Bitfarms stock jumps 26% after buyback plan: Is more to come?
Main Idea
Bitfarms' stock surged 26% after announcing a share buyback program, with the CEO citing undervaluation of its Bitcoin and high-performance computing assets as key reasons for the move.
Key Points
1. Bitfarms announced a corporate share buyback program, allowing the repurchase of 10% of its floating shares over a 12-month period, extending to July 2026.
2. The buyback program is supervised by the Toronto Stock Exchange (TSE) and possibly Nasdaq, with daily purchase caps set at 25% of TSE trading volume and 5% on Nasdaq.
3. CEO Ben Gagnon views Bitfarms' stock as undervalued due to its Bitcoin holdings ($22 million worth of BTC) and high-performance computing assets.
4. Bitfarms operates 15 facilities across the U.S., Canada, Argentina, and Paraguay and is the sixth-largest Bitcoin miner by market capitalization ($630 million).
5. The stock price rallied 26% following the buyback announcement, reflecting investor confidence in the company's long-term outlook.
Description
CEO Ben Gagnon sees this buyback as crucial, particularly now that its Bitcoin holdings remain undervalued.
Latest News
- Why is Bitcoin down today? – $144M in liquidations, profit-taking & more…2025-07-25 19:16:53
- TRON can rally higher, but only if TRX breaks THIS resistance2025-07-25 18:10:44
- BONK up 158% in July, but can buybacks push it 46% higher?2025-07-25 17:15:58
- Ethereum: $160M in shorts get wiped out – Will ETH’s rally last?2025-07-25 16:11:51
- Bitcoin – Why BTC’s ‘air gap’ at $117K could spark major market shifts2025-07-25 15:29:27