Tearsheet

Bitfarms (BITF)

Market Price (3/17/2026): $2.26 | Market Cap: $1.3 Bil
Sector: Financials | Industry: Diversified Capital Markets

Bitfarms (BITF)

Market Price (3/17/2026): $2.26
Market Cap: $1.3 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15%	Weak multi-year price returns 2Y Excs Rtn is -36%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -101 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -33%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 88%	Meaningful short interest Short 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 12%	Stock price has recently run up significantly 12M Rtn12 month market price return is 104%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31%		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -112%
3	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Sustainable Energy Sourcing.		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
4			High stock price volatility Vol 12M is 108%
5			Key risks BITF key risks include [1] legal and regulatory scrutiny stemming from a class-action lawsuit and financial restatements and [2] intense competitive pressure from larger, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 88%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31%
3	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Cryptocurrency Mining, and Sustainable Energy Sourcing.
4	Weak multi-year price returns 2Y Excs Rtn is -36%
5	Meaningful short interest Short 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 12%
6	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -101 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -33%
7	Stock price has recently run up significantly 12M Rtn12 month market price return is 104%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -112%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
10	High stock price volatility Vol 12M is 108%
11	Key risks BITF key risks include [1] legal and regulatory scrutiny stemming from a class-action lawsuit and financial restatements and [2] intense competitive pressure from larger, Show more.

Valuation, Metrics & Events

	3/17/26	2025	2024	2023	2022	2021
Share Price CYE	$2.26	$2.35	$1.49	$2.91	$0.44	$5.05
Market Cap CYE ($ Bil)	1.3	1.3	0.7	0.8	0.1	0.8
Total Debt ($ Bil)	0.1	0.1	0.0	0.0	0.1	0.0
Total Cash ($ Bil)	0.3	0.3	0.1	0.1	0.0	0.1
Enterprise Value ($ Bil)	1.1	1.4	0.7	0.8	0.2	0.8
Valuation Ratios
P/S TTM	4.0	4.2	4.0	6.3	0.5	7.0
P/EBIT TTM	-10.3	-10.7	-5.5	111.2	-0.4	35.2
P/E TTM	-9.7	-10.0	-5.1	2,919.7	-0.4	119.1
P/FCF TTM	-3.6	-3.8	-1.3	-4.3	-0.4	-5.2
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	6.9	7.3	8.4	7.2	7.6	6.9
P/E TTM (Sector)	10.8	11.2	11.6	9.8	9.5	10.1
P/FCF TTM (Sector)	8.3	8.7	8.7	7.6	6.4	7.5

	3/17/26	2025	2024
Share Price CYE	$2.26	$2.35	$1.49
Market Cap CYE ($ Bil)	1.3	1.3	0.7
Total Debt ($ Bil)	0.1	0.1	0.0
Total Cash ($ Bil)	0.3	0.3	0.1
Enterprise Value ($ Bil)	1.1	1.4	0.7
Valuation Ratios
P/S TTM	4.0	4.2	4.0
P/EBIT TTM	-10.3	-10.7	-5.5
P/E TTM	-9.7	-10.0	-5.1
P/FCF TTM	-3.6	-3.8	-1.3
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1
P/EBIT TTM (Sector)	6.9	7.3	8.4
P/E TTM (Sector)	10.8	11.2	11.6
P/FCF TTM (Sector)	8.3	8.7	8.7

	BITF	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.3
Rev Chg Q	155.8%	7.3%
Rev Chg LTM	88.4%	6.6%
Rev Chg 3Y Avg	30.3%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.2
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-32.6%	18.7%
CFO/Rev LTM	-63.1%	20.9%
Net Inc Mgn	-41.9%	12.8%
VALUATION	MODERATE
P/S	4.0	3.1
P/CFO	-6.4	15.3
P/FCF	-3.6	20.0
P/E	-9.7	24.2

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Metric	Value	Date	Source
Operating Hashrate	17.7 EH/s	6302025	Link
Bitcoin Mined (Quarterly)	718 BTC	6302025	Link
Fleet Efficiency	19 w/TH	6302025	Link
Bitcoin in Treasury	1,402 BTC	8112025	Link
Operational Capacity	410 MW	6302025	Link
Number of Operating Data Centers	11	11052025	Link

Upcoming
3/26/2026	Earnings Release	Rev: $58 Mil (E) EPS: $-0.04 (E)
5/12/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Bitfarms (BITF) stock has lost about 35% since 11/30/2025 because of the following key factors:

1. Significant Bitcoin Price Correction and ETF Outflows. Bitcoin experienced a substantial decline of approximately 50% from its all-time high of $124,616 in December 2025 to around $69,334 by March 2026. This macroeconomic downturn was exacerbated by cumulative spot Bitcoin ETF outflows totaling $7.8 billion since November 2025, contributing to persistent selling pressure in the cryptocurrency market.

2. Heightened Geopolitical Tensions and Market-Wide Risk Aversion. Geopolitical escalation, particularly the US-Iran military conflict in late February 2026, drove crude oil prices above $110 per barrel and triggered a broad "risk-off" cascade across equities and the crypto market. This general market apprehension reduced investor appetite for riskier assets like Bitcoin mining stocks.

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Stock Movement Drivers

Fundamental Drivers

The -35.1% change in BITF stock from 11/30/2025 to 3/16/2026 was primarily driven by a -35.1% change in the company's P/S Multiple.

(LTM values as of)	11302025	3162026	Change
Stock Price ($)	3.48	2.26	-35.1%
Change Contribution By:
Total Revenues ($ Mil)	311	311	0.0%
P/S Multiple	6.2	4.0	-35.1%
Shares Outstanding (Mil)	557	557	0.0%
Cumulative Contribution			-35.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/16/2026

	Return	Correlation
BITF	-35.1%
Market (SPY)	-2.1%	57.2%
Sector (XLF)	-7.6%	30.6%

Fundamental Drivers

The 68.7% change in BITF stock from 8/31/2025 to 3/16/2026 was primarily driven by a 46.0% change in the company's P/S Multiple.

