​Bitfarms (BITF) To Form a New Entity in the US, Here's What You Should Know

​Bitfarms Ltd. (NASDAQ:BITF) is one of the Best Penny Stocks That Will Skyrocket. On February 6, Bitfarms Ltd. (NASDAQ:BITF) announced its Board of Directors has approved the plan to move from Canada to the US to form a US entity under Delaware law.

​This strategic shift reflects management’s year-long effort to boost shareholder value and also marks a significant pivot from Bitcoin mining to building high-performance computing and AI data centers across North America. The new entity is expected to be called Keel Infrastructure. The reincorporation is subject to shareholder and court approval, and is set to be completed by April 1 this year.

​“Our new name reflects how we think about infrastructure, how we’re building this company, and how we want to serve our future customers.” ​CEO Ben Gagnon.

​Management further highlighted that the transition will open new sources of capital for the company, unlock eligibility for inclusion in indexes, and will also simplify the investment thesis for US investors.

​That said, earlier on February 2, Jade Rahmani from KBW reiterated a Hold rating on the stock and maintained a $3 price target. Overall, analysts’ 12-month price target reflects more than 176% upside from the current level.

​Bitfarms Ltd. (NASDAQ:BITF) is a Canada-based company focused on Bitcoin mining and vertically integrated data centers. It sells computational power (hashing) to mining pools for Bitcoin rewards, while owning and operating facilities in the US, Canada, Paraguay, and Argentina.

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Disclosure: None. This article is originally published at Insider Monkey.