HC Wainwright has reiterated a buy rating with a $4 price target for Bitfarms (NASDAQ:BITF) stock. Analyst Mike Colonnese highlighted Bitfarms as one of the most undervalued Bitcoin mining stocks as of June 17.
Bitfarms’ recent $3.7 million all-stock transaction for 120 MW of power signals robust growth initiatives. This agreement will boost its capacity by 0.6 EH/s in Q4 2024 and 8 EH/s in H2 2025. By 2025, the company aims for 35 EH/s and 648 MW total power capacity, a 170% increase from today’s 240 MW.
However, risks include Bitcoin price volatility, potential delays at new facilities, and shareholder dilution. Despite these, BITF stock is up 30% in June and 5.7% year-to-date.
Strategically, Bitfarms’ growth initiatives and infrastructure expansion position it for substantial long-term shareholder value.
