Bitfarms stock jumps 26% after buyback plan: Is more to come?

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.