Bitfarms (BITF)
Market Price (12/4/2025): $3.07 | Market Cap: $1.7 BilSector: Financials | Industry: Diversified Capital Markets
Bitfarms (BITF)
Market Price (12/4/2025): $3.07Market Cap: $1.7 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -104 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -42% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42% | Stock price has recently run up significantly6M Rtn6 month market price return is 234% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -175% | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Sustainable Energy Sourcing. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% | |
| High stock price volatilityVol 12M is 105% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Sustainable Energy Sourcing. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -104 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -42% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 234% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -175% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| High stock price volatilityVol 12M is 105% |
Valuation, Metrics & Events
BITF Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining why Bitfarms (BITF) stock moved by 132% from approximately August 31, 2025, to December 4, 2025:
1. Strategic Shift to AI/HPC Data Centers: Bitfarms made a significant strategic pivot from Bitcoin mining to high-performance computing (HPC) and Artificial Intelligence (AI) data centers, a move perceived by investors as offering higher margins and less volatility than pure crypto mining. This strategic direction includes plans for converting existing facilities, such as its Washington site, to support HPC/AI workloads and developing large-scale, high-capacity data centers like the Panther Creek campus in Pennsylvania, with over 1 GW potential, aiming for a full transition by 2027. This pivot has been explicitly identified as a primary driver for substantial stock surges.
2. Successful Capital Raises for Expansion: The company secured significant financing to fund its ambitious infrastructure projects. This included an upsized US$500 million convertible senior notes offering in October 2025, demonstrating strong investor confidence. Additionally, Bitfarms obtained a US$300 million project financing facility from Macquarie, specifically earmarked for the development of its Panther Creek HPC/AI data center. These capital infusions are crucial for executing its expansion into the AI and HPC sectors.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BITF Return | - | - | -91% | 561% | -49% | 108% | -39% |
| Peers Return | -1% | 0% | 0% | 0% | 0% | -19% | -19% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| BITF Win Rate | - | 67% | 17% | 67% | 42% | 50% | |
| Peers Win Rate | 2% | 0% | 0% | 0% | 0% | 22% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| BITF Max Drawdown | - | - | -92% | -3% | -49% | -54% | |
| Peers Max Drawdown | -1% | 0% | 0% | 0% | 0% | -19% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABTC, DMNT, FIGR, GEMI, MIAX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | BITF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -95.7% | -25.4% |
| % Gain to Breakeven | 2234.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to ABTC, DMNT, FIGR, GEMI, MIAX
In The Past
Bitfarms's stock fell -95.7% during the 2022 Inflation Shock from a high on 11/9/2021. A -95.7% loss requires a 2234.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to BITF. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Bitfarms
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.76 |
| Mkt Cap | 1.7 |
| Rev LTM | 246 |
| Op Inc LTM | -5 |
| FCF LTM | -212 |
| FCF 3Y Avg | -157 |
| CFO LTM | -65 |
| CFO 3Y Avg | -51 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.6% |
| Rev Chg 3Y Avg | 16.2% |
| Rev Chg Q | 22.9% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Mgn LTM | -42.2% |
| Op Mgn 3Y Avg | -16.1% |
| QoQ Delta Op Mgn LTM | 6.4% |
| CFO/Rev LTM | -34.3% |
| CFO/Rev 3Y Avg | -40.2% |
| FCF/Rev LTM | -87.4% |
| FCF/Rev 3Y Avg | -89.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.7 |
| P/S | 1.9 |
| P/EBIT | -4.9 |
| P/E | -5.4 |
| P/CFO | -2.6 |
| Total Yield | -18.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -60.5% |
| D/E | 0.2 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -24.3% |
| 3M Rtn | -21.9% |
| 6M Rtn | 70.2% |
| 12M Rtn | -18.5% |
| 3Y Rtn | 172.5% |
| 1M Excs Rtn | -24.3% |
| 3M Excs Rtn | -23.7% |
| 6M Excs Rtn | 55.5% |
| 12M Excs Rtn | -37.9% |
| 3Y Excs Rtn | 94.1% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8122025 | 6-K 6/30/2025 |
| 3312025 | 5142025 | 6-K 3/31/2025 |
| 12312024 | 4012025 | 40-F 12/31/2024 |
| 9302024 | 11132024 | 6-K 9/30/2024 |
| 6302024 | 8082024 | 6-K 6/30/2024 |
| 3312024 | 5152024 | 6-K 3/31/2024 |
| 12312023 | 3072024 | 40-F 12/31/2023 |
| 9302023 | 11072023 | 6-K 9/30/2023 |
| 6302023 | 8082023 | 6-K 6/30/2023 |
| 3312023 | 5152023 | 6-K 3/31/2023 |
| 12312022 | 3212023 | 40-F 12/31/2022 |
| 9302022 | 11142022 | 6-K 9/30/2022 |
| 6302022 | 8152022 | 6-K 6/30/2022 |
| 3312022 | 5162022 | 6-K 3/31/2022 |
| 12312021 | 3282022 | 40-F 12/31/2021 |
| 9302021 | 11162021 | 6-K 9/30/2021 |
External Quote Links
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