Bitfarms Deleverages, Unveils Keel Rebrand as Bitcoin Mining Margins Sink Below $30/PH/s

Bitfarms plans to fully repay its $300 million debt facility with Macquarie Group and move forward with a corporate rebrand as part of a broader pivot away from bitcoin toward HPC and AI infrastructure.

The company disclosed that it issued a formal notice on Feb. 5 to retire all outstanding borrowings under the Macquarie facility, which was initially arranged in April 2025 and later converted into project-specific financing tied to the development of its Panther Creek campus.

As of Feb. 4, Bitfarms had drawn $100 million under the facility. Repayment will reduce net liquidity by about $50 million after accounting for restricted cash tied to the loan, the company said.

Chief financial officer Jonathan Mir said the decision to repay the debt is intended to strengthen the balance sheet and improve flexibility as Bitfarms looks to secure lower-cost project financing. The facility had been used to fund early-stage development work at Panther Creek, including permitting and procurement of long-lead equipment such as substations. Bitfarms reported net liquidity of about $698 million as of Feb. 5, consisting largely of unrestricted cash and some bitcoin, which it said is sufficient to support ongoing development across its portfolio.

The timing of the rebrand and balance-sheet deleveraging also comes as economics in the bitcoin mining sector continue to deteriorate. Bitcoin’s hashprice has fallen below $30/PH/s, marking fresh record lows and compressing margins across the industry. At those levels, many publicly listed miners are operating below cash break-even on a gross basis, even before factoring in corporate overhead, interest expense, and depreciation.

According to analysis by TheEnergyMag, Bitfarms’ fleet hashcost — a measure of direct mining operating cost per unit of hashrate — was already around $32/PH/s in the third quarter. That figure exceeds current hashprice levels, implying that the company’s legacy mining operations are likely running at a gross loss under present market conditions.

The debt update comes alongside a broader strategic shift that includes redomiciling the company from Canada to the United States and rebranding under a new name, Keel Infrastructure, upon completion of the transaction. Bitfarms said the move reflects its transition away from being primarily a Bitcoin miner toward an infrastructure-first owner and developer focused on HPC and AI data centers.

Following the redomiciliation, expected to close around April 1 pending shareholder and regulatory approvals, the new Delaware-incorporated parent company is expected to trade on Nasdaq and the Toronto Stock Exchange under the ticker symbol KEEL. Bitfarms’ New York office will become its sole principal executive office, while existing operations in both Canada and the U.S. are expected to continue unchanged.

Management said the rebrand and U.S. focus are intended to align the company more closely with capital markets and customers tied to large-scale compute infrastructure, as Bitfarms advances projects such as Panther Creek and other U.S. sites toward notice to proceed.