Bitfarms, a bitcoin (BTC) miner, said it plans to keep selling its bitcoin holdings to bring bitcoin to "0" on its financial statements.

CoinDesk reported on March 31 that Bitfarms has already begun selling part of its holdings and plans to continue additional sales as it shifts its business toward AI infrastructure.

The change is tied not simply to cashing out but to shifting its business model itself from bitcoin mining to AI and high-performance computing (HPC) infrastructure. Bitfarms said it recorded realised gains of $28.2 million from bitcoin sales in 2025. The company did not disclose the number of coins sold, but management made clear that sales would continue. BitcoinTreasuries.net, a site that tracks bitcoin holdings, puts Bitfarms' current holdings at 1,827 BTC.

Bitfarms CEO Ben Gagnon (벤 개그논) said on a conference call for its fourth-quarter earnings that "over time we will not have bitcoin" and that it would sell "opportunistically into strength". This is seen as closer to a gradual sell-down in tranches based on market conditions, rather than an immediate liquidation of all holdings at once.

Bitfarms said it does not plan to shut down mining immediately, but will run it as a way to maximise cash flow until it sells its facilities. Gagnon said it is continuing mining operations "to maximise free cash flow before we sell the miners". This is seen as a strategy to secure short-term cash flow using existing infrastructure such as mining equipment, power and sites, while shifting revenue sources to AI infrastructure over the mid to long term.

The company said it is pursuing a development pipeline of 2.2 gigawatts in North America and is targeting AI-based revenue from 2027. As the bitcoin mining industry broadly expands efforts to repurpose energy infrastructure for AI and HPC workloads, Bitfarms is also reshaping its portfolio in the same direction.

Its governance and listed identity will also change. Bitfarms shareholders approved moving its corporate domicile to the United States and rebranding the company as Keel Infrastructure. The process is expected to be completed around April 1, 2026, and the shares are planned to trade under the KEEL ticker.