Citadel-affiliated entities and Kenneth Griffin report a passive stake in Bitfarms Ltd. common shares. They may be deemed to beneficially own 23,740,167 Shares, representing 4.0% of Bitfarms’ outstanding common shares, based on 597,923,486 Shares outstanding as of November 12, 2025.
Citadel Securities LLC is attributed 17,283,224 Shares, or 2.9% of the class, while other Citadel entities each may be deemed to beneficially own 23,739,533 Shares or 634 Shares, as applicable. The filing states that the securities were not acquired or held to change or influence control of Bitfarms.
Positive
None.
Negative
None.
Insights
Citadel and Kenneth Griffin disclose a passive 4% Bitfarms stake.
Citadel Securities LLC, related investment vehicles, and Kenneth Griffin report beneficial ownership of 23,740,167 Bitfarms Shares, or 4.0% of the company, based on 597,923,486 Shares outstanding as of November 12, 2025. This is reported on a passive Schedule 13G basis.
The structure spreads ownership across multiple Citadel entities, with Citadel Securities LLC at 17,283,224 Shares (2.9%) and group totals at 23,739,533 Shares (4.0%). All report zero sole voting or dispositive power, with authority characterized as shared across entities.
The certification explicitly states the holdings were not acquired to change or influence control of Bitfarms Ltd.. Future company filings may clarify if this ownership level changes or if the group switches to a more active reporting status.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
BITFARMS LTD.
(Name of Issuer)
Common Shares (the "Shares")
(Title of Class of Securities)
09173B107
(CUSIP Number)
02/05/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Citadel Securities GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,739,533.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,739,533.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,739,533.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.0 %
12
Type of Reporting Person (See Instructions)
HC, OO
Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 597,923,486 Shares outstanding as of November 12, 2025 (according to Exhibit 99.2 to the issuer's Form 6-K as filed with the Securities and Exchange Commission on November 13, 2025). Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on February 12, 2026.
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Citadel Securities LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
17,283,224.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
17,283,224.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,283,224.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.9 %
12
Type of Reporting Person (See Instructions)
BD, OO
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Citadel Securities Group LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,739,533.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,739,533.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,739,533.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.0 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Citadel Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
634.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
634.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
634.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Citadel Advisors Holdings LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
634.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
634.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
634.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Citadel GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
634.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
634.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
634.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
09173B107
1
Names of Reporting Persons
Kenneth Griffin
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,740,167.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,740,167.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,740,167.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.0 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
BITFARMS LTD.
(b)
Address of issuer's principal executive offices:
110 Yonge Street, Suite 1601, Toronto, Ontario, Canada, M5C 1T4
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by Citadel Securities GP LLC ("CSGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), and Mr. Kenneth Griffin (collectively with CSGP, Citadel Securities, CALC4, Citadel Advisors, CAH, and CGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Securities, CRBU Holdings LLC, a Delaware limited liability company ("CRBH"), Citadel Securities Principal Strategies LLC, a Delaware limited liability company ("CSP"), and Citadel Multi-Strategy Equities (Ireland) Designated Activity Company, an Ireland company ("CMSI"). Such owned Shares may include other instruments exercisable for or convertible into Shares.
CALC4 is the non-member manager of Citadel Securities, CRBH and CSP. CSGP is the general partner of CALC4. Citadel Advisors is the portfolio manager for CMSI. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP.
The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)
Address or principal business office or, if none, residence:
The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)
Citizenship:
Each of CSGP, Citadel Securities, Citadel Advisors, and CGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)
Title of class of securities:
Common Shares (the "Shares")
(e)
CUSIP No.:
09173B107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1. Citadel Securities LLC may be deemed to beneficially own 17,283,224 Shares.
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 23,739,533 Shares.
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 634 Shares
4. Mr. Griffin may be deemed to beneficially own 23,740,167 Shares.
(b)
Percent of class:
1. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 2.9% of the Shares outstanding.
2. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 4.0% of the Shares outstanding.
3. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 0.0% of the Shares outstanding.
4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 4.0% of the Shares outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1. Citadel Securities LLC: 0
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
4. Mr. Griffin: 0
(ii) Shared power to vote or to direct the vote:
1. Citadel Securities LLC: 17,283,224
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 23,739,533
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 634
4. Mr. Griffin: 23,740,167
(iii) Sole power to dispose or to direct the disposition of:
1. Citadel Securities LLC: 0
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
4. Mr. Griffin: 0
(iv) Shared power to dispose or to direct the disposition of:
1. Citadel Securities LLC: 17,283,224
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 23,739,533
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 634
4. Mr. Griffin: 23,740,167
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Citadel Securities GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/12/2026
Citadel Securities LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/12/2026
Citadel Securities Group LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/12/2026
Citadel Advisors LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/12/2026
Citadel Advisors Holdings LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/12/2026
Citadel GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/12/2026
Kenneth Griffin
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, attorney-in-fact*
Date:
02/12/2026
Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.
How many Bitfarms (BITF) shares do Citadel entities and Kenneth Griffin report owning?
They may be deemed to beneficially own 23,740,167 Bitfarms common Shares. This total reflects holdings across Citadel Securities LLC, other Citadel-affiliated entities, and Kenneth Griffin, as disclosed in the Schedule 13G ownership breakdown.
What percentage of Bitfarms (BITF) does Citadel Securities and Kenneth Griffin’s group own?
The group’s beneficial ownership is reported as 4.0% of Bitfarms’ outstanding common Shares. This percentage is calculated using 597,923,486 Shares outstanding as of November 12, 2025, as referenced from a Bitfarms Form 6-K exhibit.
How many Bitfarms (BITF) shares are attributed specifically to Citadel Securities LLC?
Citadel Securities LLC may be deemed to beneficially own 17,283,224 Bitfarms Shares. This holding represents 2.9% of the outstanding common Shares, based on the company’s 597,923,486 Shares outstanding as of November 12, 2025.
Is the Citadel and Kenneth Griffin Bitfarms (BITF) stake considered passive or active?
The stake is certified as passive under Schedule 13G. The filing states the securities were not acquired and are not held to change or influence control of Bitfarms and are not part of any control-related transaction.
What voting and dispositive power do Citadel entities and Kenneth Griffin have over Bitfarms (BITF) shares?
Each reporting person discloses zero sole voting and dispositive power over Bitfarms Shares. All reported authority is shared, with specific shared voting and dispositive totals matching the beneficial ownership amounts listed for each entity and for Kenneth Griffin.
On what share count is Citadel’s 4.0% Bitfarms (BITF) ownership based?
The 4.0% ownership figure is based on 597,923,486 Bitfarms Shares outstanding as of November 12, 2025. This outstanding share number comes from Exhibit 99.2 to Bitfarms’ Form 6-K filed on November 13, 2025.
