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Bitfarms Ltd. (BITF) Stock: Climbs 20% as Share Buyback Sparks Investor Optimism
The share price of Bitfarms Ltd. (BITF) has surged by an impressive 20% in response to the company’s announcement of a significant share buyback program, sparking immense optimism among investors.
This bold move is expected to boost shareholder value and confidence, demonstrating the company’s commitment to aligning its market valuation with its broader capabilities. In addition, the decision aims at reinforcing balance sheet strength while capitalizing on untapped valuation potential.
The firm will repurchase up to 49,943,031 shares, representing a whopping 10% of its public float. Market participants responded swiftly to the news, driving both volume and price higher.
As a vertically integrated energy and compute infrastructure company focused on digital asset mining, Bitfarms continues to expand its infrastructure pipeline, particularly in Pennsylvania, where it maintains a strategic energy portfolio supporting its long-term plans in AI and high-performance computing (HPC), alongside its established Bitcoin business.
Source: coincentral.com
