Bitfarms, rebranding as Keel, reported a $145 million first-quarter net loss as a $41 million digital asset fair value charge and a $22 million debt-repayment loss weighed on results; liquidity was about $533 million.
Bitfarms reported a $145 million net loss for the first quarter as it begins rebranding under the Keel name and shifts away from its former Bitcoin mining focus toward artificial intelligence-related infrastructure. Revenue fell 23% to $37 million, while results were weighed down by a $41 million digital asset fair value loss and a $22 million loss tied to repaying its Macquarie credit facility. The company said it had about $533 million in liquidity as of May 8. The transition reflects a broader industry move by former mining-focused firms to pursue new computing revenue streams as mining economics tighten and demand for AI-related infrastructure grows.