Bitfarms named chief executive Ben Gagnon to its board of directors on August 13, 2024. The appointment took effect immediately. That filing also said co-founder and chairman Nicolas Bonta was stepping down from the board1. Riot Platforms, Bitfarms' largest shareholder, had spent months pushing to replace three of its directors23.
Five of Bitfarms' 9 leadership moves on the record came in 2024, its busiest year
Leadership moves CryptoLately has verified at Bitfarms, by year
- 2024: 5
- 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2022 | 2 |
| 2023 | 0 |
| 2024 | 5 |
| 2025 | 1 |
| 2026 | 1 |
Six board appointments on the record in 2024
Board appointments CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2024: 6
- 2019, 2020, 2021, 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 3 |
| 2020 | 10 |
| 2021 | 10 |
| 2022 | 4 |
| 2023 | 4 |
| 2024 | 6 |
| 2025 | 20 |
| 2026 | 29 |
The move
Bitfarms tied Gagnon's board seat to his record inside the company. “Ben is a critical addition to the Board, and we are confident that he will continue to leverage his valuable skillset and significant insight in this new capacity,” said Edie Hofmeister, who chairs the Governance and Nominating Committee1. Gagnon answered in kind. “I am honored to take on this additional responsibility during such an exciting time for Bitfarms,” he said. Lead director Brian Howlett became independent chairman on August 13, 2024. He replaced Bonta, who had co-founded the company.
CryptoSlate placed the reshuffle inside a fight Bitfarms' own release left out. Riot Platforms owned 15.9 percent of Bitfarms stock. It wanted three directors gone in an October shareholder vote, Bonta among them2. Bitfarms had rejected a $950 million Riot buyout bid in April 2024, and Riot kept criticizing the board through the summer that followed. The outlet also cited Bitfarms' results for the prior quarter. Revenue was $42 million, down 16 percent. Operating losses of $23.6 million included $46 million in accelerated depreciation on aging mining equipment.
Before and after
Gagnon's first board seat at Bitfarms came on August 13, 2024. Before that date Gagnon's only title at Bitfarms was chief executive; he had earlier been its chief mining officer1. After the appointment, Gagnon was both chief executive and a director. He reported to a board where he now had a vote, while Bonta left the board of the company he had co-founded.
What came next
The Riot dispute that framed Gagnon's board seat ended in a settlement Bitfarms filed with securities regulators on September 23, 2024, BetaKit reported3. Director Andrés Finkielsztain stepped down, and Riot withdrew its request to replace the board. Riot also agreed to a standstill on challenging Bitfarms' control until the 2026 annual meeting. Gagnon used the settlement to point past Bitcoin mining. “We remain focused on diversifying the business beyond Bitcoin mining into exciting and synergistic new areas like energy generation, energy trading, heat recycling, and other high-value revenue streams,” he said. That diversification carried a new name. Bitfarms rebranded as Keel Infrastructure in February 2026, and Gagnon, then chief executive, explained the switch at the time, Data Center Dynamics reported on April 29, 2026: “Our new name reflects how we think about infrastructure, how we're building this company, and how we want to serve our future customers”4.
Sources
- Bitfarms Ltd., "Bitfarms Announces Board of Directors and Leadership Updates," Bitfarms Ltd. (SEC filing), Aug. 13, 2024, https://www.sec.gov/Archives/edgar/data/1812477/000121390024068232/ea021122401ex99-1_bitfarms.htm
- Oluwapelumi Adejumo, "Board changes at Bitfarms amid revenue drop and Riot's hostile takeover efforts," CryptoSlate, Aug. 13, 2024, https://cryptoslate.com/board-changes-at-bitfarms-amid-revenue-drop-and-riots-hostile-takeover-efforts/
- Isabelle Kirkwood, "Months-long dispute between Bitfarms and Riot Platforms draws to a close as companies reach settlement," BetaKit, Sep. 23, 2024, https://news.google.com/rss/articles/CBMiwAFBVV95cUxQbHF3bmZ5WTdxc3NPdUJFbURHWVlpS2MxLWpEQVBtUG4wUmk3OHhWQ055a1FHOUNoOGJ4MzRucmNNZ3A4cGxIemtncFNubUlPS19GeGlYZkw3RmN0SU0yN2lIcGgxb1BwSll2WlRucEl3R3V6NnZBMGxFSk1LZEhQdjEyYXJtN0FzazI4TG9WZ1M1cHRqeVpROTNUODN6UmgxdmlycWQ2R0x3WmNvWEVma3o1QjA0VTZwcTBLZ3FFbjk?oc=5
- Charlotte Trueman, "Zoning board of Sharon, PA, approves planned expansion of Keel Infrastructure's existing data center development," Data Center Dynamics, Apr. 29, 2026, https://news.google.com/rss/articles/CBMi6AFBVV95cUxNOTZweFpkWVRjcnBYckh3amUyQWpKTkw0bVVocVduNVRWaWlGR2tXeTJ4ejNxbXozWXhQUHo2bG5wSHJqNE05ei04OUxhaVpaMGNWd0tObkhMSHhHckh2cV9lQ0VlX3NDcXlHdXd1N2lhTGZPbVFNOUdPb2t2ci00bEo4eFVPcERTWjBFTjhteHNPRl9JQkhPZXhZUmJNVTlPaTRoa1d4R2hmU2lraVVWcU12cmdDYm44U3pYRjZQR1NXcjlBWTNRNnZwQmg1MFdqMHZUUDZ1NmVlRGFnUVlBODUwS3Q3Vjls?oc=5