Welcome to our dedicated page for Bitfarms news (Ticker: BITF), a resource for investors and traders seeking the latest updates and insights on Bitfarms stock.
Bitfarms Ltd., now Keel Infrastructure Corp., operates as a North American digital infrastructure and energy company focused on data centers and energy infrastructure for high-performance computing workloads, including artificial intelligence. Company updates cover infrastructure development, power and data-center build-outs, operating and financial results, and leadership additions tied to HPC/AI infrastructure expansion.
News also documents Keel Infrastructure's completed U.S. redomiciliation and rebrand, shareholder voting matters, governance changes, capital-structure updates, and capital actions such as normal course issuer bid activity. The company's recurring disclosures center on the shift from crypto-linked infrastructure toward large-scale compute infrastructure and related energy assets.
Bitfarms (Nasdaq/TSX: BITF) announced significant updates to its Board of Directors and Executive Team. CEO Ben Gagnon has been appointed to the Board, while Lead Director Brian Howlett has been named independent Chairman. Co-founder and former Chairman Nicolas Bonta is stepping down from the Board. Additionally, Liam Wilson, an experienced executive, has been appointed as Chief Operating Officer, effective August 26, 2024.
These changes aim to strengthen Bitfarms' leadership and operational capabilities. The Board will continue to comprise five directors, with four being independent. The company is also recruiting for an SVP of Mining Operations and a VP of HPC/AI to further enhance its operational strength.
Bitfarms (Nasdaq/TSX: BITF) reported Q2 2024 financial results, showing mixed performance. Revenue decreased 16% Q/Q to $42 million but increased 17% Y/Y. Gross mining margin fell to 51% from 64% in Q1 2024. The company made significant progress in expanding its operations, increasing hashrate to 11.1 EH/s from 6.5 EH/s in Q1 2024. Bitfarms added 220 MW capacity in Paraguay and Pennsylvania, bringing the total to 648 MW. The company is on track to achieve 21 EH/s and 21 w/TH efficiency by end of 2024. Bitfarms appointed Ben Gagnon as CEO and concluded its strategic alternatives review process. The company's liquidity stood at $195 million as of June 30, 2024, including $139 million in cash and 905 BTC.
Riot Platforms, Inc. (RIOT) has increased its beneficial ownership in Bitfarms to 16.9% of outstanding common shares. On August 2, 2024, Riot acquired 380,838 shares at a weighted average price of US$2.40 per share, totaling US$914,468.21. This acquisition follows Riot's June 24, 2024 announcement of requisitioning a special meeting to remove three Bitfarms Board members and nominate three independent directors. Riot intends to review its investment in Bitfarms continuously, considering factors such as the company's financial position, market conditions, and other investment opportunities. Riot may increase or decrease its position, hedge its exposure, or propose various actions regarding its investment in Bitfarms.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin mining data center company, has announced its schedule for the Second Quarter 2024 Conference Call. The call will take place on August 8th, 2024, at 8:00 am EST, following the release of Q2 2024 financial results before market open. Investors can access the call by dialing 888-506-0062 (domestic) or 973-528-0011 (international) with access code 968924. A live webcast will also be available, and a replay can be accessed until August 22, 2024. All Q2 2024 materials will be available on the company's investor site before the call.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin mining company, released its July 2024 production report. Key highlights include:
- Earned 253 BTC in July, up 34% month-over-month
- Increased operational hashrate to 11.1 EH/s, up 109% year-over-year
- Grew Bitcoin holdings to 1,016 BTC
- Expanded operations in Paraguay with Paso Pe site fully operational
- Progressing construction in Yguazu, Paraguay
The company reported improved efficiency since the April halving event, with Bitcoin mined per month increasing 62%. Bitfarms remains on track to achieve its year-end guidance of 21 EH/s and 21 w/TH, with growth plans fully funded.
Bitfarms (Nasdaq/TSX: BITF) announced that the Toronto Stock Exchange (TSX) has deferred its consideration of the company's shareholder rights plan. The deferral will remain in effect until: 1) the TSX is satisfied that appropriate securities commissions will not intervene, and 2) shareholders ratify the Rights Plan by January 24, 2025. Despite this deferral, the Rights Plan remains operative and effective for at least six months from its July 24, 2024 adoption date, unless terminated earlier. The TSX's deferral does not affect the adoption or operation of the Rights Plan. Bitfarms, a global Bitcoin vertically integrated company, made this announcement as part of a designated news release related to its recent prospectus supplement.
Bitfarms (Nasdaq/TSX: BITF) has responded to a decision by the Capital Markets Tribunal of the Ontario Securities Commission to cease trade the company's shareholder rights plan. In light of this, Bitfarms' Board of Directors has unanimously approved a new shareholder rights plan to protect all shareholders' interests.
The new plan aims to ensure fair treatment in case of unsolicited take-over bids or control acquisitions, including protection against 'creeping bids'. It allows Riot Platforms, Inc. to proceed with its nominations and solicit proxies for the upcoming special meeting on October 29, 2024. The plan will be subject to shareholder ratification within six months and is pending TSX acceptance.
Riot Platforms, Inc. (NASDAQ: RIOT) has successfully challenged Bitfarms 's (NASDAQ/TSX: BITF) shareholder rights plan, commonly known as a 'Poison Pill'. The Ontario Capital Markets Tribunal has cease traded the Poison Pill, effectively terminating it immediately. This decision is viewed as a significant victory for shareholder rights.
Riot's CEO, Jason Les, criticized Bitfarms' corporate governance, stating that the Poison Pill adoption was an attempt by Bitfarms' directors to entrench themselves. Riot continues to advocate for the election of its three independent director nominees - John Delaney, Amy Freedman, and Ralph Goehring - at Bitfarms' upcoming Special Meeting of Shareholders on October 29, 2024. Riot believes these nominees will bring fresh perspectives and help repair Bitfarms' governance issues.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin data center company, announces its participation in a virtual fireside chat hosted by H.C. Wainwright on July 17, 2024. The event features newly appointed CEO Ben Gagnon and CFO Jeff Lucas, moderated by Mike Colonnese, Managing Director and Senior Crypto & Blockchain Analyst at H.C. Wainwright.
The chat is scheduled for 4:00 - 5:00pm ET on Wednesday, July 17th. While advance registration is recommended, it's not mandatory. A replay of the session will be available in the Events section of Bitfarms' Investor Relations website for those unable to attend live.
Bitfarms has scheduled a hybrid special meeting of shareholders on October 29, 2024, following a requisition by Riot Platforms. Shareholders as of September 26, 2024, can vote. The meeting aims to address issues raised by Riot, who seeks to disrupt Bitfarms' strategic review process and gain control of the company. The board's special committee, after extensive review, recommended the meeting date and record date. Riot's actions and the company's response will be discussed, including the ratification of the shareholder rights plan. Shareholders will receive detailed information in advance.