Bitfarms Advances Redomiciliation with Shareholder Meeting Materials, Reinforcing Near-Term Catalyst

What happened

Bitfarms has filed and mailed materials for a special shareholder meeting on March 20, 2026, to approve its U.S. redomiciliation and rebrand to Keel Infrastructure, a procedural step in its strategic pivot from bitcoin mining to HPC/AI data centers. This aligns with the DeepValue report's view that the redomiciliation is a key governance catalyst aimed at broadening U.S. investor access and simplifying the equity story, but the stock at $2.04 still lacks contracted cash flows. The report assigns a WAIT rating, emphasizing that while the redomiciliation could complete by the targeted April 1, 2026, the real value inflection depends on disclosing signed HPC leases or project financing terms. Critical risks persist, including potential shareholder rejection or delays, which would break the thesis and heighten dilution concerns as net liquidity is already pressured post-Macquarie repayment. Investors should treat this as a routine administrative update that keeps the timeline on track but does not address the core gap between development narratives and bankable revenue.

Implication

The filing reduces near-term uncertainty by confirming the March 20 vote schedule, which, if approved, could temporarily boost sentiment and improve trading access for U.S. investors. However, the DeepValue report stresses that the stock's valuation hinges on converting power assets into financeable infrastructure, requiring disclosed HPC leases or project finance terms that are still absent. Approval alone won't create a margin of safety; investors must watch for post-vote disclosures on net liquidity and leasing progress, as delays or misses could trigger downside scenarios. With the report's WAIT rating unchanged, patience is warranted until evidence of contracted megawatts or favorable financing emerges before the liquidity optics tighten. Ultimately, this update reinforces that the redomiciliation is a necessary but insufficient step, and the pivot's success depends on commercial execution beyond corporate restructuring.

Thesis delta

The news confirms the expected procedural progress for the redomiciliation, slightly reducing timeline uncertainty but not altering the core thesis. No shift in the investment call is warranted, as the critical drivers—HPC leasing and project finance disclosures—remain unchanged and unproven. Investors should continue to monitor the vote outcome and subsequent milestones, but the thesis delta is negligible until tangible evidence of monetization emerges.