Bitfarms Launches Share Buyback Amid Pivot To AI and HPC Infrastructure
Bitfarms has initiated a share buyback program, allowing the repurchase of up to 49.9 million common shares, representing 10% of its public float, over the next year. The Toronto Stock Exchange has approved this program, which includes repurchases on both the TSX and Nasdaq. The buyback period runs from July 28, 2025, to July 27, 2026, with shares purchased at market price and subsequently canceled to reduce outstanding shares. CEO Ben Gagnon emphasized confidence in the company's value and its transition towards high-performance computing (HPC) and AI data centers. Bitfarms reported a $36 million net loss in Q1 2025, compared to a $6 million loss in Q1 2024, alongside a decline in gross profit margin. The company secured a $300 million credit line for HPC expansion and sold its Paraguay mining site for $85 million. In 2025, Bitfarms mined 693 BTC at an average production cost of $47,800 per BTC.
