Bitfarms to buy back 10% of shares, calls stock undervalued
Main Idea
Bitfarms announces a share buyback program for 10% of its public float, citing undervaluation, as it shifts focus to high-performance computing (HPC) and AI infrastructure.
Key Points
1. Bitfarms plans to repurchase 10% of its public float over the next 12 months, approved by the Toronto Stock Exchange (TSX) and covering both TSX and Nasdaq.
2. The buyback period runs from July 28, 2025, to July 27, 2026, with shares to be bought at market price, aiming to increase the value of remaining shares.
3. CEO Ben Gagnon expressed confidence in Bitfarms' business, highlighting its energy portfolio in Pennsylvania and its pivot to HPC and AI data centers as growth drivers.
4. Bitfarms reported a $36 million net loss in Q1 2025, compared to a $6 million net loss in Q1 2024, with a gross profit margin decline from 63% to 43% year-over-year.
5. The company mined 693 BTC in 2025 at an average direct cost of production per BTC, reflecting the impact of the 2024 Bitcoin halving on mining profits.
Description
The bitcoin miner plans to repurchase up to 49.9 million shares over the next year as it pivots to high-performance computing and AI infrastructure.
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