Bitcoin mining company Bitfarms has announced a share buyback program, authorizing the repurchase of up to 49.9 million common shares, or 10% of its public float, over the next 12 months.
The Toronto Stock Exchange (TSX) approved the buyback program, and covers repurchases on both the TSX and Nasdaq, according to an announcement on Tuesday. The company’s shares on Nasdaq closed up 16.8%.
The daily purchase limit on TSX is capped at 494,918 shares, or 25% of the average daily trading volume for the past six months. On the Nasdaq, total repurchases cannot exceed 5% of outstanding shares over the program period.
The company will pay market price for the shares during the buyback period, which begins July 28, 2025, and ends July 27, 2026. All shares repurchased will be canceled, reducing the total number of outstanding shares and potentially increasing the value of shares still held by investors.
CEO Ben Gagnon said the move reflects confidence in Bitfarms’ business and signals that its stock is undervalued. He highlighted the company’s push into high-performance computing (HPC) and AI data centers, pointing to Bitfarms’ energy portfolio in Pennsylvania as a growth driver.
Founded in 2017, Bitfarms operates 15 Bitcoin mining data centers across the US, Canada, Argentina, and Paraguay. The company trades under the ticker BITF on both the TSX and Nasdaq.
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Bitfarms rebrands itself as an AI and HPC company
News of the share buyback comes as Bitfarms pivots from a Bitcoin mining company to power AI applications. It is also trying to hedge against potential trade wars by expanding in the United States.
The pivot has become popular for mining companies, which already have the hardware, power and cooling systems needed for HPC, since the 2024 Bitcoin halving reduced profits. In March, a Coin Metrics report noted that Bitcoin miners are increasingly turning to AI data center hosting to boost revenue and make better use of their existing infrastructure.
In a financial report released in the first quarter of 2025, Bitfarms reported a $36 million net loss, compared to a $6 million net loss in Q1 2024. It also reported a gross profit margin decline to 63% from 43% year-over-year, signaling the Bitcoin halving’s effects on miners’ profits.
The report also shared that Bitfarms secured a $300 million credit line from Macquarie to expand an HPC facility in Pennsylvania, and sold its Paraguay mining site to Hive Digital for $85 million.
Gagnon said, “During the quarter, we executed across several key areas in our strategic pivot to the US and HPC.”
In 2025, Bitfarm mined 693 BTC at an average direct cost of production per BTC of $47,800
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