Bitfarms (BITF) shares climbed about 6.6% on Tuesday even as the company reported a widened net loss of $284.5 million for 2025, a result the company attributed to weaker Bitcoin prices and elevated cost of revenue as it pivots into AI and high-performance computing (HPC).
For the full year, Bitfarms posted $229 million in revenue, 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 generated a $50.5 million loss in 2025 versus a $26 million gain in 2024; this was partially offset by a $28.2 million realized gain from sales of digital assets.
The results underline broader pressure on Bitcoin miners: Bitcoin is down roughly 46% from its October high, while mining difficulty has climbed about 58.5% since the May 2024 halving, making profitable mining harder for many operators.
CEO Ben Gagnon said the company made the “bold decision to walk away” from its Bitcoin mining business in November and has rebuilt itself to focus on powering HPC and AI data centers. Bitfarms plans to rebrand as Keel Infrastructure and shareholders have approved moving the company’s legal domicile from Canada to the U.S. The filing shows the company still holds roughly $161 million in unencumbered Bitcoin.
Gagnon said the investments made in 2025—sites, personnel and the balance sheet—were aimed at a thesis that exponential growth in AI and HPC will require top-tier infrastructure, which the company intends to deliver. Bitfarms said its target customers include hyperscalers and “neoclouds,” and it is advancing a 2.2-gigawatt digital infrastructure development pipeline across North America to support large-scale AI deployments.
Several other publicly traded miners have also moved into higher-margin AI and HPC services. Iris Energy is expanding AI cloud services with Nvidia GPUs, Cipher Mining struck a long-term AI hosting deal with Fluidstack, and Riot Platforms and Marathon Digital (MARA) have announced similar AI/HPC initiatives.
BITF shares closed Tuesday up 6.64% at 2.73 Canadian dollars ($1.96), according to Google Finance data.