The Toronto-based Bitcoin mining firm aims to repurchase nearly 10% of its public float, reflecting confidence in its business amid market challenges.
Bitfarms has initiated a share buyback program to repurchase up to 49.9 million common shares, approximately 10% of its public float, authorized by the Toronto Stock Exchange. The buyback, set to begin on July 28, 2025, aims to enhance shareholder value as the company's shares rose by 16.8% post-announcement. CEO Ben Gagnon emphasized the company's undervaluation and highlighted its focus on high-performance computing (HPC) and AI data centers as growth drivers. The shares repurchased will be canceled, potentially increasing the value of remaining shares.