Ben Gagnon

Officially closing the chapter on HashOveride and moving forward as @CaptainKeel. Same person, new chapter. Here for everything @keelinfra_, HPC and the power behind AI. $KEEL

Ahoy $KEEL Mates. This is your captain speaking with a quick word from the bridge. ⚓ Today Citizens has initiated coverage with a $10 price target, making them the 11th bank to cover KEEL. Also today we received word from the docks: our new 100 MVA transformers (80 MW usable) are about ready to leave the factory and bound for the new Sharon substation to increase the site from the 30 MW today to the 110 MW contracted. Steady as she goes and full steam ahead. $KEEL

So proud of this team. We went into this raise from a position of strength and came out with even more flexibility to invest in what is next for Keel. Credit to the entire $KEEL Crew for the work behind it. Had to push back media until we officially closed. Will get a quick interview scheduled over the next few days.

Small update: We have now spoken with 129 investors since our Q1 earnings call on May 11. For comparison in the entirety of 2025 we met with 168 investors. While we always strive to make ourselves accessible to investors, we have to pump the brakes on further investor calls. Back to work Keel Crew.

Such a special day joining the ribbon cutting for Panther Valley Elementary School’s newly revamped playground. From doubling the playground footprint to adding ADA-compliant features focused on accessibility and inclusion, this space was thoughtfully designed to support Panther Valley students and families for years to come. This project is part of a $1 million commitment to the school district, with additional capital projects planned over the next three years. Supporting the communities where we operate is a core mission to us at Keel, and we’re grateful to continue our ongoing partnership with the Panther Valley community.

Good morning Keel Mates! Just want to do a quick followup from our Q1 call Monday with the key takeaways: 1. Continued progress on permitting and zoning secured 2. Confident on getting 3 leases signed this year 3. Increasing investor interest with twice as many attendees on our Q1 call than normal and 63 investor meetings in the last 3 days. For those of you who missed it, links below: Q1 Webcast: ir.keelinfra.com/events/event-d… Q1 Power Analysis: youtube.com/watch?v=r_OOoF…

Had the pleasure of sitting down with @power_analys1s this afternoon to discuss Q4 earnings, US redom, US rebrand, strategy and site developments. Go check it out!

Catch @captainkeel on his first @power_analys1s interview as CEO of $KEEL Infrastructure!!! 👀👀👀 $KEEL $BITF youtu.be/hBvIyiPm9YQ

Today we closed one chapter and opened a much bigger one. We are no longer Bitfarms, we are Keel Infrastructure. US redomiciled. US GAAP. Full rebrand. All executed in parallel. All on time. The North American energy infrastructure buildout is one of the defining opportunities of this decade, and we've built this company to be right in the middle of it. New capital markets. Deeper institutional access. A platform built for scale in the markets that matter most. To the team that made today possible: Proud doesn't cover it. To the market: you haven't seen anything yet. Welcome to Keel. ⚓

Good morning farmers! We have been busy cooking and I am excited to share that Bitfarms is launching the final phase of our U.S. pivot! Subject to shareholder approval we will redomicile to Delaware and rebrand as **Keel Infrastructure** (ticker: KEEL expected on Nasdaq/TSX). As I said in today's release: “Our new name reflects how we think about infrastructure, how we’re building this company, and how we want to serve our future customers. The keel is the structural backbone of a vessel—the largely unseen but critical foundation that provides stability and converts energy into forward motion. It represents our commitment to becoming an infrastructure partner that enables customers to achieve their goals in the HPC/AI revolution that will continue for years to come. 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.” Shareholder meeting March 20—looking forward to your support as we complete our transition to a US HPC/AI company! Read more: investor.bitfarms.com/news-releases/…

Happy New Years all Bitfarmers! I'm pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American. This transaction brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC/AI energy infrastructure in 2026, where we believe we will be able to generate much stronger returns on our invested capital with HPC/AI. The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI. $bitf investor.bitfarms.com/news-releases/…

Good morning farmers! Reposting my aftermarket post yesterday for those who missed it.

