Bitfarms (BITF), a global Bitcoin mining company, has unveiled a major corporate shift alongside a share buyback program that targets 10% of its public float. This move reflects growing confidence from company leadership in its long-term value and a broader shift in business strategy.
Bitfarms to Repurchase 49.9 Million Shares Over 12 Months
Bitfarms announced that it will repurchase up to 49.9 million shares, representing 10% of its publicly traded shares, over the next year. The buyback begins July 28, 2025, and will continue through July 27, 2026, with repurchases taking place on both the Toronto Stock Exchange (TSX) and Nasdaq.
All repurchased shares will be canceled, reducing the total number of outstanding shares and potentially increasing shareholder value.
The TSX has approved the buyback, which includes a daily cap of 494,918 shares, or 25% of the average trading volume over the past six months. On Nasdaq, the total repurchases will not exceed 5% of outstanding shares during the program period.
Strategic Shift: From Bitcoin Mining to AI Infrastructure
Alongside the buyback, Bitfarms is also rebranding itself as a key player in the AI and high-performance computing (HPC) sector. According to CEO Ben Gagnon, the company is transitioning to AI data centers, leveraging its energy assets and infrastructure.
“We’re confident in the long-term growth of HPC and AI,” said Gagnon, noting that Bitfarms’ U.S.-based energy resources are a key advantage.”
This move comes in response to the 2024 Bitcoin halving, which significantly reduced mining rewards and narrowed profit margins across the industry. Bitfarms reported a $36 million net loss in Q1 2025, compared to a $6 million loss in Q1 2024. Despite the losses, Bitfarms secured a $300 million credit line from Macquarie to expand its Pennsylvania AI facility and sold its Paraguay site for $85 million to fund the transition.
AI and Data Centers: A New Growth Avenue for Miners
Bitfarms joins a growing number of Bitcoin miners adapting to changing conditions by entering the AI data center market. The company believes it can capitalize on existing infrastructure like cooling systems and power management to support HPC workloads.
This strategic pivot may help Bitfarms hedge against Bitcoin price volatility while accessing new revenue streams in AI and enterprise computing.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.