Bitfarms is going to NASDAQ! Finally, Bitfarms is the first Canadian crypto mining stock going Global!
While Bitcoin is still consolidating between $50 to $60K USD, the miner stocks aren’t doing much in terms of price movement. US stocks MARA and RIOT (crypto giants) are way down, trading in RED almost every single day. In case you’ve been following the crypto stocks, MARA and RIOT have always been the giants in the industry, commanding market caps of well above 4B and trading above $50 USD, couple of weeks back.
The same is the story with the Canadian miners – Hut 8, Hive Blockchain, DMG are trading in single digits as well. Except for one Bitfarms.
Bitfarms has been on a tear recently with back-to-back good but positive news from the PR team.
Bitfarms hashrate is growing to 3 EH/s by the EOY and finally, NASDAQ news is here as well!
Let’s get started.
Bitfarms Goes Global!
While MARA and RIOT trade on the NASDAQ Capital Markets (NCM), Bitfarms has been approved for the NASDAQ Global Tier which is one up from the NCM levels. What that means is, Bitfarms will be trading along with the likes of Apple, Tesla, Amazon and other A-tier companies.
With NASDAQ, Bitfarms new trading symbol will be BITF. The TSX-V stock ticker symbol will change as well. So, please note that.
In case you have invested in Bitfarms previous US symbol, which is BFARF, do not worry, all your shares will be swapped to the new trading symbol which is BITF. The date when Bitfarms will start trading on NASDAQ is yet to be announced. All we know at the moment is that the NASDAQ application has been approved. It might be a few more weeks before the stock starts trading.
Bitfarms NASDAQ news was first released on Friday, regarding the application approval, but you still need to wait for one more official announcement on the trade start date.
While the Canadian miner stocks usually have around 2M volume on the best trading days, with NASDAQ you can easily expect Bitfarms to trade around 10 – 20M+ on regular business days. And not to forget you’ll have the After hours and pre-market trading hours as well.
Seriously congratulations to all the stockholders and the management team. This was way overdue.
Just in case you wondering, Bitfarms is the first Canadian miner to hit NASDAQ and that too at the right time when Bitcoin is still in the bull market. All I know is that Hut 8 and Hive are eyeing for NASDAQ as well, let’s wait to see.
Other Bitfarms News For The Stock Pump!
Bitfarms recently announced that they will be increasing the hashrate to 1.7 EH by the end of summer and 2.5 EH by October 2021. Now, that’s fantastic as well.
The PR also states that at the current BTC difficulty levels they will be mining almost 15.5 Bitcoins per day starting Nov 1st.
Also, note that Bitfarms current hashrate is 1.42 EH and they are producing around 9 Bitcoins per day.
So, considering the cost to produce 1 BTC at $7,500 USD, and with today’s BTC price around $58K USD, they are making around $450K in gross profits per day or 0.30 EPS (145M outstanding shares).
Starting November 2021, that should be substantially higher.
Remember, the EOY target is still at 3 EH, which I believe Bitfarms can easily reach.
Let’s now quickly look at the Bitfarms stock and how it’s been trading since the NASDAQ announcement and prior to that (hash rate increase).
As you can see from the above screenshot, Bitfarms is now a Billion dollar company with a market cap of $1.20B.
Also, see the recent price surge in the stock, the stock is currently trading at $8.32 Canadian.
Once the stock starts trading on NASDAQ, we can easily see the stock double or triple from today’s levels with my price target at $30 by EOY. That’s the price where MARA and RIOT are trading today!
So Should You Buy Bitfarms at these levels?
My short answer is “YES”.
Bitfarms price can easily 2X or 3X from these levels and with the NASDAQ listing the volume will only get better and the price can easily reach $30 by EOY. So it’s definitely a buy.
Also, Bitfarms has already announced its plans to increase the hashrate to 8 EH by EOY 2022. The management is extremely quick in making decisions and the company has its own internal team (VOLTA) to install the new miners or repair if any issues. Remember the recent announcement? Bitfarms almost installed 500 new miners in one day! That’s how quick the VOLTA team is (VOLTA is a Bitfarms subsidiary company).
The Other Question Remains – Should you buy Bitfarms or MARA or RIOT?
While MARA and RIOT are massively down, trading at $30 USD levels, it’s important to note that MARA and RIOT have huge hashrate increases in the coming months.
So distributing your allocation into all three crypto stocks is the best option to minimize the risks.
While MARA’s current hashrate is around 1.29 EH, they are installing new miners every single day.
RIOT’s hashrate should be around 1.60 EH right now.
Also, remember Bitcoins next halving occurs in 2024 when the number of bitcoins will further reduce from 6.25 to 3.12 per block. Do also watch out for the difficulty rates as the miners with low hash rates will be washed out eventually.
Bitfarms is one of the best crypto mining companies in Canada.
The CEO is very vigilant of what’s happening in the crypto space and the PR team is just as excellent.
With the recent NASDAQ announcement, Bitfarms is the first of the Canadian miners to be listed on the global scale.
While Hut 8 and Hive will also be listed on NASDAQ sometime this year, Bitfarms is a bit more active than its peers, in hash rate increases and the announcements.
I personally like Bitfarms more than the other crypto stocks in Canada. The management team is much better at listening to the investor sentiments and acting accordingly.
Thanks for reading, please let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.