Bitfarms Ltd

Bitfarms Ltd. (NASDAQ: BITF) is a Canada-based global Bitcoin and vertically integrated data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. It develops, owns, and operates vertically integrated mining facilities with in-house management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

Key Business and Financial Updates:

• Strategic Transition and Corporate Direction: Bitfarms continued its transition from an international Bitcoin mining company to a North American energy and digital infrastructure operator during Q3 2025. Management highlighted progress on repositioning the business toward High-Performance Computing (HPC) and AI-driven infrastructure, supported by the completion of a USD 588 million convertible notes offering and redevelopment initiatives at its Washington site. The Company emphasized its intention to build infrastructure compatible with Nvidia’s forthcoming Vera Rubin GPUs—expected to have substantially higher energy density than current-generation hardware—and stated that its broader energy portfolio positions it to develop facilities designed specifically for next-generation AI workloads.
• HPC / AI Infrastructure Build-Out Across Key Sites: Significant advancements were recorded across Bitfarms’ major North American infrastructure projects. The Washington site conversion is underway, targeting completion as early as December 2026 with reference designs validated for GB300 GPUs and modular systems enabling phased scalability. The Company executed a binding USD 128 million agreement covering critical equipment for 18 MW of capacity. At Panther Creek, Bitfarms received positive indications for converting its existing 60 MW ISA to a firm 60 MW ESA, creating a pathway to over 500 MW of potential power. The Company also finalized the acquisition of the Sharon, Pennsylvania property, currently operating 30 MW, with plans to scale it to 110 MW by year-end 2026. Additionally, the Macquarie credit facility was converted into a project-specific financing structure to directly support Panther Creek development.
• Corporate Updates, Governance Actions, and U.S. Reorientation: Several organisational and governance initiatives progressed in the quarter. Jonathan Mir was appointed Chief Financial Officer following the retirement of Jeffrey Lucas, and former AWS executive Wayne Duso joined the Board of Directors. Bitfarms advanced shareholder initiatives, including a share buyback program under which 7.8 million shares had been repurchased at an average price of USD 1.27. The Company also established a second Principal Executive Office in New York City and initiated the transition toward U.S. GAAP reporting as part of a broader plan to redomicile to the United States. Operations in Argentina and Paraguay were discontinued to streamline the shift toward North American HPC/AI infrastructure, resulting in USD 14 million in discontinued-operations revenue and a USD 35 million net loss driven primarily by impairment charges.
• Power Portfolio, Mining Operations, and Financial Performance: Bitfarms’ updated energy portfolio comprised 2.1 GW of power assets across the U.S. and Canada, including 341 MW of active capacity, 440 MW of secured growth capacity, and 1,360 MW under application. The mining fleet operated efficiently at 18 installed Watts/TH. From continuing operations in Q3 2025, the Company reported USD 69 million in revenue, a 156% year-over-year increase. Cash G&A expenses declined to USD 14 million due to reduced professional services, while the operating loss stood at USD 29 million, impacted by USD 9 million in impairment charges and USD 27 million in depreciation. Net loss was USD 46 million, compared to USD 24 million in Q3 2024. Adjusted EBITDA increased to USD 20 million with a margin of 28%, and the Company earned 520 BTC at a Direct Cost per BTC of USD 48,200. As of November 12, 2025, liquidity totaled USD 814 million, consisting of USD 637 million in cash and USD 177 million in unencumbered Bitcoin.
• Capital Markets Activity, Bitcoin Treasury Management, and Operating Metrics: Bitfarms completed several financing and capital markets initiatives, including issuing USD 588 million in convertible notes due 2031 at 1.375% interest and finalizing the 2024 ATM program with cumulative gross proceeds of USD 375 million. The Company continued to actively manage its Bitcoin treasury, selling 185 BTC in Q3 2025 and an additional 100 BTC in October 2025. The introduction of the Bitcoin 2.1 program, which involves selling short- and long-dated call options on treasury BTC and future production, is intended to enhance realized value per Bitcoin and support infrastructure expenditures. Operationally, Bitfarms earned 520 BTC in Q3 from continuing operations, sold 185 BTC, and maintained operating hashrate at 14.8 EH/s with 341 MW of energized capacity. Average revenue per BTC increased to USD 114,300, while Total Cash Cost per BTC was recorded at USD 82,400, reflecting continued cost discipline amid ongoing infrastructure expansion.

Technical Observation (on the daily chart):

• Price Trend, Structure, and Moving Averages: BITF moved in a prolonged downtrend through mid-2025 before rallying sharply in September–October to a high near USD 6.60. After the pullback, the price is now consolidating around USD 3.00–3.30, trading below the 21-day and 50-day moving averages, with the recent MA crossover indicating softer short-term momentum.
• Momentum Indicators and RSI Behaviour: The RSI currently sits near the neutral 50 level, reflecting balanced momentum. It remained weak during the earlier downtrend, surged during the September rally, and has since cooled from elevated levels, indicating no strong directional bias at present.
• Volume Patterns and Market Participation: Volume stayed low during the long consolidation earlier in the year but increased significantly during the late-summer breakout. Although volumes have eased after the October peak, they remain above earlier levels, supporting the view that the stock is now in a phase of post-rally consolidation.

Bitfarms Ltd. (NASDAQ: BITF) is a Canada-based vertically integrated Bitcoin and data-center operator that continued advancing its shift toward North American energy and digital infrastructure in Q3 2025, supported by a USD 588 million convertible notes offering and progress on HPC/AI-focused developments such as the Washington site conversion and large-scale capacity expansions at Panther Creek and Sharon, Pennsylvania. The Company executed key corporate changes—including leadership updates, a share buyback program, a second executive office in New York, and the discontinuation of operations in Argentina and Paraguay—while reporting 2.1 GW of power assets, 341 MW of active capacity, USD 69 million in revenue from continuing operations, USD 46 million in net loss, and total liquidity of USD 814 million. Capital market activities included completing the 2024 ATM program, managing Bitcoin reserves through sales and option-based strategies under the Bitcoin 2.1 program, and maintaining operating hashrate at 14.8 EH/s. Technically, the stock shifted from a prolonged downtrend to a sharp September–October rally before consolidating around USD 3.00–3.30, with the RSI near neutral and volume patterns indicating a stabilization phase following heightened activity during the breakout.

As per the above-mentioned price action, important resistance near USD 3.50-USD 3.70, momentum in the stock over the last month, and technical indicators analysis, a ‘WATCH’ rating has been given for Bitfarms Ltd. (NASDAQ: BITF) at the closing price of USD 3.28, as of December 01, 2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective, and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is December 01, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.