Nasdaq-Listed Bitfarms Sold All Its BTC: Is It Still a Bitcoin Stock?

Nasdaq-listed Bitfarms, now rebranded as Keel, has liquidated its entire Bitcoin treasury and will sell all coins mined daily rather than holding them on its balance sheet. The move severs the company's direct exposure to BTC price appreciation, leaving its stock tied to mining economics—hashrate, power costs and production margins—rather than token holdings. It matters because publicly traded miners have increasingly been valued on their BTC stacks, and Keel's shift to a daily-sale model removes that store-of-value component from its equity story. Watch whether other listed miners follow with similar treasury drawdowns, and whether Keel's shares decouple from Bitcoin's price as investors reprice it as a pure operating business.