Bitfarms (BITF)
Market Price (11/18/2025): $2.665 | Market Cap: $1.5 BilSector: Financials | Industry: Diversified Capital Markets
Bitfarms (BITF)
Market Price (11/18/2025): $2.665Market Cap: $1.5 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
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42% | 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 16% | 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% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% | Stock price has recently run up significantly6M Rtn6 month market price return is 132% | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Sustainable Energy Sourcing. | 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 -10% | ||
| High stock price volatilityVol 12M is 103% |
| 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 16% |
| 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 132% |
| 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 -10% |
| High stock price volatilityVol 12M is 103% |
Market Valuation & Key Metrics
BITF Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
The public company Bitfarms (BITF) experienced a notable increase in its stock price by approximately 112% during the period from July 31, 2025, to November 18, 2025. This significant movement can be attributed to several key strategic and operational developments:
1. Strategic Pivot to High-Performance Computing (HPC) and Artificial Intelligence (AI) Infrastructure.
Bitfarms actively communicated its strategic shift from primarily Bitcoin mining to developing high-performance computing and artificial intelligence infrastructure. This included significant announcements such as plans to convert its Washington site to support Nvidia GB300s with advanced liquid cooling, targeting completion by December 2026. This repositioning aimed to capitalize on the growing demand for AI computing and was perceived as a move toward more stable and potentially higher-value revenue streams, attracting considerable investor interest in the burgeoning AI sector.
2. Substantial Financing and Enhanced Liquidity.
The company significantly bolstered its financial position by successfully closing a $588 million convertible notes offering. This, combined with existing assets, resulted in a robust total liquidity of approximately $814 million as of November 12, 2025, comprising about $637 million in cash and $177 million in unencumbered Bitcoin. This substantial capital infusion provided the necessary financial flexibility to fund the accelerated development of its HPC/AI infrastructure and North American expansion plans.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BITF Return | - | - | -91% | 561% | -49% | 79% | -47% |
| Peers Return | -1% | 0% | 0% | 0% | -18% | 8% | -12% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| BITF Win Rate | - | 67% | 17% | 67% | 42% | 50% | |
| Peers Win Rate | 2% | 0% | 0% | 0% | 10% | 12% | |
| 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% | -19% | -36% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABTC, FIGR, GEMI, GRAN, GSIW.
[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 11/17/2025 (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, FIGR, GEMI, GRAN, GSIW
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 |
|---|---|---|---|---|---|---|---|
| 10312025 | BRO | Brown & Brown | 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 | 1.2% | 1.2% | -4.2% |
| 10312025 | CPAY | Corpay | 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 | 7.2% | 7.2% | 0.0% |
| 10312025 | EEFT | Euronet Worldwide | 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 | -6.9% | -6.9% | -7.4% |
| 10312025 | GPN | Global Payments | 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 | -4.7% | -4.7% | -4.7% |
| 10102025 | APO | Apollo Asset Management | 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 | 10.5% | 10.5% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | BRO | Brown & Brown | 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 | 1.2% | 1.2% | -4.2% |
| 10312025 | CPAY | Corpay | 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 | 7.2% | 7.2% | 0.0% |
| 10312025 | EEFT | Euronet Worldwide | 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 | -6.9% | -6.9% | -7.4% |
| 10312025 | GPN | Global Payments | 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 | -4.7% | -4.7% | -4.7% |
| 10102025 | APO | Apollo Asset Management | 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 | 10.5% | 10.5% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Bitfarms
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 3.86 |
| Mkt Cap | 1.5 |
| Rev LTM | 246 |
| Op Inc LTM | -104 |
| FCF LTM | -431 |
| FCF 3Y Avg | -329 |
| CFO LTM | -178 |
| CFO 3Y Avg | -150 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 42.2% |
| Rev Chg 3Y Avg | 15.7% |
| Rev Chg Q | 87.3% |
| QoQ Delta Rev Chg LTM | 17.3% |
| Op Mgn LTM | -42.2% |
| Op Mgn 3Y Avg | -33.6% |
| QoQ Delta Op Mgn LTM | 6.4% |
| CFO/Rev LTM | -72.6% |
| CFO/Rev 3Y Avg | -84.4% |
| FCF/Rev LTM | -175.4% |
| FCF/Rev 3Y Avg | -180.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.5 |
| P/S | 6.0 |
| P/EBIT | -15.6 |
| P/E | -17.2 |
| P/CFO | -8.3 |
| Total Yield | -5.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -60.5% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -11.6% |
| 3M Rtn | -14.9% |
| 6M Rtn | 25.1% |
| 12M Rtn | -29.9% |
| 3Y Rtn | 210.4% |
| 1M Excs Rtn | -11.7% |
| 3M Excs Rtn | -17.2% |
| 6M Excs Rtn | 13.2% |
| 12M Excs Rtn | -43.0% |
| 3Y Excs Rtn | 141.7% |
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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| YCharts | Perplexity Finance |
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