(LTM values as of)	8312025	3162026	Change
Stock Price ($)	1.34	2.26	68.7%
Change Contribution By:
Total Revenues ($ Mil)	269	311	15.7%
P/S Multiple	2.8	4.0	46.0%
Shares Outstanding (Mil)	556	557	-0.1%
Cumulative Contribution			68.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/16/2026

	Return	Correlation
BITF	68.7%
Market (SPY)	4.0%	46.2%
Sector (XLF)	-8.4%	29.8%

Fundamental Drivers

The 94.8% change in BITF stock from 2/28/2025 to 3/16/2026 was primarily driven by a 88.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282025	3162026	Change
Stock Price ($)	1.16	2.26	94.8%
Change Contribution By:
Total Revenues ($ Mil)	165	311	88.4%
P/S Multiple	3.2	4.0	28.2%
Shares Outstanding (Mil)	449	557	-19.4%
Cumulative Contribution			94.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/16/2026

	Return	Correlation
BITF	94.8%
Market (SPY)	13.6%	46.4%
Sector (XLF)	-4.5%	36.7%

Fundamental Drivers

The 137.9% change in BITF stock from 2/28/2023 to 3/16/2026 was primarily driven by a 253.8% change in the company's P/S Multiple.

(LTM values as of)	2282023	3162026	Change
Stock Price ($)	0.95	2.26	137.9%
Change Contribution By:
Total Revenues ($ Mil)	175	311	77.9%
P/S Multiple	1.1	4.0	253.8%
Shares Outstanding (Mil)	210	557	-62.2%
Cumulative Contribution			137.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/16/2026

	Return	Correlation
BITF	137.9%
Market (SPY)	75.1%	42.9%
Sector (XLF)	44.3%	32.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BITF Return	28%	-91%	561%	-49%	58%	-5%	-43%
Peers Return	36%	0%	13%	84%	-10%	-1%	152%
S&P 500 Return	27%	-19%	24%	23%	16%	-3%	77%
Monthly Win Rates [3]
BITF Win Rate	57%	17%	67%	42%	42%	33%
Peers Win Rate	61%	36%	50%	61%	46%	53%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
BITF Max Drawdown	-23%	-92%	-3%	-49%	-54%	-27%
Peers Max Drawdown	-11%	-19%	-30%	-25%	-31%	-27%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-3%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: BTGO, CD, TW, LPLA, CRCL.
[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] 2026 data is for the year up to 3/16/2026 (YTD)

How Low Can It Go

Unique Key	Event	BITF	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-95.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	2234.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to BTGO, CD, TW, LPLA, CRCL

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

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bitfarms (BITF)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America. 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 founded in 2017 and is headquartered in Toronto, Canada.

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Here are 1-2 brief analogies for Bitfarms:

Think of Bitfarms as a **Newmont Mining** for **Bitcoin**.
It's like a **digital factory** that churns out **Bitcoin**, similar to how **Intel** manufactures microchips.