Good afternoon farmers! Glad to be back on X after my blackout period (technically my blackout ended Monday the 17th but I had a very busy week speaking with institutional investors and revising our strategy through 2030). Because so much has happened since I entered blackout I would like to provide my thoughts on the market in the interim. The macro environment for the last few weeks has obviously been weak but when you are dealing with multi-year infrastructure projects and decade-long investment cycles short-term market conditions do not impact long-term fundamentals. To the contrary, panic in the markets like we have been seeing for a few weeks is exactly what is needed to test support levels, hit a reset in charts, establish new entry positions, cut interest rates, restart QE and go risk on into midterms which I strongly believe is coming in the months ahead. This is a very bullish setup for 2026. In times like these it’s important to take a step back and see the forest through the trees. Take a look at the charts attached that show the universe of publicly traded companies that I am following in HPC/AI (QTD and YTD). As of the time of writing this we are basically flat QTD (albeit down from a peak over $6 in October) and we are up ~73% YTD. Almost everyone is up YTD but QTD performance has pulled back across the board. Emerging markets like HPC/AI are incredibly volatile and without volatility you would have no reward as an investor. Case in point take a look at $AMZN who has one of the biggest data center business in the world but diversification as one of the largest retailers in the world. They have one of the best performances QTD up 2.7% but they are at the bottom of the barrel YTD only up 2.6%. With risk comes reward and YTD $BITF is outperforming the biggest names $GOOGL, $NVDA, $ORCL, $MSFT, $AMZN, $META and $BTC. Why? Because we are solving a very valuable problem, the bottleneck that is slowing down the growth of HPC/AI and the value created in solving that problem is transformative. At Bitfarms we believe that the biggest limitation between humans and computers/data is the interface. We also believe that improving the interface drives humanity forward. In the early days you had to write computer programs with index cards that you punched holes in and had to arrange in meticulous order. When programming went from that to human language it significantly improved the interface and unleashed a wave of productivity and adoption. When people were first using the internet everything had to be shared directly. When google started crawling web pages and made the internet actually searchable, it changed the interface again unleashing another wave of productivity and adoption. When Apple first introduced the iPhone, it changed the interface on how we interact on the go. The internet went from something only accessible at a desk to available in the palm of your hand whenever and wherever you needed it. This again unleashed a wave of productivity and adoption. With AI you no longer need to understand how computers think, computers now understand how you think. This is by far the biggest leap forward in the interface yet and we haven’t even scratched the surface of what’s possible and how AI will be deployed, utilized and adopted. This is a revolution that will play out over years and decades, not days. So while mainstream news puts out article after article comparing AI to the dot.com bubble, you may ask yourself did the internet and ecommerce peak at the dot.com bubble? No, the industry is worth exponentially more today than it was during the peak of the dot.com era. If you could freeze time and walk up to a wave you could stand so close to it that you would only see bubbles but that's a matter of perspective. Take a step back, change your perspective and you would only see the wave. This is very common at the beginning of fundamental paradigm shifts because capital is trying to position itself effectively amidst a new reality at the same time that it is trying to understand that same new reality. Will some companies be overvalued as capital tries to simultaneously understand and position itself in this paradigm shift? Yes. Does that mean we are in a bubble and AI has peaked? Absolutely not. The reality is that while many people use AI daily the amount of value created by consumers pales in comparison to the value that will be created by enterprises when they apply AI. And while most corporations are talking about how they will apply AI to reduce costs, increase productivity or restructure workflows most of these are in pilot stages. Compared to what will be done in the coming 5-10 years it doesn’t even round to 1%. It rounds to zero. That’s the wave. It's important to keep perspective in mind during paradigm shifts. Lots of money can and will be made by flipping and day trading but true wealth is created through vision to see out years in the future and executing against that vision with conviction. The current situation reminds me of when Mark Zuckerberg was offered a Billion dollars for Facebook by Yahoo. Yahoo wanted Facebook because they saw it’s potential and wanted a great deal. Mark could have made a bunch of money in a very short period of time but he never really entertained the Billion. At the time people thought he was crazy but he wasn't. They just didn’t have his vision for what the future held and the conviction that what he was building was revolutionary. That didn't make him crazy it made him able to do things inconceivable to other people. This is where Bitfarms is today, looking out at the future of this industry with vision and conviction. We know what the future holds. We know the value of what we own. We know the value of what we are building. I'm bullish.

Good afternoon farmers! We saw there were a lot of questions on our recently announced US$ 588M convertible note and what that means for $BITF shareholders. We put together this FAQ to help address the questions we received. Additionally, I also did a spaces a few days after we announced the pricing (with ~23k listeners!). This should give you more insight into why we as a management team are so excited about this strategic and opportunistic financing that gives us the financial flexibility and firepower to move forward with our development plans more aggressively. If you haven't listened in yet the link is here 👇 x.com/TheKamaHsutra/…

@stocks4545 With earnings coming up the company is in blackout for a few weeks.

@captainkeel Like many others, bought the dip - know you already bought some, but how about joining us and buying a few more 😄

GM farmers Rain or shine we work the fields. $BITF

Happy to report that $BITF has officially closed our 500M convertible senior note with the full 88M shoe being filled. Full details in the PR below. Let's cook! investor.bitfarms.com/news-releases/…

GM farmers! We had a great spaces yesterday. Would like to thank @TheKamaHsutra, @bitcoinbutcher1, @litigious_dulce and @midlevelcruiserwith for hosting, the 1k farmers for listening in live! If you missed it, not to worry over 14k people have already listened to the replay and you can find it below👇 x.com/TheKamaHsutra/… $BITF