Bitfarms (BITF) is planning to redomicile to the U.S. from Canada and rebrand as Keel Infrastructure as part of the company’s transition from bitcoin (BTC-USD) mining to AI infrastructure. Shares surged 17% in late Friday morning trading.
To effect the U.S. redomiciliation, each outstanding common share of Bitfarms (BITF) will be exchanged for one share of common stock of Keel Infrastructure. Upon completion, Keel Infrastructure US Common Stock is expected to trade on the Nasdaq and the Toronto Stock Exchange under the ticker KEEL.
The company’s board has approved the plan, which remains subject to receipt of shareholder, stock exchange and court approvals. Bitfarms (BITF) will seek shareholder approval of the plan at a meeting on March 20.
The move, which is expected to be completed on or about April 1, 2026, marks the final phase of Bitfarms’ (BITF) pivot to the U.S. In August, BITF made a commitment to convert to U.S. GAAP accounting standards.
Bitfarms’ (BITF) existing operations or facilities in Canada and the U.S. are not expected to be impacted by the U.S. redomiciliation. Several external advisors have been engaged to assist in the transaction, it said.