Bitcoin Mining Company Bitfarms has announced a share repurchase program, allowing up to 49.9 million shares or 10% of public floats over the next 12 months.
The Toronto Stock Exchange (TSX) has approved a buyback program on both TSX and NASDAQ, covering buybacks, according to a announcement Tuesday. NASDAQ’s shares rose 16.8%.
TSX’s daily purchase limit has been limited for the past six months at 494,918 shares, or 25% of the average daily trading volume. Under NASDAQ, total repurchases cannot exceed 5% of the outstanding shares during the programme.
The company will pay the market price of the shares during the buyback period ending July 28, 2025 to July 27, 2026. All shares will be cancelled, reducing the total number of outstanding shares, and could increase the value of the shares still held by investors.
https://www.youtube.com/watch?v=dbyvwy_br7q
CEO Bengagnon said the move reflects Bitfarms’ trust in the business and a signal that its stock is undervalued. He highlighted the company’s push to high-performance computing (HPC) and AI data centers, pointing to the Pennsylvania BitFarms energy portfolio as a growth driver.
Founded in 2017, Bitfarms operates 15 Bitcoin mining data centres throughout the US, Canada, Argentina and Paraguay. The company is trading under the ticker BITF on both TSX and Nasdaq.
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BitFarms rebrands as an AI and HPC company
The stock buyback news is as BitFarms is pivoted to power AI applications from Bitcoin Mining Company. They also seek to oppose a potential trade war by expanding in the US.
Pivot has been popular with mining companies that already have the hardware, power and cooling systems needed by HPC since Bitcoin reduced profits in 2024. In March, a report by Coin Metrics found that Bitcoin miners were increasingly relying on AI data centers to increase revenue and make better use of their existing infrastructure.
In its financial report released in the first quarter of 2025, BitFarms reported a net loss of $36 million compared to a net loss of $6 million in the first quarter of 2024. The decline in total profit margin, which indicates the impact of Bitcoin Harving on miners’ profits, also fell to 63%.
The report also shared that BitFarms secured a $300 million credit line from Macquarie, expanded its Pennsylvania HPC facility, and sold the Paraguay Mining site to Hive Digital for $85 million.
“During the quarter, we ran in several key areas of strategic pivots to the US and HPC.”
In 2025, BitFarm mined 693 BTC at an average direct production cost per BTC for $47,800
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