Bitfarms Stock Price, News & Analysis

Bitfarms (NASDAQ/TSX: BITF) reported key operational updates for January 2025. The company achieved a 19% increase in operational hashrate to 15.2 EH/s, energizing two new North American sites in Sharon PA and Baie-Comeau QC. Bitfarms signed a binding LOI with HIVE for the sale of its 200 MW Yguazu site, expected to close in Q1 2025, alongside the acquisition of Stronghold Digital Mining.

The company earned 201 BTC in January, a 5% decrease month-over-month, with an average of 6.5 BTC earned daily. Treasury holdings increased to 1,152 BTC, valued at $121.0 million at January's end. Due to T21 miner underperformance, Bitfarms revised its H1 2025 guidance down 14% to 18 EH/s. The company also pushed back the Sharon location construction timeline to 2026, reducing 2025 year-end energized capacity to 675 MW.

Bitfarms (NASDAQ/TSX: BITF) has announced strategic partnerships with Appleby Strategy Group (ASG) and World Wide Technology (WWT) to develop its High-Performance Computing (HPC) and Artificial Intelligence business. The expert consultants will conduct comprehensive feasibility analyses of Bitfarms' North American sites and advise on its global HPC/AI strategy.

The consultants will also assist in developing accelerated sales strategies and market the sites to potential customers. CEO Ben Gagnon highlighted that Bitfarms' 1.2 GW North American portfolio, particularly sites on the PJM grid, is well-suited for HPC/AI applications. The company expects HPC/AI contracts to provide long-term, steady cash flows while maintaining Bitcoin mining operations for upside potential.

Bitfarms (NASDAQ/TSX: BITF) has entered into a binding Letter of Intent to sell its 200 MW Yguazu, Paraguay site to HIVE Digital Technologies for approximately $85 million. The transaction, expected to close in Q1 2025, includes $25 million at closing, $31 million over 6 months, $19 million in power deposit reimbursements, and $10 million in capital obligations.

The sale aligns with Bitfarms' strategy to shift focus towards North America and diversify beyond Bitcoin mining into HPC/AI infrastructure. The company will reinvest the capital in its 1 GW U.S. growth pipeline. This strategic move will reduce Bitfarms' 2025 capital requirements, rebalance its portfolio to ~80% North American and 20% International operations, and decrease average power costs by ~10%. The company's year-end 2025 MW capacity will decrease from 955 MW to 755 MW.

Bitfarms (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, has announced its participation in Needham's 27th Annual Growth Conference in New York City from January 14-15th, 2025. The company's leadership team, including CEO Ben Gagnon, CFO Jeff Lucas, and SVP IR & Corp. Comms. Tracy Krumme, will be conducting investor meetings during the event.

A company presentation is scheduled for Wednesday, January 15th, from 8:45-9:25am Eastern, featuring CEO Ben Gagnon and CFO Jeff Lucas. The presentation will be available via webcast, with a replay accessible on Bitfarms' investor site. Interested parties can arrange 1x1 meetings through their Needham sales representative or by contacting investors@bitfarms.com.

Bitfarms (NASDAQ/TSX: BITF) released its December 2024 production report, highlighting significant year-over-year operational improvements. The company increased its hashrate by 97% to 12.8 EH/s and improved efficiency by 40% to 21 w/TH. For the full year 2024, Bitfarms earned 2,914 BTC and expanded operational capacity by 35% to 324MW.

The company's December performance included 211 BTC mined, up 2% from November but down 53% year-over-year. Bitfarms maintained strong liquidity of $147 million, including $60 million in cash at year-end. The company's Synthetic HODL program, launched in October 2023, generated approximately $18 million in trading profits with a 135% return.

The anticipated acquisition of Stronghold Digital Mining is expected to close in Q1 2025, representing the largest acquisition between two public Bitcoin mining companies. This acquisition will expand Bitfarms' presence in the PJM region with a target multi-year expansion capacity of up to 1.6 GW.

Bitfarms (NASDAQ/TSX: BITF) has filed a second amended and restated prospectus supplement dated December 17, 2024, updating its existing US$375 million at-the-market (ATM) equity offering program. The update incorporates pro forma financial statements regarding the proposed merger with Stronghold Digital Mining and Stronghold's financial statements for Q3 2024.

To date, the company has distributed 128,888,346 Common Shares, raising approximately US$288 million through the ATM program, with US$87 million remaining available. Sales are conducted through H.C. Wainwright & Co. on the Nasdaq Stock Market at prevailing market prices. The net proceeds will primarily fund capital expenditures for existing mining operations, working capital, and general corporate purposes.

Bitfarms (NASDAQ/TSX: BITF) announced a restatement of its financial statements for fiscal years 2022-2023 and related periods due to a material error in classifying digital asset sale proceeds. The restatement involves reclassifying these proceeds from operating activities to investing activities in cash flow statements. Additionally, the company is correcting an accounting error related to warrant redemption in 2023.

The changes do not affect the company's overall cash position or net cash flows. The restatement impacts financial statements for 2022, 2023, and the first three quarters of 2024. Management acknowledged a material weakness in internal control over financial reporting and is implementing remediation measures.

Bitfarms (NASDAQ/TSX: BITF) achieved a 12.8 EH/s operating hashrate in November 2024, marking a 100% year-over-year increase. The company mined 204 BTC during the month, down from 236 BTC in October. Under new hosting agreements, nearly 75% of Bitfarms' hashrate is expected to come from North American data centers by H1 2025. The company upgraded approximately 19,000 T21 miners to S21 Pro miners, targeting a 10% efficiency improvement. Treasury management included selling 171 BTC for $14.6M and transferring 351 BTC to Bitmain for miner upgrades, ending November with 870 BTC in treasury valued at $84.4M.

Bitfarms (NASDAQ/TSX: BITF) held a Special Meeting of shareholders on November 20, 2024, with 50.83% of shares represented. Shareholders approved three key items: expanding the Board from five to six members (97.84% in favor), electing Andrew J. Chang as Independent Director (98.65% in favor), and ratifying the company's shareholder rights plan (98.58% in favor). Chang, a 20-year technology industry veteran, brings experience from Liberty City Ventures and Paxos, where he helped grow the team and launch regulated blockchain solutions.