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```html

Cryptocurrency Mining: Validating transactions on the Bitcoin Blockchain to earn cryptocurrency from block rewards and transaction fees.
Electrician Services: Providing electrician services to commercial and residential customers in Quebec, Canada.
Mining Hardware Hosting: Offering hosting services for third-party cryptocurrency mining hardware.

```

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Bitfarms Ltd.'s primary business activity is the mining of cryptocurrency, primarily validating transactions on the Bitcoin Blockchain. For this core activity, the company earns cryptocurrency from block rewards and transaction fees directly from the blockchain protocol itself. Therefore, it does not have traditional "customers" in the sense of companies or individuals purchasing its mining services directly.

However, Bitfarms does provide additional services that involve direct customers:

Electrician Services: Bitfarms provides electrician services to the following categories of customers in Quebec, Canada:
- Commercial customers (other businesses)
- Residential customers (individuals)
Hosting Services: The company offers hosting for third-party mining hardware. These customers are typically other cryptocurrency miners who own their hardware but utilize Bitfarms' facilities for power and infrastructure. These can be other companies or individual miners.

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Bitfarms' major suppliers include:

Bitmain
MicroBT
Hydro-Québec

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Ben Gagnon Chief Executive Officer & Director

Ben Gagnon was appointed Chief Executive Officer of Bitfarms in July 2024. He joined Bitfarms in 2019 as Director of Business Development, advancing to Director of Mining Operations in 2020, and Chief Mining Officer in 2021. Prior to Bitfarms, he founded and operated multiple Bitcoin mining companies in Asia starting in 2015, where he held roles as CEO, Chief Mining Officer, and Chief Technology Officer. Gagnon is recognized for his strategic leadership in the Bitcoin mining space and for successfully guiding companies through the evolving cryptocurrency landscape, implementing aggressive growth plans. He holds an M.Sc. in Internet Computing from Hong Kong University and a B.Sc. in Economic Consulting and International Business from the Kelley School of Business at Indiana University.

Jonathan Mir Chief Financial Officer

Jonathan Mir was appointed Chief Financial Officer of Bitfarms, effective October 27, 2025, succeeding Jeff Lucas. He brings over 25 years of capital markets experience, specifically in energy infrastructure. Mir previously served as Managing Director for Bank of America's Natural Resources and Energy Transition group and was the Head of North American Power, Energy & Infrastructure at Lazard Inc. His extensive background in public and private equity and debt financings is considered valuable as Bitfarms focuses on financing large-scale data-center developments related to AI and high-density computing.

Liam Wilson Chief Operating Officer

Liam Wilson serves as the Chief Operating Officer for Bitfarms.

Rachel Silverstein General Counsel, Global

Rachel Silverstein is the General Counsel, Global for Bitfarms.

Philippe Fortier Executive Vice President, Corporate Development

Philippe Fortier holds the position of Executive Vice President, Corporate Development at Bitfarms.

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The key risks to Bitfarms' business (symbol: BITF) are:

Bitcoin Price Volatility: Bitfarms' revenue and profitability are highly sensitive to fluctuations in the price of Bitcoin. Significant declines in Bitcoin's spot price can materially reduce the company's realized revenue and impact its implied valuation.
Operational Risks and High Capital Expenditures: The company faces substantial operational risks, including escalating electricity costs and the potential loss of favorable power arrangements, which can increase the cost per Bitcoin mined and squeeze profit margins. Additionally, Bitfarms requires significant capital expenditures for scaling its high-performance computing (HPC) and AI operations, as well as for upgrading and maintaining its mining equipment, which can quickly become obsolete. Delays in expansion or underutilization of capacity can depress margins and extend payback periods, and access to sufficient financing remains a risk.
Regulatory Uncertainty: The cryptocurrency mining industry is subject to evolving regulatory scrutiny and uncertainty. Changes in laws, increased compliance burdens, or potential crackdowns on mining activities in jurisdictions where Bitfarms operates could disrupt operations, increase costs, or negatively impact the company's business model.

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For Bitfarms Ltd. (symbol: BITF), the addressable markets for its main products and services are as follows:

Cryptocurrency Mining (primarily Bitcoin Blockchain validation)

