Bitfarms (NASDAQ: BITF)is planning to redomicile to the US state of Delaware and rebrand as Keel Infrastructure, according to a Friday press release.
Shareholders will vote on the proposal at a special meeting on March 2, and subject to the vote’s outcome, Bitfarms expects to complete the transition around April 1. Upon completion, the company will trade under the ticker KEEL on the Nasdaq and Toronto Stock Exchange.
CEO Ben Gagnon described the new identity as a reflection of the company’s industrial focus. “The keel is the structural backbone of a vessel,” Gagnon stated. “It represents our commitment to becoming an infrastructure partner.”
The company explicitly declared it is “no longer a Bitcoin company.” Keel Infrastructure will operate as an owner and developer of AI/HPC data centers across North America.
With the move to Delaware, Bitfarms hopes to simplify the investment thesis for US institutions, with the company claiming that the change significantly increases its eligibility for listing in major US stock indices. Bitfarms will establish its sole executive office in New York City following the transition.
In the same update, Bitfarms stated that it will repay its debt facility to Macquarie in full. Bitfarms has drawn $100 million from the $300 million facility.
Bitfarms management commented that it will seek cheaper financing for its Panther Creek HPC site, with CFO Jonathan Mir commenting that, “repaying the Macquarie debt facility grants us the financial flexibility to secure more cost-effective project financing.”
Header image by Famartin via Creative Commons.
