Bitfarms Announces Corporate Share Buyback Program

Core Viewpoint - Bitfarms Ltd. has announced the initiation of a corporate share buyback program, reflecting the company's confidence in its undervalued shares and growth strategy in high-performance computing [1][3]. Summary by Sections Corporate Actions - The Board of Directors has approved a share buyback program, allowing the company to purchase up to 49,943,031 common shares, which is approximately 10% of the public float [1][2]. Program Details - The buyback program will commence on July 28, 2025, and conclude on July 27, 2026 [2]. - The company will conduct repurchases through the Toronto Stock Exchange (TSX) and/or Nasdaq, with daily limits set to 494,918 shares on TSX, representing 25% of the average daily trading volume [4]. Management Insights - CEO Ben Gagnon emphasized that the shares are undervalued due to the market's underappreciation of the Bitcoin business and the company's high-performance computing potential [3]. - The buyback program is seen as a strategy to leverage the company's strong balance sheet while pursuing growth opportunities in HPC/AI [3]. Financial Considerations - The price paid for repurchased shares will be based on the market price at the time of acquisition [5]. - An automatic repurchase arrangement has been established to facilitate purchases during predetermined blackout periods [6]. Company Overview - Bitfarms, founded in 2017, operates 15 data centers across four countries, focusing on Bitcoin mining and energy infrastructure [7].