Global Market: The global Bitcoin Miner Market is estimated to be valued at approximately USD 9.25 billion in 2026. This market is projected to reach USD 119.34 billion by 2035, expanding at a compound annual growth rate (CAGR) of 26.7% from 2026 to 2035.
North American Market: North America held 47% of the global Bitcoin Miner Market in 2026. Based on the global market size, the North American addressable market for Bitcoin mining is approximately USD 4.35 billion in 2026.

Electrician Services

Quebec, Canada Market: The addressable market size for the Electricians industry in Quebec, Canada, is estimated at USD 4.6 billion in 2026.

Hosting of Third-Party Mining Hardware

Global Market: The global cryptocurrency mining market, which includes remote hosting services, is valued at USD 8.01 billion in 2026. Within this broader market, "cloud mining services," which encompass hosting, are expected to account for over 60.56% of the market by the next decade. This suggests a global addressable market for hosting services of over USD 4.85 billion in 2026.
North American Market: North America holds a significant share of the global cryptocurrency mining market, with one source indicating 37.69% of the overall market in 2026. Applying this percentage to the global cryptocurrency mining market in 2026, and considering that hosting services constitute over 60.56% of this market, the North American addressable market for hosting services would be over USD 1.82 billion in 2026.

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Here are 3-5 expected drivers of future revenue growth for Bitfarms (BITF) over the next 2-3 years:

1. Expansion into High-Performance Computing (HPC) and AI Infrastructure: Bitfarms is strategically pivoting towards developing high-performance computing and AI infrastructure. This involves converting existing Bitcoin mining facilities, such as its Washington site, into liquid-cooled GPU facilities designed to support advanced AI workloads using hardware like Nvidia's GB300s. The company anticipates that this new service offering could potentially generate more net operating income than its traditional Bitcoin mining operations.

2. Increased Bitcoin Mining Hashrate and Operational Efficiency: Bitfarms plans to significantly increase its hash rate, which is the total computational power used for mining Bitcoin. For example, the company aimed to increase its hash rate to 21 exahash by the end of 2024, representing a 223% increase from previous levels. Concurrently, Bitfarms is focused on improving its energy efficiency, targeting a 40% improvement from 35 to 21 watts per terahash. These improvements will enable the company to mine more Bitcoin, thereby directly contributing to revenue growth, assuming a stable or favorable Bitcoin price.

3. Growth of Energy Capacity and Strategic Geographic Expansion: The company is expanding its total energy capacity, with plans to increase it significantly (e.g., nearly 80% from 240 megawatts to 428 megawatts in 2024). Bitfarms is also making a strategic shift in its geographic focus, concentrating primarily on North American operations, particularly in the United States. This expansion includes acquisitions, such as that of Stronghold Digital Mining, and securing a substantial multi-year energy pipeline of over 1.4 GW, with approximately 80% located in the U.S. This expanded and geographically rebalanced infrastructure will support both increased Bitcoin mining and the new HPC/AI ventures.

4. Favorable Bitcoin Price Appreciation: As a cryptocurrency mining company, Bitfarms' revenue is inherently tied to the price of Bitcoin. Analyst forecasts for Bitfarms' revenue growth often correlate tightly with expectations for Bitcoin's price, especially in the periods following halving events. An appreciation in the value of Bitcoin directly increases the revenue generated from the Bitcoins mined.

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Capital Allocation Decisions for Bitfarms (BITF)

Share Repurchases

    Bitfarms announced a corporate share buyback program on July 22, 2025, effective from July 28, 2025, to July 27, 2026.
    Under this program, the company is authorized to purchase up to 49,943,031 common shares, representing up to 10% of its public float.
    As of November 13, 2025, Bitfarms had purchased 7.8 million shares at an average price of $1.27, for a total of approximately $10 million.


Share Issuance

    Bitfarms raised $50 million in net proceeds during the fourth quarter of 2024, bringing the total net proceeds to $314 million through March 26, 2025, under its 2024 at-the-market (ATM) equity offering program.
    The company established an ATM program on March 8, 2024, with the discretion to sell up to $375 million in common shares, primarily intending to use the proceeds for capital expenditures.
    Approximately 59.87 million shares were issued as part of the Stronghold Digital Mining buyout by March 26, 2025.


Inbound Investments

    Bitfarms secured two strategic partners, ASG and World Wide Technology, to advance its High-Performance Computing (HPC)/AI business.
    The company successfully closed a $588 million convertible notes offering by November 13, 2025.
