Bitfarms Stock Jumps After Bitcoin Miner Reveals $64 Million Share Buyback Plan
Main Idea
Bitfarms announced a share buyback program, leading to a nearly 14% surge in its stock price, as the company believes its shares are undervalued.
Key Points
1. Bitfarms' stock surged by nearly 14% following the announcement of a share buyback program.
2. The company plans to buy back up to 10% of its public float, approximately 49,943,031 common shares worth about $64 million.
3. Bitfarms CEO Ben Gagnon stated that the company's shares are currently undervalued, particularly highlighting its high-performance computing potential.
4. The buyback is part of a strategy to reduce the number of shares available in the market, potentially increasing the stock's value.
5. Bitfarms operates in multiple countries, including Canada, the U.S., Argentina, and Paraguay.
Description
The Nasdaq-listed shares of Bitcoin miner Bitfarms pumped Tuesday after the Canadian company announced a share buyback program.
Latest News
- DOJ Seeks to Return Millions in Crypto to Alleged Victims of $97M Oil and Gas Scheme2025-07-23 06:28:36
- Here's Why Ethereum ETF Investors Are Outperforming Their Bitcoin Counterparts2025-07-23 05:43:33
- ASX-Listed DigitalX Leans Into Bitcoin Treasury Strategy With Latest $8.8M Buy2025-07-23 05:15:51
- ‘Bizarre Situation’: SEC Halts Conversion for Another ETF Holding Bitcoin, Ethereum, and XRP2025-07-23 02:13:25
- Tesla’s Retro Diner Opens in Los Angeles with Burgers, Big Screens and Angry Neighbors2025-07-23 00:27:41