Bitfarms Announces Share Buyback Program Amid Business Transition
- Bitfarms will repurchase up to 49.9 million common shares, representing 10% of its public float, over the next year.
- The buyback program is approved by the Toronto Stock Exchange (TSX) and includes repurchases on Nasdaq.
- Shares on Nasdaq closed up 16.8% following the announcement.
- The buyback period runs from July 28, 2025, to July 27, 2026, with shares purchased at market price.
- In Q1, Bitfarms reported a net loss of $36 million and mined 693 BTC at an average production cost of $47,800 per BTC.
The share buyback reflects Bitfarms’ confidence in its business amid a shift towards high-performance computing (HPC) and AI data centers as it aims to adapt post-Bitcoin halving impacts on profitability. This strategic pivot is intended to leverage existing mining infrastructure for new revenue streams.
With plans to cancel all repurchased shares, Bitfarms aims to enhance shareholder value while navigating its transition from a traditional Bitcoin mining operation towards HPC applications.(Source)