    Bitfarms secured up to $300 million in financing from Macquarie Group to support the development of its Panther Creek campus, which was later converted to a convertible note facility.


Outbound Investments

    Bitfarms completed the acquisition of Stronghold Digital Mining, Inc. by March 27, 2025, marking it as the largest M&A deal between two public miners in the industry.
    The company completed the sale of its 200 MW Yguazu data center in Paraguay to HIVE Digital Technologies by March 27, 2025.
    Bitfarms entered into a definitive share purchase agreement to sell its 70 MW site in Paso Pe, Paraguay, for up to $30 million, with the transaction expected to close in the first quarter of 2026.


Capital Expenditures

    A portion of the proceeds from Bitcoin sales in the fourth quarter of 2024 and early 2025 was allocated towards capital expenditures to support the company's growth and efficiency improvement objectives.
    Bitfarms' identified capital expenditure requirements for 2025 were anticipated to be 20% lower than previously planned, with a strategic shift to developing U.S. energy and HPC infrastructure over large miner purchases.
    The company committed $128 million to supply critical IT equipment and building materials for 18 MW of gross capacity for the conversion of its Washington site to HPC/AI workloads, targeting completion by December 2026.

Interactive Breakdown

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Better Bets vs. Bitfarms (BITF)

INDUSTRY: Diversified Capital Markets

Higher Rev Chg 3Y Avg | Lower P/S (Values for BITF: 30.3% | 4.0x)

BTBT (75.1% | 3.3x)

Bit Digital

HIVE (36.6% | 2.0x)

HIVE Digital Technologies

CANG (541.0% | 0.4x)

Cango

DEFT (137.6% | 2.5x)

DeFi Technologies

COHN (53.5% | 0.2x)

Cohen

Higher Rev Chg LTM (Value for BITF: 88.4%)

CANG (1736.7%)

Cango

FLD (1624.7%)

Fold

BTCS (464.1%)

BTCS

SBET (239.0%)

Sharplink

HIVE (112.5%)

HIVE Digital Technologies

Higher Rev Chg 3Y Avg (Value for BITF: 30.3%)

CRCL (397.5%)

Circle Internet

HUT (226.2%)

Hut 8

WULF (159.6%)

TeraWulf

BMNR (152.7%)

BitMine Immersion Technologies

RIOT (38.1%)

Riot Platforms

Higher Op Mgn LTM (Value for BITF: -32.6%)

TW (41.2%)

Tradeweb Markets

LAZ (12.0%)

Lazard

LPLA (9.1%)

LPL Financial

GLXY (1.8%)

Galaxy Digital

CRCL (-3.3%)

Circle Internet

Higher CFO/Rev LTM (Value for BITF: -63.1%)

XP (245.1%)

TW (56.9%)

Tradeweb Markets

CRCL (19.7%)

Circle Internet

GLXY (-0.7%)

Galaxy Digital

LPLA (-2.4%)

LPL Financial

Higher FCF/Rev LTM (Value for BITF: -111.5%)

XP (239.3%)

TW (51.9%)

Tradeweb Markets

CRCL (17.7%)

Circle Internet

GLXY (-2.3%)

Galaxy Digital

LPLA (-5.8%)

LPL Financial

Higher Total Yield (Value for BITF: -10.4%)

XP (70.2%)

LPLA (4.2%)

LPL Financial

TW (3.5%)

Tradeweb Markets

CD (-0.1%)

Chaince Digital

CRCL (-0.2%)

Circle Internet

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for BITF: 30.3% | 4.0x)

KKR (65.2% | 4.0x)

KKR

APO (66.8% | 1.9x)

Apollo Global Management

MFC (33.3% | 1.1x)

Manulife Financial

SLF (322.2% | 0.9x)

Sun Life Financial

IBKR (38.4% | 3.0x)

Interactive Brokers

Higher Rev Chg LTM (Value for BITF: 88.4%)

DX (147.4%)

Dynex Capital

BANC (127.5%)

Banc of California

OTF (120.5%)

Blue Owl Technology Finance

JXN (110.6%)

Jackson Financial

NLY (90.4%)

Annaly Capital Management

Higher Rev Chg 3Y Avg (Value for BITF: 30.3%)

APO (66.8%)

Apollo Global Management

KKR (65.2%)

KKR

NU (62.1%)

HOOD (49.0%)

Robinhood Markets

MFC (33.3%)

Manulife Financial

Higher Op Mgn LTM (Value for BITF: -32.6%)

V (67.0%)

Visa

MA (59.5%)

Mastercard

SPGI (40.3%)

S&P Global

BLK (32.7%)

BlackRock

BN (24.1%)

Brookfield

Higher CFO/Rev LTM (Value for BITF: -63.1%)

V (59.1%)

Visa

MA (53.8%)

Mastercard

BRK-B (11.2%)

Berkshire Hathaway

BAC (11.2%)

Bank of America

MS (-27.1%)

Morgan Stanley

Higher FCF/Rev LTM (Value for BITF: -111.5%)

V (55.4%)

Visa

MA (50.1%)

Mastercard

BAC (11.2%)

Bank of America

BRK-B (6.1%)

Berkshire Hathaway

JPM (-81.0%)

JPMorgan Chase

Higher Total Yield (Value for BITF: -10.4%)

BAC (8.8%)

Bank of America

JPM (7.3%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

V (4.1%)

Visa

MA (3.3%)

Mastercard

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BITF: 30.3% | 4.0x)

MELI (38.9% | 3.0x)

MercadoLibre

LVS (58.8% | 2.8x)

Las Vegas Sands

CCL (33.2% | 1.2x)

Carnival

EXE (37.0% | 2.1x)

Expand Energy

SW (55.1% | 0.7x)

Smurfit WestRock

Higher Rev Chg LTM (Value for BITF: 88.4%)

ASTS (1505.2%)

AST SpaceMobile

EXE (188.8%)

Expand Energy

VG (176.9%)

Venture Global

CRWV (167.9%)

CoreWeave

DLTR (156.4%)

Dollar Tree

Higher Rev Chg 3Y Avg (Value for BITF: 30.3%)

NVDA (101.8%)

NVIDIA

APP (40.7%)

AppLovin

MELI (38.9%)

MercadoLibre

PLTR (33.9%)

Palantir Technologies

LLY (32.1%)

Eli Lilly

Higher Op Mgn LTM (Value for BITF: -32.6%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for BITF: -63.1%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for BITF: -111.5%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for BITF: -10.4%)

MSFT (4.9%)

Microsoft

