Streetbeat News

BITF

Bitfarms Ltd.

https://www.bitfarms.com

Industry

Financial - Capital Markets

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada. It also undertakes hosting of third-party mining hardware. The company was founded in 2017 and is headquartered in Toronto, Canada.

Open

2.19

Mkt cap

Volume

41M

High

2.28

P/E Ratio

-5.92

52-wk high

3.91

Low

2.10

Div yield

N/A

52-wk low

1.01

Bitcoin mining stocks, including Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), are falling as Bitcoin's price drops below $56,000. Smaller miners like CleanSpark (CLSK), TeraWulf (WULF), and Bitfarms (BITF) are also affected. Bitcoin's recent decline is linked to movements by Mt. Gox and concerns from analysts about further downside.

Portfolio Pulse from Erica Kollmann

July 05, 2024 | 3:02 pm

Several major stocks, including Bitfarms, TeraWulf, and Applied Digital, are experiencing significant declines in Friday's pre-market session. The declines are largely attributed to a drop in Bitcoin prices and company-specific updates.

Portfolio Pulse from Avi Kapoor

July 05, 2024 | 3:01 pm

Bitfarms Ltd (NASDAQ:BITF) shares are trading higher following a production and operations update for June. The company mined 189 Bitcoin in June, up from 156 in May, due to increased corporate hashrate. Despite some production curtailments, Bitfarms improved its efficiency and expanded its hashrate. The company aims to reach 21 EH/s in 2024 and 35 EH/s by the end of 2025. Additionally, a rise in Bitcoin's price may be contributing to the stock's upward movement.

Portfolio Pulse from Adam Eckert

July 01, 2024 | 3:06 pm

Shares of crypto stocks are trading higher amid a rebound in Bitcoin.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 2:45 pm

Riot Platforms Inc. (NASDAQ:RIOT) is pushing for board changes at Bitfarms Ltd. (NASDAQ:BITF) to facilitate its acquisition of the Bitcoin mining firm. Riot, which owns nearly 15% of Bitfarms, has retracted its $2.30-per-share bid and is now seeking to replace key board members to enable honest negotiations. Bitfarms has been facing governance issues and has implemented a poison pill defense against Riot's bid.

Portfolio Pulse from Murtuza Merchant

June 24, 2024 | 4:53 pm

Riot Platforms, Inc. (NASDAQ:RIOT) has nominated three independent directors to the Bitfarms Ltd. (NASDAQ:BITF) board and withdrawn its previous proposal to acquire Bitfarms for $2.30 per share. Riot, which owns 14.9% of Bitfarms, aims to fix Bitfarms' corporate governance and is open to future transactions with a reconstituted board.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 12:41 pm

Shares of crypto stocks are trading lower after Bitcoin fell below $62,000.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 11:20 am

HC Wainwright & Co. analyst Mike Colonnese has reiterated a Buy rating on Bitfarms (NASDAQ:BITF) and maintained a $4 price target.

Portfolio Pulse from Benzinga Newsdesk

June 17, 2024 | 10:25 am

10x Research highlights significant gains in Bitcoin mining stocks like Bitfarms and Bitdeer but advises cautious optimism due to Bitcoin's failure to break critical resistance levels and challenges in the mining sector. Strategic timing and risk management are recommended.

Portfolio Pulse from Khyathi Dalal

June 14, 2024 | 8:05 pm

Adobe Inc. (NASDAQ:ADBE) shares surged 14.6% in pre-market trading after reporting better-than-expected Q2 earnings and strong guidance. Other notable pre-market movers include FOXO Technologies Inc. (NYSE:FOXO), Chijet Motor Company, Inc. (NASDAQ:CJET), and Nauticus Robotics, Inc. (NASDAQ:KITT) among gainers, and Nexalin Technology, Inc. (NASDAQ:NXL) and Gain Therapeutics, Inc. (NASDAQ:GANX) among losers.

Portfolio Pulse from Avi Kapoor

June 14, 2024 | 12:19 pm

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