Bitfarms Expands Operations with New NYC Office and Shift to U.S. GAAP

Bitfarms Ltd. (Nasdaq/TSX: BITF), a prominent player in the global energy and compute infrastructure sector, has unveiled plans to designate its newly acquired New York City office as its second Principal Executive Office (PEO). This strategic move follows the acquisition of Stronghold Digital Mining, Inc., according to GlobeNewswire.

Transition to U.S. GAAP

In a bid to align more closely with industry standards, Bitfarms is also transitioning its financial reporting from International Financial Reporting Standards (IFRS) to U.S. Generally Accepted Accounting Principles (U.S. GAAP). This shift is set to commence with the annual consolidated financial statements for the fiscal year ending December 31, 2025. The transition aims to simplify reporting processes, reduce costs, and broaden Bitfarms' U.S. investor base.

Strategic Growth and Expansion

Ben Gagnon, CEO of Bitfarms, expressed enthusiasm about the developments, highlighting the company's strategic pivot towards the U.S. market. “Maintaining a U.S.-based PEO and transitioning to U.S. GAAP is expected to simplify our reporting processes, reduce administrative and legal costs, broaden our U.S. investor base, and improve our eligibility for inclusion in certain stock indices,” Gagnon stated. These steps are part of Bitfarms' broader strategy to enhance operational efficiencies and maximize shareholder value.

Company Overview

Founded in 2017, Bitfarms has established itself as a leader in energy and compute infrastructure, operating 15 data centers across the United States, Canada, Argentina, and Paraguay. The company remains committed to expanding its footprint and advancing its high-performance computing (HPC) and artificial intelligence (AI) growth strategy.

Industry Implications

The move to U.S. GAAP may position Bitfarms favorably within the U.S. market, potentially enhancing its competitiveness and appeal to American investors. By aligning with U.S. financial reporting standards, Bitfarms could see improved access to capital markets and inclusion in key stock indices.