Recommendation: Speculative Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Potential Upside* |
|---|---|---|---|---|---|---|---|
| 9 May, 25 | BITF | Speculative Buy | USD 1.1 | USD 1.18 | USD 1.25 | 3 days | 13.6% |
*Potential Upside (%) indicates the expected percentage increase from the Entry Price to the Target 2 Price.
Data Powered by EOD Historical Data (“EODHD”).
Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada. It also undertakes hosting of third-party mining hardware. The company was formerly known as Bitfarms Technologies Ltd and changed its name to Bitfarms Ltd. in October 2018. The company was founded in 2017 and is based in Toronto, Canada.
Operational Growth: Average operational hashrate rose by 5% month-over-month to 17.2 EHuM, indicating increased mining capacity
Secured Financing: Bitfarms obtained up to $300 million in financing for HPC development, a major capital infusion to support strategic expansion
Treasury Reduction: The company's BTC holdings fell by 135 BTC, declining from 1,140 BTC to 1,005 BTC month-over-month
Bitcoin Production Decline: BTC earned dropped from 280 in March to 268 in April, a 4% decrease
Bitfarms faces significant execution risk in transitioning toward HPC infrastructure, as delays or cost overruns at Panther Creek or failure to secure long-term HPC clients could undermine the anticipated returns on its $300 million financing commitment
| Entry Price | Support* | Target 1 | Target 2 |
|---|---|---|---|
| 1.1 | 0.99 | 1.18 | 1.25 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
Strategic Financing Secured for HPC Development
In April 2025, Bitfarms announced it had secured a significant financing facility of up to $300 million from a division of Macquarie Group, one of the world’s leading infrastructure investors. The funds are designated exclusively for the development of a high-performance computing (HPC) data center at the company's Panther Creek site. According to CEO Ben Gagnon, this location offers optimal characteristics—scale, location, power availability, and fiber connectivity—that are anticipated to attract high-profile HPC clients.
Panther Creek Positioned as a Strategic Growth Driver
Among Bitfarms' three sites in Pennsylvania, Panther Creek stands out for having the shortest energization timeline. The company is actively preparing site map plans, development schedules, and architectural renderings as part of its buildout process. Management believes that this development will not only accelerate infrastructure growth at Panther Creek but also serve as a catalyst for future collaboration with Macquarie Group and further expansion within its property portfolio.
Validation of HPC Opportunity Through Strategic Partnerships
Bitfarms emphasized the validation of its HPC development strategy through comprehensive analyses by strategic partners ASG and WWT, as well as due diligence from Macquarie. These assessments support the company’s belief that Panther Creek holds substantial potential in the fast-growing AI and HPC infrastructure sector. Bitfarms positions itself to become a leading player in the development of large-scale, high-quality HPC data centers.
Focused Capital Allocation Strategy in Mining Operations
Despite the broader focus on HPC infrastructure, Bitfarms remains committed to its Bitcoin mining business. The company reported no immediate plans for large-scale mining hardware purchases in 2025 or 2026, citing recent fleet upgrades. This approach allows the company to concentrate capital and efforts on U.S.-based energy infrastructure and HPC growth, which management believes will yield sustainable shareholder value over time.
April 2025 Operational Metrics and Performance
Bitfarms produced 268 BTC in April, a 4% decline compared to 280 BTC in March. The average operational efficiency in April stood at 16 BTC per average exahash (EH/s), a 6% month-over-month decrease. However, the company reported a 5% increase in average operational hashrate to 17.2 EHuM (exahash under management), with total energized capacity unchanged at 461 MW. Efficiency metrics remained steady at 19 watts per terahash.
Treasury and Revenue Snapshot
As of April 30, 2025, Bitfarms held a treasury of 1,005 BTC, down from 1,140 BTC in the previous month. This represents approximately $94 million based on the prevailing Bitcoin price of $94,000. Daily Bitcoin earnings averaged 8.9 BTC, translating to estimated daily revenue of about $837,000.
BITF's stock price found support at key levels and moved higher, suggesting the potential for a continued uptrend in the near term. The formation of higher lows indicates further upside prospects. The Relative Strength Index (RSI) remains above its midpoint, reflecting strong bullish momentum and an accelerating upward trend. Furthermore, the stock has regained both its 21-day and 50-day Simple Moving Averages, reinforcing the outlook for sustained upward movement in the near future.
As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Bitfarms Ltd. (NASDAQ: BITF) at its current market price of USD 1.10 as of May 9, 2025 (6:50 am PDT)
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BITF Bitfarms Ltd |
-0.0154 1.38% | 1.10 | - | 84.03 | 4.44 | 1.55 | 3.73 | 41.49 |
| MS Morgan Stanley |
-2.17 1.68% | 126.96 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| SCHW Charles Schwab Corp |
-1.24 1.39% | 87.94 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| GS Goldman Sachs Group Inc |
1.61 0.27% | 608.13 | 18.44 | 10.60 | 2.83 | 1.16 | ||
| CIIHY CITIC Securities Co Ltd ADR |
- -% | 25.04 | 15.86 | 7.89 | 0.98 | 1.07 | 10.27 |
Data Powered by EOD Historical Data (“EODHD”).
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.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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