GOOGL (3.9%)

Alphabet

AAPL (3.6%)

Apple

AMZN (3.4%)

Amazon.com

NVDA (2.7%)

NVIDIA

Best Bets in Financials

What You Pay

P/EBIT (Value for BITF: -10.3x)

FG (5.9x)

F&G Annuities & Life

MTG (6.0x)

MGIC Investment

CME (20.5x)

CME

KNSL (12.8x)

Kinsale Capital

NMIH (5.4x)

NMI

ENVA (8.2x)

Enova International

TW (22.5x)

Tradeweb Markets

FNF (7.8x)

Fidelity National Financial

MA (23.6x)

Mastercard

OWL (11.6x)

Blue Owl Capital

P/E (Value for BITF: -9.7x)

FG (10.8x)

F&G Annuities & Life

MTG (7.9x)

MGIC Investment

CME (27.7x)

CME

KNSL (16.4x)

Kinsale Capital

NMIH (7.4x)

NMI

ENVA (10.8x)

Enova International

TW (32.5x)

Tradeweb Markets

FNF (21.3x)

Fidelity National Financial

MA (30.4x)

Mastercard

OWL (75.1x)

Blue Owl Capital

What You Get

Rev Chg 3Y Avg (Value for BITF: 30.3%)

FG (39.3%)

F&G Annuities & Life

MTG (1.2%)

MGIC Investment

CME (9.1%)

CME

KNSL (31.5%)

Kinsale Capital

NMIH (10.5%)

NMI

ENVA (22.0%)

Enova International

TW (20.2%)

Tradeweb Markets

FNF (7.5%)

Fidelity National Financial

MA (13.8%)

Mastercard

OWL (28.0%)

Blue Owl Capital

Rev Chg LTM (Value for BITF: 88.4%)

FG (0.1%)

F&G Annuities & Life

MTG (0.5%)

MGIC Investment

CME (6.4%)

CME

KNSL (18.0%)

Kinsale Capital

NMIH (8.5%)

NMI

ENVA (18.6%)

Enova International

TW (18.9%)

Tradeweb Markets

FNF (5.9%)

Fidelity National Financial

MA (16.4%)

Mastercard

OWL (25.0%)

Blue Owl Capital

Rev Chg Q (Value for BITF: 155.8%)

FG (13.5%)

F&G Annuities & Life

MTG (-0.9%)

MGIC Investment

CME (8.1%)

CME

KNSL (17.3%)

Kinsale Capital

NMIH (8.5%)

NMI

ENVA (15.1%)

Enova International

TW (12.5%)

Tradeweb Markets

FNF (12.0%)

Fidelity National Financial

MA (17.6%)

Mastercard

OWL (19.7%)

Blue Owl Capital

FCF/Rev 3Y Avg (Value for BITF: -187.4%)

FG (110.7%)

F&G Annuities & Life

MTG (63.9%)

MGIC Investment

CME (61.2%)

CME

KNSL (60.8%)

Kinsale Capital

NMIH (58.5%)

NMI

ENVA (55.1%)

Enova International

TW (50.0%)

Tradeweb Markets

FNF (48.4%)

Fidelity National Financial

MA (47.2%)

Mastercard

OWL (44.5%)

Blue Owl Capital

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Bitfarms Stock Drop Looks Sharp, But How Deep Can It Go?	10/17/2025
2	Day 10 of Gains Streak for Bitfarms Stock with 131% Return (vs. 334% YTD) [10/15/2025]	10/16/2025
3	Day 9 of Gains Streak for Bitfarms Stock with 110% Return (vs. 295% YTD) [10/14/2025]	10/15/2025
4	Day 8 of Gains Streak for Bitfarms Stock with 93% Return (vs. 262% YTD) [10/13/2025]	10/14/2025
5	Day 7 of Gains Streak for Bitfarms Stock with 50% Return (vs. 182% YTD) [10/10/2025]	10/11/2025
6	Day 8 of Gains Streak for Bitfarms Stock with 150% Return (vs. 115% YTD) [9/18/2025]	09/19/2025
7	Day 7 of Gains Streak for Bitfarms Stock with 138% Return (vs. 105% YTD) [9/17/2025]	09/18/2025
8	Day 6 of Gains Streak for Bitfarms Stock with 126% Return (vs. 94% YTD) [9/16/2025]	09/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BITF.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K	02282026	NDAQ	Nasdaq	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JEF_2272026_Dip_Buyer_ValueBuy	02272026	JEF	Jefferies Financial	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02272026	PAYO	Payoneer Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02272026	FOUR	Shift4 Payments	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.6%	2.6%	-6.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CTMX	CytomX Therapeutics	1.1	44.2%	58.5%
DSGR	Distribution Solutions	1.2	35.0%	-4.8%
NSA	National Storage Affiliates Trust	3.1	30.0%	45.3%
UAMY	United States Antimony	1.4	19.1%	118.7%
BIOA	Bioage Labs	0.8	15.1%	62.9%
BMNR	BitMine Immersion Technologies	7.6	13.9%	-13.8%
BCRX	BioCryst Pharmaceuticals	2.0	13.1%	19.2%
OLMA	Olema Pharmaceuticals	1.4	12.8%	-33.6%
RHLD	Resolute Management	1.1	12.0%	-39.7%
WULF	TeraWulf	6.6	11.9%	42.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BETR	Better Home & Finance	0.4	-16.7%	-11.9%
TXG	10x Genomics	2.1	-11.2%	2.3%
URG	Ur-Energy	0.5	-10.0%	3.6%
FSLY	Fastly	3.4	-7.3%	123.9%
HNRG	Hallador Energy	0.7	-6.6%	-16.1%
WOOF	Petco Health and Wellness	1.0	-6.4%	20.6%
NTR	Nutrien	37.8	-6.1%	26.0%
OCGN	Ocugen	0.7	-6.0%	72.6%
DJCO	Daily Journal	0.6	-5.9%	-4.2%
BBW	Build-A-Bear Workshop	0.5	-5.9%	-37.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LWLG	Lightwave Logic	1.0	76.8%	135.2%
WOOF	Petco Health and Wellness	1.0	45.5%	20.6%
OCGN	Ocugen	0.7	40.4%	72.6%
CTMX	CytomX Therapeutics	1.1	34.2%	58.5%
BLDP	Ballard Power Systems	0.8	27.1%	-0.4%
AXTI	AXT	2.1	25.5%	196.0%
NVTS	Navitas Semiconductor	2.2	25.2%	46.9%
DOCN	DigitalOcean	6.6	25.2%	49.6%
ORKA	Oruka Therapeutics	1.8	24.1%	37.7%
DSGR	Distribution Solutions	1.2	21.4%	-4.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RHLD	Resolute Management	1.1	-27.4%	-39.7%
FWRD	Forward Air	0.5	-27.1%	-35.8%
IOVA	Iovance Biotherapeutics	1.5	-25.3%	48.0%
CDRE	Cadre	1.3	-25.3%	-19.3%
BETA	BETA Technologies	3.7	-21.9%	-40.3%
NTSK	Netskope	2.4	-21.4%	-44.9%
TXG	10x Genomics	2.1	-20.2%	2.3%
PAR	PAR Technology	0.6	-19.9%	-59.6%
CNC	Centene	17.1	-19.8%	-15.5%
BETR	Better Home & Finance	0.4	-19.6%	-11.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LWLG	Lightwave Logic	1.0	128.8%	135.2%
