powering HPC and AI data centers. “No half-measures, no compromises, and in time, no Bitcoin. We built a new company,” he said. Bitfarms expects to rebrand to Keel Infrastructure and has received shareholder approval to move its legal domicile from Canada to the U.S.
The filing shows Bitfarms still holds approximately $161 million in unencumbered Bitcoin. Gagnon added that everything built in 2025 — the sites, the team, the balance sheet — was aimed at the thesis that HPC/AI’s exponential growth requires top-tier infrastructure, which the company intends to provide.
BITF shares closed Tuesday up 6.64% at 2.73 Canadian dollars ($1.96), according to Google Finance data.
Bitfarms said its HPC and AI focus is to power hyperscalers and neoclouds, offering the underlying infrastructure to enable large AI platforms to deploy at scale without interruption. The company is advancing a 2.2-gigawatt digital infrastructure development pipeline across North America to support that goal.
Several other Bitcoin miners have also expanded into AI and HPC seeking higher-margin opportunities. Iris Energy is scaling AI cloud services with Nvidia GPUs, Cipher Mining secured a long-term AI hosting deal with AI cloud platform Fluidstack, and Riot Platforms and MARA Holdings have likewise expanded into AI and HPC.
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