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The purchase of bitfarms of 10% of its floating shares for a period of 12 months led to a share profit of 26%. The company maintains its position as the sixth most valuable Bitcoin my worker, with BTC for $ 22 million.
Bitfarms [TSE: BITF]a bitcoin [BTC] Mijnbouwbedrijf has announced a Corporate stock buying program, with an extension of one year from July 28, 2025 to July 27, 2026.
The announcement states that the Toronto Stock Exchange (TSE) and possibly the Nasdaq Stock Exchange (Nasdaq) will supervise the program.
Back purchase opens the door for “undervalued” assets
The return program Offers an important chance for BitFarms.
It enables the company to buy 10% of its market – the available shares that can be publicly traded – which reflects 49.9 million of the 499 million outstanding shares.
BitFarms will set up daily purchases on 25% of the company’s daily trade volume on the TSE, calculated in the past six months – 494,918 shares. BitFarms will set the daily limit at 5%on Nasdaq.
Ben Gagnon, CEO of BitFarms, regards the shares of the company as ‘undervalued’ because of his bitcoin business and high-performance computing (HPC) assets.
He adds:
“This repurchase program shows our confidence in the BitFarms company, our management team and, more importantly, our high-performance computing Data Center Groei strategy.”
The company is currently operating 15 Bitcoin -mining centers in North and South America. It has locations in the US, Canada, Argentina and Paraguay.
Moreover according to ArkhamThe company owns 188 Bitcoins, with a value of $ 22 million, and remains the sixth largest miner through market capitalization, at $ 630 million from the moment of press.
Source: TradingView
After this announcement, the shares of Bitfarms have set 26% for the past 48 hours and, according to recent charts, reached a highest point in five months.
Although analysis is that the share has reached a major resistance point, it will probably attract renewed interest, especially if there is a revival in the Bitcoin market.
Bitcoin can be the potential of bitfarms
Wider Market trends show that Bitcoin miners have a long-term provision. The miners stock ratio on cryptoquant continues to rise and indicates increased reserve accumulation at miners.
At the time of the press, the dietary ratio has risen to 0.09093, which marks a remarkable increase. This increase suggests that miners contribute to their reserves, which is often correlated with profitability.
Moreover, a continuous increase in food ratio can indicate that miners, including bitfarms, are profitable. This condition can in particular be beneficial for the undervalued bitcoin interests of bitfarms.
Source: Cryptuquant