Bitfarms (BITF) Launches Major Share Buyback Initiative

Bitfarms Ltd. (Nasdaq/TSX: BITF), a global energy and compute infrastructure company, has announced the initiation of a major share buyback program. This move, effective immediately, was approved by the company's Board of Directors and has been accepted by the Toronto Stock Exchange (TSX), according to GlobeNewswire.

Details of the Buyback Program

The program authorizes Bitfarms to repurchase up to 49,943,031 common shares, representing 10% of its public float of 499,430,313 shares. This initiative will run from July 28, 2025, to July 27, 2026. The repurchases will be conducted through the facilities of the TSX and/or the Nasdaq Stock Market, or by other means allowed by applicable laws.

CEO Ben Gagnon expressed confidence in the company's strategy, stating, "We believe that Bitfarms’ shares are currently undervalued. This program demonstrates our confidence in Bitfarms’ business, our management team, and our high-performance computing data center growth strategy." He highlighted the company's energy portfolio in Pennsylvania as a key driver for sustainable growth.

Strategic Implications

The buyback program is seen as a strategic move to enhance shareholder value and leverage the company's balance sheet strength. The timing, price, and volume of repurchases will consider market conditions, share price, and corporate liquidity requirements.

Bitfarms has also entered into an automatic repurchase arrangement with its designated broker for purchases during pre-determined blackout periods. Outside these periods, repurchases will be at management’s discretion, subject to applicable laws.

About Bitfarms

Founded in 2017, Bitfarms operates 15 data centers across the United States, Canada, Argentina, and Paraguay, primarily focusing on Bitcoin mining. The company aims to expand its operations into high-performance computing (HPC) and artificial intelligence (AI), leveraging its existing infrastructure and energy assets.

Bitfarms' move comes amid a broader industry trend of digital currency companies exploring new growth avenues and strengthening their market positions. The company's focus on HPC and AI aligns with these trends, potentially opening new revenue streams and enhancing operational efficiencies.