BITF Stock Just Shot Up 6% Today Morning – Here’s Everything To Know About Bitfarm’s Rebranding And Redomiciliation To US

• Bitfarms CEO Ben Gagnon added that the change in domicile to the U.S. will help the company expand its access to new sources of capital and increase its ability for index inclusion.
• He also noted that this decision will reduce the complexity for the company’s potential customers, while improving its relationship with suppliers as well as energy providers.
• The firm stated that it is no longer a Bitcoin company, but an infrastructure-first owner and developer.

Bitfarms (BITF) on Friday announced that its Board of Directors has approved a plan to rebrand the company as Keel Infrastructure and to redomiciliate it from Canada to the U.S.

The company said that the plan to redomicile to the U.S. was announced after a comprehensive strategic review process over the past 12 months.

“Bitfarms is officially launching the final phase of our pivot to the U.S., positioning us to more effectively execute on the significant opportunities we see ahead in HPC/AI infrastructure development,” said Bitfarms CEO Ben Gagnon.

The board-approved plan is subject to approval from shareholders, stock exchange, and the court, the company said.

Bitfarms shares were up more than 16% in Friday’s opening trade. Retail sentiment around the company trended in the ‘bearish’ territory at the time of writing.

Why Is Bitfarms Changing Its Domicile?

Gagnon added that the change in domicile to the U.S. will help the company expand its access to new sources of capital and increase its ability for index inclusion.

The Bitfarms CEO also noted that this decision will reduce the complexity for the company’s potential customers while improving its relationships with suppliers and energy providers.

Following its redomiciliation from Canada to the U.S., Bitfarms stated that it will be an entity incorporated in Delaware.

Pivoting To AI

Bitfarms also stated that its rebranding to Keel Infrastructure will represent the company’s commitment to becoming an infrastructure provider.

“We are no longer a Bitcoin company, we are an infrastructure-first owner and developer for HPC/AI data centers across North America. As we enter this next chapter, our focus is simple: we’re building the infrastructure for the compute of the future,” Bitfarms stated.

The company will expand to operate under the name Keel Infrastructure once its redomiciliation to the U.S. and subsequent incorporation in Delaware are complete.

BITF stock is down 17% year-to-date, but up 40% over the past 12 months.

Also See: Why Is BE Stock Rising Pre-Market Today?

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