CRCL	Circle Internet	28.9	122.2%	58.7%
AAOI	Applied Optoelectronics	6.0	113.8%	169.9%
SOC	Sable Offshore	1.6	95.8%	78.8%
AXTI	AXT	2.1	95.2%	196.0%
DAWN	Day One Biopharmaceuticals	2.2	94.2%	129.2%
AMPX	Amprius Technologies	2.4	83.4%	136.9%
ACLX	Arcellx	6.5	66.8%	75.6%
OCGN	Ocugen	0.7	65.2%	72.6%
DNTH	Dianthus Therapeutics	2.9	64.3%	89.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GRAL	GRAIL	1.7	-52.3%	-46.5%
MNKD	MannKind	0.8	-50.8%	-51.1%
EOSE	Eos Energy Enterprises	1.5	-48.5%	-51.5%
CWH	Camping World	0.4	-45.7%	-35.7%
VITL	Vital Farms	0.7	-41.5%	-49.2%
FWRD	Forward Air	0.5	-40.8%	-35.8%
GO	Grocery Outlet	0.6	-40.0%	-40.1%
MATV	Mativ	0.5	-39.6%	-27.8%
ULCC	Frontier	0.7	-38.2%	-31.2%
ARRY	Array Technologies	1.0	-37.7%	-27.8%

Peer Comparisons

Peers to compare with:

Financials

	BITF	BTGO	CD	TW	LPLA	CRCL	Median
Name	Bitfarms	BitGo	Chaince .	Tradeweb.	LPL Fina.	Circle I.
Mkt Price	2.26	10.51	4.60	124.01	284.05	125.83	67.26
Mkt Cap	1.3	-	22.8	26.4	22.7	29.9	22.8
Rev LTM	311	-	1	2,052	16,989	2,747	2,052
Op Inc LTM	-101	-	-12	845	1,553	-91	-12
FCF LTM	-347	-	-	1,065	-982	486	69
FCF 3Y Avg	-345	-	-	853	-386	235	-55
CFO LTM	-196	-	-	1,168	-411	542	173
CFO 3Y Avg	-175	-	-	937	126	272	199

Growth & Margins

	BITF	BTGO	CD	TW	LPLA	CRCL	Median
Name	Bitfarms	BitGo	Chaince .	Tradeweb.	LPL Fina.	Circle I.
Rev Chg LTM	88.4%	-	-46.9%	18.9%	37.2%	63.9%	37.2%
Rev Chg 3Y Avg	30.3%	-	-51.0%	20.2%	25.8%	397.5%	25.8%
Rev Chg Q	155.8%	-	2,263.4%	12.5%	40.4%	76.9%	76.9%
QoQ Delta Rev Chg LTM	15.7%	-	1,381.5%	2.9%	9.1%	13.9%	13.9%
Op Mgn LTM	-32.6%	-	-1,650.6%	41.2%	9.1%	-3.3%	-3.3%
Op Mgn 3Y Avg	-46.0%	-	-	39.3%	12.9%	-24.2%	-5.6%
QoQ Delta Op Mgn LTM	7.9%	-	15,837.3%	0.5%	-0.3%	2.9%	2.9%
CFO/Rev LTM	-63.1%	-	-	56.9%	-2.4%	19.7%	8.7%
CFO/Rev 3Y Avg	-94.3%	-	-	54.9%	1.6%	0.1%	0.9%
FCF/Rev LTM	-111.5%	-	-	51.9%	-5.8%	17.7%	6.0%
FCF/Rev 3Y Avg	-187.4%	-	-	50.0%	-2.3%	-4.5%	-3.4%

Valuation

	BITF	BTGO	CD	TW	LPLA	CRCL	Median
Name	Bitfarms	BitGo	Chaince .	Tradeweb.	LPL Fina.	Circle I.
Mkt Cap	1.3	-	22.8	26.4	22.7	29.9	22.8
P/S	4.0	-	30,576.8	12.9	1.3	10.9	10.9
P/EBIT	-10.3	-	-1,852.5	22.5	14.6	-294.0	-10.3
P/E	-9.7	-	-1,051.7	32.5	26.4	-430.0	-9.7
P/CFO	-6.4	-	-	22.6	-55.3	55.1	8.1
Total Yield	-10.4%	-	-0.1%	3.5%	4.2%	-0.2%	-0.1%
Dividend Yield	0.0%	-	0.0%	0.4%	0.4%	0.0%	0.0%
FCF Yield 3Y Avg	-41.7%	-	-	3.7%	-1.3%	-	-1.3%
D/E	0.1	-	0.0	0.0	0.3	0.0	0.0
Net D/E	-0.1	-	-0.0	-0.1	0.3	-0.0	-0.0

Returns

	BITF	BTGO	CD	TW	LPLA	CRCL	Median
Name	Bitfarms	BitGo	Chaince .	Tradeweb.	LPL Fina.	Circle I.
1M Rtn	5.6%	-2.3%	-7.6%	9.5%	-15.1%	109.6%	1.6%
3M Rtn	-10.7%	-43.2%	-28.8%	19.1%	-23.9%	66.8%	-17.3%
6M Rtn	-8.9%	-43.2%	-42.7%	6.4%	-15.5%	-6.1%	-12.2%
12M Rtn	103.6%	-43.2%	-11.2%	-8.3%	-11.5%	51.2%	-9.8%
3Y Rtn	156.8%	-43.2%	351.0%	65.2%	47.3%	51.2%	58.2%
1M Excs Rtn	11.1%	5.5%	-8.7%	9.0%	-11.9%	124.1%	7.2%
3M Excs Rtn	-20.2%	-40.2%	-36.3%	17.9%	-23.7%	45.0%	-22.0%
6M Excs Rtn	-0.4%	-44.9%	-43.2%	3.7%	-20.6%	-1.3%	-11.0%
12M Excs Rtn	86.0%	-64.5%	-26.7%	-28.2%	-29.1%	29.9%	-27.4%
3Y Excs Rtn	146.0%	-114.1%	135.7%	6.6%	-52.1%	-19.8%	-6.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/13/2025	4/1/2025	3/7/2024	3/21/2023	3/28/2022	3/25/2021	4/29/2020
Key Financials
Total Revenue	311	193	146	142	169	35	32
Net Income	-130	-54	-109	-176	22	-16	3
EPS	-0.23	-0.13	-0.42	-0.85	0.14	-0.19	0.04
Growth Rates
Total Revenue Growth	88.4%	31.8%	2.8%	-16.0%	388.4%	7.0%	-4.1%
Net Income Growth	0.7%	50.4%	38.0%	-893.7%	235.9%	-661.9%	131.0%
Margins
Net Income Margin	-41.9%	-28.0%	-74.4%	-123.3%	13.1%	-46.9%	8.9%
Cash & Debt
Total Cash	258	147	116	35	192	6	2
Total Debt	74	23	20	65	85	28	22
Net Debt / (Cash)	-185	-123	-96	30	-107	22	20
Cash Flows
Net Cash from Operations	-196	-141	-106	-122	-43	7	6
Free Cash from Operations	-347	-480	-177	-317	-237	3	-18
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/13/2025	8/12/2025	5/14/2025	4/1/2025	11/13/2024	8/8/2024	5/15/2024	3/7/2024	11/7/2023	8/8/2023	5/15/2023	3/21/2023
Key Financials Quarterly
Total Revenue	69	78	67	97	27	42	50	46	35	35	30	27
Net Income	-81	-29	-36	15	-37	-27	-6	-62	-17	-26	-4	47
EPS	-0.15	-0.05	-0.07	0.04	-0.08	-0.07	-0.02	-0.23	-0.06	-0.11	-0.02	-0.08
Key Financials TTM
Total Revenue TTM	311	269	233	216	165	173	167	146	127	126	132	142
Net Income TTM	-130	-86	-84	-54	-131	-111	-111	-108	0	-68	-184	-176
Growth Rates Quarterly
Total Revenue Growth	155.8%	87.3%	32.9%	110.5%	-21.7%	17.1%	67.4%	71.0%	4.1%	-15.2%	-25.5%	-54.6%
Net Income Growth	-120.4%	-8.4%	-499.9%	124.4%	-122.0%	-2.0%	-61.6%	-233.2%	80.5%	81.6%	-181.9%	381.2%
Margins Quarterly
Net Income Margin	-116.6%	-37.1%	-53.7%	15.6%	-135.4%	-64.0%	-11.9%	-134.2%	-47.7%	-73.5%	-12.3%	172.2%
Cash & Debt
Total Cash	258	144	133	147	146	195	124	116	64	45	40	35
Total Debt	74	75	26	23	24	16	16	20	26	32	38	65
Net Debt / (Cash)	-185	-70	-107	-123	-122	-180	-108	-96	-37	-14	-2	30
Cash Flows Quarterly
FCF from Operations	-60	-75	-19	-43	-42	-24	-31	-116	8	1	1	-126
Cash Flows TTM
FCF from Operations TTM	-196	-178	-128	-141	-213	-164	-138	-106	-116	-108	-81	-122
