Shares of Bitfarms ( BITF ) rose 6.6% on Tuesday despite reporting an increased net loss of $284.5 million for 2025 due to falling Bitcoin prices and high revenue costs as the company increasingly focuses on artificial intelligence and high-performance computing.
The company’s results for the whole year statement on Tuesday showed a 72% year-over-year revenue enhance to $229 million. Costs of revenue exceeded USD 248 million, leading to a gross loss.
General and administrative expenses also increased year over year, and the change in the fair value of digital assets led to a loss of $50.5 million in 2025 compared to a gain of $26 million in 2024. This was partially offset by a realized gain on the sale of digital assets of $28.2 million.
The results show the difficulties some Bitcoin miners faced in making a profit. Bitcoin mining profitability margins have declined for miners as Bitcoin has declined 46% from its high in October, while Bitcoin’s difficulty – a measure of how challenging it is to mine a block – has increased 58.5% since the last halving in May 2024
During an earnings call, Bitfarms CEO Ben Gagnon he said in November, she made the “brave decision to exit” the Bitcoin mining business and built a recent company operating HPC and AI data centers:
“No half-measures, no compromises, and over time, no Bitcoins. We have built a new company,” he said, adding that Bitfarms expects to change its name to Keel Infrastructure on Wednesday and has received shareholder approval to transfer its legal basis from Canada to the US.
The filing shows that Bitfarms still holds approximately $161 million in unencumbered Bitcoin.
In a statement, Gagnon added: “Everything we built in 2025 – the facilities, the team, the balance sheet – was in service of one thesis: the exponential growth of HPC/AI requires first-class infrastructure, and we intend to build to meet that demand.”
Related: MARA sells $1.1 billion worth of Bitcoin to buy back debt at a 9% discount
BITF shares rose 6.64% to C$2.73 ($1.96) at close of trading on Tuesday, Google Finance data can be seen.
For HPC and AI, Bitfarms says its focus is on enabling hyperscalers and neo-clouds for the next wave of AI applications.
“We’re not here to compete with hyperscalers or Neoclouds. We’re here to enable them. Our focus is on providing the critical and largely invisible foundation that enables the world’s most advanced AI platforms to deploy on time and at scale without disruption.”
To achieve this goal, the company is in the process of building a 2.2 gigawatt digital infrastructure development pipeline across North America.
Bitfarms is one of several Bitcoin miners that have expanded or pivoted to AI in search of higher margin opportunities in HPC and AI.
Iris Energy is scaling AI cloud services with Nvidia GPUs, and Cipher Mining has entered into a long-term AI hosting agreement with AI cloud platform Fluidstack. Riot Platforms and MARA Holdings have also expanded into AI and HPC.
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