Crypto stock crashes after controversial insider sell-off

Core Viewpoint - Bitfarms Ltd. experienced a significant stock decline of over 15%, closing at $2.59 on September 23, following a period of rapid growth in its stock price [1][8]. Company Overview - Bitfarms, founded in 2017, is a Canada-based Bitcoin mining company operating 14 data centers across the Americas [2]. - The company is positioning itself as a key player in the North American energy and compute infrastructure market, with plans to expand its operations into the U.S. [4][5]. Strategic Expansion - CEO Ben Gagnon outlined a multi-year plan to shift over 80% of the firm's megawatt (MW) capacity to the U.S. market during a presentation at H.C. Wainwright's 27th Annual Global Investment Conference [4]. - The firm aims to diversify its energy fleet to support high-performance computing (HPC) and artificial intelligence (AI) sectors, in addition to its core mining operations [5]. Stock Performance - Following a rally that saw the stock rise from $1.3 on September 8 to a peak of $3.6 on September 18, the stock began to decline from September 19 onward [6]. - The stock's decline was exacerbated by insider sales, with an insider selling 45,000 shares on September 18 [7].