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-8.6%	-8.5%	-9.0%	-2.3%	-14.7%	-16.4%	-8.4%	-13.0%	-14.6%	-12.1%	-12.7%	-8.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-10.1%	-9.7%	-11.2%	-10.8%	-12.0%	-13.3%	-13.0%	-13.9%	-7.3%	-2.1%	-12.5%	-9.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Cryptocurrency Mining	146	142	169	35
Backbone					29
Volta					3
Total	146	142	169	35	32

Price Behavior

Price Behavior

Market Price	$2.26
Market Cap ($ Bil)	1.3
First Trading Date	06/21/2021
Distance from 52W High	-65.1%
	50 Days	200 Days
DMA Price	$2.39	$2.28
DMA Trend	up	down
Distance from DMA	-5.5%	-1.0%
	3M	1YR
Volatility	101.2%	108.9%
Downside Capture	499.47	361.27
Upside Capture	495.37	373.18
Correlation (SPY)	59.9%	45.5%

BITF Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	7.18	5.66	5.41	4.97	2.60	2.83
Up Beta	13.99	8.65	9.10	6.82	2.24	2.76
Down Beta	2.92	4.64	4.11	4.02	1.79	2.18
Up Capture	672%	597%	416%	1280%	2115%	22706%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	9	18	23	53	114	327
Down Capture	570%	442%	447%	285%	168%	113%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	12	22	36	66	124	393

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BITF
BITF	103.9%	108.7%	1.14	-
Sector ETF (XLF)	5.1%	19.3%	0.13	37.2%
Equity (SPY)	22.5%	18.9%	0.94	45.5%
Gold (GLD)	68.7%	26.2%	1.98	17.6%
Commodities (DBC)	19.7%	17.3%	0.91	23.3%
Real Estate (VNQ)	9.3%	16.2%	0.37	26.2%
Bitcoin (BTCUSD)	-9.2%	44.2%	-0.09	53.0%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BITF
BITF	-11.0%	105.2%	0.36	-
Sector ETF (XLF)	9.6%	18.7%	0.40	36.7%
Equity (SPY)	13.1%	17.0%	0.60	46.8%
Gold (GLD)	23.6%	17.2%	1.12	13.0%
Commodities (DBC)	11.2%	19.0%	0.47	13.2%
Real Estate (VNQ)	4.9%	18.8%	0.16	29.4%
Bitcoin (BTCUSD)	6.1%	56.7%	0.33	58.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BITF
BITF	-5.6%	105.2%	0.36	-
Sector ETF (XLF)	12.6%	22.2%	0.52	36.7%
Equity (SPY)	14.7%	17.9%	0.70	46.8%
Gold (GLD)	14.4%	15.6%	0.76	13.0%
Commodities (DBC)	8.4%	17.6%	0.39	13.2%
Real Estate (VNQ)	5.6%	20.7%	0.24	29.4%
Bitcoin (BTCUSD)	67.9%	66.8%	1.07	58.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	65.7 Mil
Short Interest: % Change Since 2152026	2.8%
Average Daily Volume	23.0 Mil
Days-to-Cover Short Interest	2.8 days
Basic Shares Quantity	556.5 Mil
Short % of Basic Shares	11.8%

Returns Analyses

	Title
0	Bitfarms Stock Drop Looks Sharp, But How Deep Can It Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/13/2025	6-K
06/30/2025	08/12/2025	6-K
03/31/2025	05/14/2025	6-K
12/31/2024	04/01/2025	40-F
09/30/2024	11/13/2024	6-K
06/30/2024	08/08/2024	6-K
03/31/2024	05/15/2024	6-K
12/31/2023	03/07/2024	40-F
09/30/2023	11/07/2023	6-K
06/30/2023	08/08/2023	6-K
03/31/2023	05/15/2023	6-K
12/31/2022	03/21/2023	40-F
09/30/2022	11/14/2022	6-K
06/30/2022	08/15/2022	6-K
03/31/2022	05/16/2022	6-K
12/31/2021	03/28/2022	40-F

Insider Activity

Expand for Morenull

BITF Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing BITF?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What BITF Makes & Who Pays

TTM figures based on

BITF Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Bitfarms (BITF)

Market Price (3/17/2026): $2.26 | Market Cap: $1.3 BilSector: Financials | Industry: Diversified Capital Markets

Bitfarms (BITF)

Market Price (3/17/2026): $2.26Market Cap: $1.3 BilSector: FinancialsIndustry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Bitfarms (BITF)

Cryptocurrency Mining (primarily Bitcoin Blockchain validation)

Electrician Services

Hosting of Third-Party Mining Hardware

Capital Allocation Decisions for Bitfarms (BITF)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Bitfarms (BITF)

INDUSTRY: Diversified Capital Markets

Higher Rev Chg 3Y Avg | Lower P/S (Values for BITF: 30.3% | 4.0x)

Higher Rev Chg LTM (Value for BITF: 88.4%)

Higher Rev Chg 3Y Avg (Value for BITF: 30.3%)

Higher Op Mgn LTM (Value for BITF: -32.6%)

Higher CFO/Rev LTM (Value for BITF: -63.1%)

Higher FCF/Rev LTM (Value for BITF: -111.5%)

Higher Total Yield (Value for BITF: -10.4%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for BITF: 30.3% | 4.0x)

Higher Rev Chg LTM (Value for BITF: 88.4%)

Higher Rev Chg 3Y Avg (Value for BITF: 30.3%)

Higher Op Mgn LTM (Value for BITF: -32.6%)

Higher CFO/Rev LTM (Value for BITF: -63.1%)

Higher FCF/Rev LTM (Value for BITF: -111.5%)

Higher Total Yield (Value for BITF: -10.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BITF: 30.3% | 4.0x)

Higher Rev Chg LTM (Value for BITF: 88.4%)

Higher Rev Chg 3Y Avg (Value for BITF: 30.3%)

Higher Op Mgn LTM (Value for BITF: -32.6%)

Higher CFO/Rev LTM (Value for BITF: -63.1%)

Higher FCF/Rev LTM (Value for BITF: -111.5%)

Higher Total Yield (Value for BITF: -10.4%)

Best Bets in Financials

P/EBIT (Value for BITF: -10.3x)

P/E (Value for BITF: -9.7x)

Rev Chg 3Y Avg (Value for BITF: 30.3%)

Rev Chg LTM (Value for BITF: 88.4%)

Rev Chg Q (Value for BITF: 155.8%)

FCF/Rev 3Y Avg (Value for BITF: -187.4%)

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Market Price (3/17/2026): $2.26 | Market Cap: $1.3 Bil
Sector: Financials | Industry: Diversified Capital Markets

Market Price (3/17/2026): $2.26
Market Cap: $1.3 Bil
Sector: Financials
Industry: Diversified Capital Markets