Bitfarms (BITF) is selling ALL of its Bitcoin holdings to pivot fully to AI infrastructure. #BitcoinMining $BTC

Gemini owes Winklevoss Capital 4,619 BTC (~$314M) as of 12/31/25, per Arkham analyst Emmett Gallic. Loans carry 4-8% interest, no fixed maturity. Winklevoss can demand repayment anytime. Gemini has previously borrowed 11k+ BTC & 133k+ ETH from them.

$BITF $KEEL Earnings today: Why aren't there deals yet? -On NTP as the gating condition for leases:"For a customer to commit to binding, in our view, they're going to want NTP... There probably are some customers who would be interested to sign prior to NTP, but those aren't the investment-grade counterparties that we're really seeking to engage with." -On permit timing:"In the coming months, sometime around the mid to late summertime, we should be achieving the full permitted status across at least one, if not all of the sites." -On lease execution confidence for 2026:"Lease execution, which we are confident we can achieve this year and will be major catalysts." -On deliberately waiting for better terms:"Our view is that the best way to maximize value for shareholders is to get the best terms in a lease, because that's gonna be what is gonna be driving our NOI and our multiple. When we're looking to sign 10 to 15 year agreements... it's really important for us to take the, you know, maybe a little bit more time than investors may want us to." -On lease rates improving:"This dynamic has pushed lease rates higher since our Q3 call, exactly as we said it would." -On the utility proactively calling them:"We actually had the utility call us and ask us how much more power we could take on site... that was obviously a very welcome call over here at Bitfarms to receive. It's a pretty unusual one in the industry." -On 2027 delivery: "At all three of our projects... we all expect them to come online and start delivering megawatts and start generating revenue to customers in 2027." -On NTP as the key milestone for investors to watch:"The important thing to keep track of, especially over the next coming months, is the continued progress that we have towards NTP. Because once NTP is cleared, that's basically the last thing standing between us and a signed agreement." -On valuation disconnect and what leases would do: "Companies that have signed leases trade at $4 million-$6 million per 2027 megawatt. A two to three times premium to where we are today. This is the market's consistent signal, driven entirely by lease execution. Not facility delivery, not revenue generation, just signed leases." -On the expansion capacity being unpriced: "Two-thirds of our 2.2 GW portfolio, or approximately 1.5 GW, is expansion capacity, which we believe the market is assigning little to no value." -On liquidity runway,they don't need to raise capital: "Our current cash position of $520 million provides the runway to advance Panther Creek, Sharon and Moses Lake through lease execution without accessing capital markets." -"Our strategic objective is to ensure we are well capitalized through the lease process and beyond, without the need to raise any new capital in the markets." -On Bitcoin mining being marginal: "Right now the Bitcoin mining remains profitable, but it's not very. It's marginal. It's still contributing to the business, but really it's not the focus of the business." -On why they believe their sites are defensible: "Our megawatts sit in regions with large barriers to entry. Pennsylvania, Washington State, and Quebec all have multi-year wait lists. No one is cutting the line." -On the scarcity argument for their markets: "It takes a little bit longer to get permits going in Pennsylvania or in Washington than it does in Texas, which is the easiest market in the United States for that. We believe that drives a lot of extra value because it's way more scarce, it's way harder to acquire, and there's just not as much optionality." -On the Russell index eligibility post-redomiciliation: "We will now be eligible for inclusion in indices that require one to be a U.S.-domiciled company. For example, we'll be eligible for inclusion in the Russell 1000 and the Russell 3000." -On GPU/memory supply not being their problem: "As a pure play infrastructure developer and owner, that really is not coming into our calculus very much. Mostly that's a customer situation for them to resolve with their own supply chain because we're not the ones investing in the GPUs and the compute and the servers." -On the colocation pivot reducing CapEx: "It just helps to reduce the CapEx 'cause we're no longer paying for the compute."