Welcome to our dedicated page for Bitfarms Ltd. news (Ticker: BITF), a resource for investors and traders seeking the latest updates and insights on Bitfarms Ltd. stock.
Bitfarms Ltd. (symbol: BITF) is one of the largest blockchain technology companies in North America, with operations primarily based in Québec, Canada. Founded as a pioneer in the blockchain and cryptocurrency mining industry, Bitfarms has expanded its technological expertise well beyond cryptomining.
Bitfarms focuses on selling computational power used for hashing calculations, thereby facilitating cryptocurrency mining across multiple jurisdictions including Canada, the United States, Argentina, and Paraguay. The company owns and operates server farms equipped with specialized computers designed for validating transactions on the Bitcoin Blockchain.
Recent achievements for Bitfarms include significant expansions in their data center capacities and strategic partnerships that enhance their operational efficiency. The company's robust infrastructure and energy logistics management play a critical role in supporting the ever-evolving digital landscape, making Bitfarms a catalytic force in the blockchain ecosystem.
Bitfarms continues to innovate and adapt to market changes, ensuring sustainable growth and stability in a highly speculative and dynamic industry. Their commitment to developing blockchain-based technologies positions them as a key player in transforming how digital transactions and operations are conducted globally.
Bitfarms (Nasdaq/TSX: BITF) has entered into a definitive merger agreement to acquire Stronghold Digital Mining, Inc. (Nasdaq: SDIG) in a stock-for-stock transaction valued at approximately US$125 million equity value plus the assumption of US$50 million in debt. The acquisition will expand Bitfarms' energy portfolio to over 950 MW by year-end 2025, with nearly 50% in the U.S. Key benefits include:
- Addition of 4.0 EH/s to Bitfarms' hashrate, with potential expansion to over 10 EH/s
- Vertical integration into power generation with 165 MW of nameplate capacity
- Access to 142 MW of PJM import capacity, expandable to 790 MW
- Environmental benefits through waste reclamation and potential carbon capture
The transaction is expected to close in Q1 2025, subject to approvals. Stronghold shareholders will receive 2.52 Bitfarms shares for each Stronghold share, representing a 71% premium.
Riot Platforms, Inc. has increased its beneficial ownership in Bitfarms to 18.9% of the issued and outstanding Common Shares. On August 13, 2024, Riot acquired 1,000,000 common shares of Bitfarms through normal course purchases on the Nasdaq Stock Market and other open markets. The shares were purchased at a weighted average price of US$2.28 per share, for an aggregate amount of US$2,280,800.00.
Prior to this acquisition, Riot owned 84,293,054 Common Shares (18.68%). After the purchase, Riot now owns 85,293,054 Common Shares (18.90%). Riot has also requisitioned a special meeting of shareholders to seek removal of certain Bitfarms directors and replace them with independent candidates. Riot intends to review its investment in Bitfarms continuously and may consider various actions, including increasing or decreasing its position, hedging its economic exposure, or proposing further changes to Bitfarms' board composition.
Bitfarms (Nasdaq/TSX: BITF) announced significant updates to its Board of Directors and Executive Team. CEO Ben Gagnon has been appointed to the Board, while Lead Director Brian Howlett has been named independent Chairman. Co-founder and former Chairman Nicolas Bonta is stepping down from the Board. Additionally, Liam Wilson, an experienced executive, has been appointed as Chief Operating Officer, effective August 26, 2024.
These changes aim to strengthen Bitfarms' leadership and operational capabilities. The Board will continue to comprise five directors, with four being independent. The company is also recruiting for an SVP of Mining Operations and a VP of HPC/AI to further enhance its operational strength.
Bitfarms (Nasdaq/TSX: BITF) reported Q2 2024 financial results, showing mixed performance. Revenue decreased 16% Q/Q to $42 million but increased 17% Y/Y. Gross mining margin fell to 51% from 64% in Q1 2024. The company made significant progress in expanding its operations, increasing hashrate to 11.1 EH/s from 6.5 EH/s in Q1 2024. Bitfarms added 220 MW capacity in Paraguay and Pennsylvania, bringing the total to 648 MW. The company is on track to achieve 21 EH/s and 21 w/TH efficiency by end of 2024. Bitfarms appointed Ben Gagnon as CEO and concluded its strategic alternatives review process. The company's liquidity stood at $195 million as of June 30, 2024, including $139 million in cash and 905 BTC.
