Bitfarms (BITF) shares rose 6.6% on Tuesday even as the company reported a wider net loss of $284.5 million for 2025, largely due to falling Bitcoin prices and elevated operating costs, while it continued shifting toward AI and high-performance computing (HPC).
The company’s full-year results showed revenue jumped 72% year over year to $229 million, but this was offset by $248 million in cost of revenue, resulting in a gross loss. General and administrative expenses also increased, and a $50.5 million loss from changes in the fair value of digital assets—compared to a $26 million gain in 2024—added further pressure. This was partly balanced by a $28.2 million realized gain from digital asset sales.
The results highlight ongoing profitability challenges for Bitcoin miners, as margins have tightened with Bitcoin down 46% from its October peak. At the same time, mining difficulty has surged 58.5% since the May 2024 halving, making operations more costly.
During the earnings call, CEO Ben Gagnon said the company made the “bold decision” in November to step away from Bitcoin mining and pivot fully toward powering HPC and AI data centers.
“No half-measures, no compromises, and in time, no Bitcoin. We built a new company,” he said, noting Bitfarms plans to rebrand as Keel Infrastructure and has secured shareholder approval to relocate its legal base from Canada to the United States.
The company still holds about $161 million worth of unencumbered Bitcoin, according to filings.
Gagnon added that the company’s 2025 investments—in infrastructure, talent, and its balance sheet—were driven by a single belief: that the rapid growth of HPC and AI will demand high-quality infrastructure, which Bitfarms aims to provide.
Shares of BITF closed Tuesday up 6.64% at 2.73 Canadian dollars ($1.96), according to Google Finance.
Bitfarms said its HPC and AI strategy is centered on powering hyperscalers and neocloud providers to support the next generation of AI applications.
“We are not here to compete with hyperscalers or Neoclouds. We are here to enable them. Our focus is providing the critical and largely invisible foundation that will allow the world’s most advanced AI platforms to deploy on time and scale without interruption.”
The company is advancing a 2.2-gigawatt digital infrastructure pipeline across North America to support that strategy.
Bitfarms is among a growing number of Bitcoin miners pivoting toward AI in pursuit of higher-margin opportunities in HPC and artificial intelligence.
Iris Energy is expanding its AI cloud offerings using Nvidia GPUs, while Cipher Mining has secured a long-term AI hosting agreement with the AI cloud platform Fluidstack. Riot Platforms and MARA Holdings have also moved to broaden their presence in AI and HPC.
