Bitfarms loss widens to $285M as Bitcoin fell, but shares jump anyway

Bitfarms (BITF) shares climbed 6.6% on Tuesday despite reporting a widened $284.5 million net loss for 2025, driven by a decline in Bitcoin prices and a high cost of revenue, with the company advancing its pivot to AI and high-performance computing.

The company’s full-year results statement on Tuesday showed a 72% year-on-year increase in revenue to $229 million. This was outweighed by $248 million in cost of revenue, leading to a gross loss.

General and administrative expenses also increased year over year, while the change in fair value of digital assets led to a $50.5 million loss in 2025 compared with a gain of $26 million in 2024. This was partially offset by a $28.2 million realized gain on the sale of digital assets.

The results show the difficulty that some Bitcoin miners have faced in turning a profit. Bitcoin mining profitability margins have slimmed for miners as Bitcoin has fallen 46% from its high in October, while Bitcoin difficulty — a measure of how difficult it is to mine a block — has increased 58.5% since the last halving event in May 2024.

In the earnings call, Bitfarms CEO Ben Gagnon said it made the “bold decision to walk away” from its Bitcoin mining business in November and has built a new business powering HPC and AI data centers:

“No half-measures, no compromises, and in time, no Bitcoin. We built a new company,” he said, adding that Bitfarms expects to rebrand to Keel Infrastructure on Wednesday and has been given shareholder approval to move its legal base from Canada to the US.

The filing shows Bitfarms currently still holds approximately $161 million in unencumbered Bitcoin.

In the statement, Gagnon added: “Everything we built in 2025 — the sites, the team, the balance sheet — was in service of one thesis: that HPC/AI’s exponential growth requires top-tier infrastructure, and we intend to build to meet that demand.”

Related: MARA sells $1.1B in Bitcoin to buy back debt at 9% discount

BITF shares closed Tuesday trading hours up 6.64% to 2.73 Canadian dollars ($1.96), Google Finance data shows.

Bitfarms said its focus with HPC and AI is to power hyperscalers and neoclouds for the next wave 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.”

It is in the process of advancing a 2.2 gigawatt digital infrastructure development pipeline across North America to deliver on that goal.

Bitfarms is one of several Bitcoin miners that have expanded or pivoted into AI in search of higher-margin opportunities in HPC and AI.

Iris Energy is scaling AI cloud services with Nvidia GPUs, while Cipher Mining has secured a long-term AI hosting deal with AI cloud platform Fluidstack. Riot Platforms and MARA Holdings have also expanded into AI and HPC.

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