Buyback opens door for “undervalued” assets

Buyback opens door for “undervalued” assets

The buyback program presents a significant opportunity for Bitfarms.

It allows the company to repurchase 10% of its market float—the available shares that can be publicly traded—representing 49.9 million of the 499 million outstanding shares.

Bitfarms will cap daily purchases at 25% of the company’s daily trading volume on the TSE, calculated over the past six months—approximately 494,918 shares. On Nasdaq, Bitfarms will set the daily limit at 5%.

Ben Gagnon, CEO of Bitfarms, views the company’s stock as “undervalued” due to its Bitcoin business and high-performance computing (HPC) assets.

He adds:

“This buyback program demonstrates our confidence in Bitfarms’ business, our management team, and, most importantly, our high-performance computing data center growth strategy.”

Currently, the company operates 15 Bitcoin mining centers across North and South America. It has locations in the U.S., Canada, Argentina, and Paraguay.

Additionally, according to Arkham, the company holds 188 Bitcoins, valued at $22 million, and remains the sixth-largest miner by market capitalization, at $630 million as of press time.