Bitfarms Rebrands To Keel Infrastructure, But Financial Engineering Still Weighs
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Mandela Amoussou1.82K FollowersFollow5ShareSavePlay(13min)CommentsSummaryBitfarms has rebranded as Keel Infrastructure Corp., shifting its business model from Bitcoin mining to pure-play data center colocation and powered shell infrastructure.KEEL now owns a 2.2 GW gross capacity portfolio, with Scrubgrass as a potentially transformative gigacampus pending power interconnection progress through 2026.The pivot to colocation reduces CapEx and depreciation risk, aligning Keel more closely with peers and customer demand, but inherited financial liabilities remain a concern.Despite strategic positives, a Hold rating is maintained due to $588M in convertible notes, margin compression, interest expense surge, and ongoing dilution risk. Erik Isakson/DigitalVision via Getty Images Bitfarms (BITF) reported earnings for Q4 and full year 2025 two days ago, and announced key strategic and corporate developments alongside earnings that stand to restructure the entire business model and identity of theThis article was written byMandela Amoussou1.82K FollowersFollowI started out as a crypto investor a decade ago and remain deeply active in the crypto space. I cover Bitcoin miners, digital asset treasuries, and crypto ETFs majorly, but I also seek alpha in tech equities, especially in emerging sectors like quantum computing and orbital intelligence. I have initiated coverage as a first analyst here on Seeking Alpha to cover names like SealSQ (LAES), Rezolve AI (RZLV), among others, with Buy ratings. Several of these tickers have delivered double to triple digit returns since initial coverage. I try to go beyond surface level metrics and headline numbers. I focus on fundamentals, capital allocation, momentum, market structure, and management execution. And most of all, your comments matter. Even the critical comments are very much welcome, as they improve my work and sharpens the analysis. I value thoughtful disagreements. I look forward to learning and compounding together in the market. Best, MandelaAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.