Bitfarms Stock Price, News & Analysis

Bitfarms announced its June 2024 production update, highlighting significant advancements in its operations and expansion plans. The company earned 189 BTC in June, up from 156 BTC in May, with operational hashrate reaching 10.4 EH/s. Energy efficiency improved to 25 w/TH, marking a 36% year-over-year increase.

Strategically, Bitfarms is expanding its U.S. footprint with a new 120 MW site in Sharon, Pennsylvania, aimed at supporting high-performance computing and AI. This raises the company's 2025 power capacity target to 648 MW, more than double its current capacity. Operational upgrades in Paraguay and Quebec further boosted hashrate and efficiency.

Financially, Bitfarms sold 134 BTC for $8.8 million, with total liquidity at $194 million. The company holds 905 BTC in treasury, valued at $55.2 million. Severe weather caused minor delays in Paraguay, but overall production increased due to improved hashrate and miner installations.

Bitfarms (Nasdaq/TSX: BITF), a global Bitcoin vertically integrated company, announced the appointment of Fanny Philip to its Board of Directors, effective immediately.

With her addition, the Board now consists of five directors, four of whom are independent. Ms. Philip is an expert in blockchain technology and a seasoned finance executive with significant experience in audit, public company reporting, and mergers and acquisitions.

She has previously held key positions such as CFO and VP Finances at Canada Computational Unlimited and COO at SATO Technologies. Currently, Ms. Philip serves as CFO at SOVIAGO and is actively involved in the Canadian Blockchain Consortium.

Her appointment is seen as a strategic move to enhance the Board's skill set, particularly in the areas of digital assets, mining, and AI, as Bitfarms aims to capture a larger share of the global demand for Bitcoin.

Bitfarms , a global Bitcoin vertically integrated company, has received a shareholder meeting requisition from Riot Platforms, Inc. to gain control of Bitfarms' Board of Directors. In response, Bitfarms' Board established a Special Committee to review strategic alternatives to maximize shareholder value. The Special Committee rejected Riot's proposal of $2.30 per share, deeming it significantly undervalued. Despite invitations to engage constructively, Riot has declined and taken steps to undermine the process. Bitfarms reiterates its commitment to shareholders' best interests and will provide updates as necessary. No immediate action is required from shareholders.

Riot Platforms acquired 1,432,063 common shares of Bitfarms on June 13, 2024, representing approximately 0.35% of Bitfarms' outstanding shares. Prior to this acquisition, Riot owned 56,194,973 shares or 13.65% of Bitfarms. Post-acquisition, Riot's ownership increased to 57,627,036 shares or 14.00%. Riot plans to request a special meeting to nominate new independent directors due to concerns about Bitfarms' governance. Riot may further adjust its investment based on various factors including market conditions and Bitfarms' strategic direction.

Bitfarms has announced an agreement to develop a 120 MW site in Sharon, Pennsylvania, strategically located in the PJM Interconnection market. This expansion increases Bitfarms’ 2025 power capacity to 648 MW, up 170% from its current 240 MW. The site, set to support 8 EH/s by 2025, with an initial deployment of 600 PH/s in 2024, offers access to flexible power and opportunities for cost optimization. This move enhances Bitfarms' geographical diversification and operational footprint in the U.S. The project will begin immediately, with 12 MW expected online in Q4 2024 and the remainder in the second half of 2025.

On June 12, 2024, Bitfarms, a global Bitcoin mining company, addressed comments from Riot Platforms regarding its ongoing strategic alternatives review process. Bitfarms’ Board of Directors remains focused on maximizing shareholder value despite Riot's unsolicited offers and attempts to disrupt the process. After evaluating Riot's proposal, a Special Committee determined that it undervalues Bitfarms and is not in the best interest of shareholders. Bitfarms adopted a Shareholder Rights Plan to ensure a fair review process. Riot's actions, including acquiring Bitfarms' shares on the open market, are seen as attempts to undermine this process. Bitfarms remains committed to evaluating all opportunities to enhance shareholder value.

Riot Platforms commented on Bitfarms' adoption of a shareholder rights plan, known as a 'Poison Pill'.

This plan prevents any shareholder from acquiring 15% or more of Bitfarms' shares without making a formal takeover bid. Riot criticized this move, stating it contradicts established legal and governance standards and reflects poor corporate governance.

CEO Jason Les highlighted that Riot had tried to privately engage with Bitfarms, urging the addition of independent directors and the resignation of Chairman Nicolas Bonta. Despite these efforts, Bitfarms implemented the Poison Pill with a lower-than-usual threshold, further entrenching its board.

Riot continues to advocate for better corporate governance at Bitfarms.

Bitfarms, a globally integrated Bitcoin company, has announced that the Toronto Stock Exchange (TSX) will defer its consideration of the company's tactical shareholder rights plan. The deferral will last until TSX is satisfied that the appropriate securities commission will not intervene and the plan is ratified by shareholders by December 10, 2024. Despite the deferral, the rights plan remains effective for a minimum of six months from its adoption on June 10, 2024, unless terminated earlier. The full rights plan document is available on SEDAR+ and the SEC's websites.

Bitfarms has announced the adoption of a shareholder rights plan, approved unanimously by its Board of Directors. This plan is designed to protect the Strategic Alternatives Review Process, which aims to explore various strategic options for the company. Riot Platforms, a significant shareholder, has made an unsolicited offer to acquire Bitfarms' remaining shares. Bitfarms' Special Committee evaluated the proposal and found it significantly undervalued the company. The plan aims to prevent Riot from acquiring more than 15% of Bitfarms' shares, thereby preserving the company's strategic options.

The Rights Plan becomes effective on June 20, 2024, and includes provisions allowing Riot to make a takeover bid under certain conditions. The plan requires shareholder ratification within six months and is subject to acceptance by the Toronto Stock Exchange. If Riot or any other party attempts to acquire more than the stipulated percentage without complying with the plan, existing shareholders (excluding the acquirer) can purchase shares at a discount. This measure aims to ensure that any takeover bid is made to all shareholders and meets specific conditions, thus protecting shareholder value.