<div id="readability-page-1"><div><ul> <li>Bitfarms recently secured backing from leading proxy advisory firms, including Institutional Shareholder Services, for its now-past March 20, 2026 shareholder vote on redomiciling to the U.S. and rebranding as Keel Infrastructure, with plans for the new entity to trade as “KEEL” on Nasdaq and TSX.</li> <li>This endorsement supports Bitfarms’ effort to reposition from a Canadian Bitcoin miner to a U.S.-domiciled HPC and AI infrastructure company, potentially enhancing its access to U.S. capital and index inclusion.</li> <li>We’ll now examine how ISS’s endorsement of Bitfarms’ U.S. redomiciliation plan could reshape its evolving investment narrative and risk profile.</li> </ul><p>Invest in the nuclear renaissance through our list of 85 elite nuclear energy infrastructure plays powering the global AI revolution.</p><h2>Bitfarms Investment Narrative Recap</h2><p>To own Bitfarms today, you need to believe in its ability to shift from a volatile Bitcoin mining model to a more stable HPC and AI infrastructure platform, while managing heavy capital needs and regulatory uncertainty around power conversion. ISS and other proxy advisors backing the U.S. redomiciliation and Keel rebrand directly reinforce the near term catalyst of broader U.S. capital access but do little to reduce the core execution and funding risks behind that transformation.</p> <p>The February 2026 announcement that Keel Infrastructure Corp. will acquire Bitfarms in a reverse merger, with shares expected to trade as KEEL on Nasdaq and TSX, ties this governance milestone to a concrete path toward U.S. listing and domestic SEC filer status. For investors focused on upcoming catalysts, this corporate restructuring sits alongside the Quebec and Pennsylvania buildouts as a key test of whether Bitfarms can fund and scale its HPC and AI ambitions.</p> <p>Yet, against all this optimism, the unresolved risk around converting Quebec crypto mining megawatts into data center capacity is something investors should be aware of...</p> <p>Read the full narrative on Bitfarms (it's free!)</p><p>Bitfarms' narrative projects $504.8 million revenue and $58.8 million earnings by 2028.</p><p>Uncover how Bitfarms' forecasts yield a CA$6.99 fair value, a 153% upside to its current price.</p><h2>Exploring Other Perspectives</h2><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/bc31e4ee-23df-4533-b40f-4babecb346ca/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/bc31e4ee-23df-4533-b40f-4babecb346ca/chart/quote-price"/><figcaption>TSX:BITF 1-Year Stock Price Chart</figcaption></figure> <p>Nine fair value estimates from the Simply Wall St Community span from US$3.82 to US$3,794.88, underlining how far apart individual views can be. Set against this spread, the company’s heavy reliance on external funding for large HPC and AI projects shows why you may want to explore several perspectives before deciding how Bitfarms’ future performance could unfold.</p><p>Explore 9 other fair value estimates on Bitfarms - why the stock might be worth just CA$3.82!</p><h2>The Verdict Is Yours</h2><p>Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.</p><ul><li>A great starting point for your Bitfarms research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.</li><li>Our free Bitfarms research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bitfarms' overall financial health at a glance.</li></ul><h2>No Opportunity In Bitfarms?</h2><p>Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters:</p><ul><li>Uncover the next big thing with 10 elite penny stocks that balance risk and reward.</li><li>AI is about to change healthcare. These 4 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early.</li><li>Find 7 companies with promising cash flow potential yet trading below their fair value.</li></ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3>Valuation is complex, but we're here to simplify it.</h3><p>Discover if Bitfarms might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p><p>Access Free Analysis</p></div></div></div>

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<p>Bitfarms has received support from proxy advisory firms for its plan to redomicile to the U.S. and rebrand as Keel Infrastructure, trading as "KEEL" on Nasdaq and TSX. This move aims to transition from Bitcoin mining to HPC and AI infrastructure, enhancing access to U.S. capital. However, investors should be cautious of execution and funding risks, particularly regarding the conversion of Quebec mining capacity. The company projects significant revenue growth by 2028, but fair value estimates vary widely, indicating differing investor perspectives on its future performance.</p>

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Bitfarms’ (TSX:BITF) U.S. Move and Rebrand: Strategic Upgrade or Risky Identity Shift?