Bitfarms Stock Jumps After Bitcoin Miner Reveals $64 Million Share Buyback Plan

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.