Bitfarms has received TSX approval to initiate a share repurchase program, authorizing the buyback of up to 49.9 million shares, equivalent to 10% of its public float, over the next 12 months. The program is slated to commence soon.
The move coincides with Bitfarms securing a substantial $300 million credit facility from Macquarie Group. These financial maneuvers are central to the company’s strategic shift towards bolstering its Bitcoin mining operations while aggressively expanding into high-performance computing (HPC) for artificial intelligence (AI) applications.
Despite reporting a net loss of $36 million in the first quarter of 2025, Bitfarms demonstrated improved operational efficiency, achieving a gross profit margin of 63%, a significant increase from 43% year-over-year.
The credit facility will directly fund the expansion of the company’s HPC infrastructure at its Pennsylvania site, leveraging Bitfarms’ existing energy portfolio to ensure cost-effective and scalable operations. This expansion into the US market is designed to diversify Bitfarms’ business and capitalize on the surging demand for AI infrastructure services.
Collectively, the share repurchase plan and new financing underscore Bitfarms’ commitment to its dual-track strategy focused on enhancing its core Bitcoin mining capabilities while building a significant presence in the AI and HPC sector.