Riot Platforms, Inc. (RIOT) has increased its beneficial ownership in Bitfarms to 16.9% of outstanding common shares. On August 2, 2024, Riot acquired 380,838 shares at a weighted average price of US$2.40 per share, totaling US$914,468.21. This acquisition follows Riot's June 24, 2024 announcement of requisitioning a special meeting to remove three Bitfarms Board members and nominate three independent directors. Riot intends to review its investment in Bitfarms continuously, considering factors such as the company's financial position, market conditions, and other investment opportunities. Riot may increase or decrease its position, hedge its exposure, or propose various actions regarding its investment in Bitfarms.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin mining data center company, has announced its schedule for the Second Quarter 2024 Conference Call. The call will take place on August 8th, 2024, at 8:00 am EST, following the release of Q2 2024 financial results before market open. Investors can access the call by dialing 888-506-0062 (domestic) or 973-528-0011 (international) with access code 968924. A live webcast will also be available, and a replay can be accessed until August 22, 2024. All Q2 2024 materials will be available on the company's investor site before the call.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin mining company, released its July 2024 production report. Key highlights include:
- Earned 253 BTC in July, up 34% month-over-month
- Increased operational hashrate to 11.1 EH/s, up 109% year-over-year
- Grew Bitcoin holdings to 1,016 BTC
- Expanded operations in Paraguay with Paso Pe site fully operational
- Progressing construction in Yguazu, Paraguay
The company reported improved efficiency since the April halving event, with Bitcoin mined per month increasing 62%. Bitfarms remains on track to achieve its year-end guidance of 21 EH/s and 21 w/TH, with growth plans fully funded.
Bitfarms (Nasdaq/TSX: BITF) announced that the Toronto Stock Exchange (TSX) has deferred its consideration of the company's shareholder rights plan. The deferral will remain in effect until: 1) the TSX is satisfied that appropriate securities commissions will not intervene, and 2) shareholders ratify the Rights Plan by January 24, 2025. Despite this deferral, the Rights Plan remains operative and effective for at least six months from its July 24, 2024 adoption date, unless terminated earlier. The TSX's deferral does not affect the adoption or operation of the Rights Plan. Bitfarms, a global Bitcoin vertically integrated company, made this announcement as part of a designated news release related to its recent prospectus supplement.
Bitfarms (Nasdaq/TSX: BITF) has responded to a decision by the Capital Markets Tribunal of the Ontario Securities Commission to cease trade the company's shareholder rights plan. In light of this, Bitfarms' Board of Directors has unanimously approved a new shareholder rights plan to protect all shareholders' interests.
The new plan aims to ensure fair treatment in case of unsolicited take-over bids or control acquisitions, including protection against 'creeping bids'. It allows Riot Platforms, Inc. to proceed with its nominations and solicit proxies for the upcoming special meeting on October 29, 2024. The plan will be subject to shareholder ratification within six months and is pending TSX acceptance.
Riot Platforms, Inc. (NASDAQ: RIOT) has successfully challenged Bitfarms 's (NASDAQ/TSX: BITF) shareholder rights plan, commonly known as a 'Poison Pill'. The Ontario Capital Markets Tribunal has cease traded the Poison Pill, effectively terminating it immediately. This decision is viewed as a significant victory for shareholder rights.
Riot's CEO, Jason Les, criticized Bitfarms' corporate governance, stating that the Poison Pill adoption was an attempt by Bitfarms' directors to entrench themselves. Riot continues to advocate for the election of its three independent director nominees - John Delaney, Amy Freedman, and Ralph Goehring - at Bitfarms' upcoming Special Meeting of Shareholders on October 29, 2024. Riot believes these nominees will bring fresh perspectives and help repair Bitfarms' governance issues.
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