Key Takeaways
Bitfarms’ purchase of 10% of its floating shares over a 12-month period led to a 26% stock gain. The company maintains its position as the sixth most valuable Bitcoin miner, with $22 million worth of BTC held.
Bitfarms [TSE: BITF], a Bitcoin [BTC] mining company, has announced a corporate share buyback program, with a year-long extension from the 28th of July 2025, to the 27th of July 2026.
The announcement states that the Toronto Stock Exchange (TSE) and possibly the Nasdaq Stock Exchange (NASDAQ) will supervise the program.
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.
Source: TradingView
Following this announcement, Bitfarms’ stock has rallied 26% in the past 48 hours, reaching a five-month high, according to recent charts.
Notably, while analysis shows that the stock has hit a major resistance point, it is likely to attract renewed interest, particularly if there is a resurgence in the Bitcoin market.
Bitcoin could Bitfarms’ potential
Broader market trends show that Bitcoin miners have a long-term outlook. The Miner Supply ratio on CryptoQuant continues to rise, signaling increased reserve accumulation among miners.
At press time, the supply ratio has risen to 0.09093, marking a notable increase. This uptick suggests that miners are adding to their reserves, which has often correlated with profitability.
Moreover, a continued rise in the supply ratio could indicate that miners, including Bitfarms, are profitable. This condition could be particularly beneficial for Bitfarms’ undervalued Bitcoin holdings.
Source: CryptoQuant
