Bitfarms’ Bitcoin cost basis nearly doubles to $205,946 as company dumps mining for AI

The company formerly known as Bitfarms has been on a Bitcoin fire sale, and the math isn’t exactly flattering. After offloading 1,670 BTC since April, the firm’s aggregate cost basis for its remaining Bitcoin holdings has ballooned to $205,946, nearly double the $102,852 figure from a year earlier. From Bitfarms to Keel: a corporate identity crisis with purpose The company doesn’t even go by Bitfarms anymore. As of April 1, 2026, it rebranded as Keel Infrastructure Corp., completed a US redomiciliation, and began charting a course away from Bitcoin mining entirely. By June 29, 2026, Keel had shut down all of its US mining operations. It also divested its assets in Argentina and Paraguay, effectively dismantling the Latin American mining footprint that Bitfarms had spent years building. The new direction: high-performance computing and AI-focused data center infrastructure. As of April 1, 2026, Keel still held 2,469 BTC valued at approximately $168.5 million. The financial picture: cash-rich but bleeding Keel posted Q2 2026 revenue of $30.4 million, with first-half 2026 revenue totaling $67.4 million. Both figures represent sharp declines from prior periods. Net losses tell a grimme...