DecentraNews – Metaverse, MANA, LAND, ETH, NFT's and Crypto News

Decentraland, Metaverse, MANA, LAND, ETH, NFT's, and Crypto News. Get up to date with the latest news about the Metaverse and NFT scene.

Bitfarms uplisting on the NASDAQ exchange is being finalized

What's new with Bitfarms?

What's new with Bitfarms?

After months of standby and a tedious process, Bitfarms has completed requirements to be listed on the NASDAQ. Availability on RobinHood and other platforms is imminent.

Bitfarms will retain its listing on the Canadian TSX Venture Exchange under the ticker $BITF. The ticker used for Bitfarms’ securities that are traded over-the-counter (OTC) right now under the ticker $BFARF will seamlessly transfer to the new ticker symbol “BITF” on the first day of trading on The Nasdaq Stock Market.

Another great part of this news is that The Company is the first publicly traded Bitcoin miner to announce that it will be trading on The Nasdaq Global Market® tier. This tier is reserved for companies who fulfill financial liquidity and requirements above and beyond what it takes to list on The Nasdaq Capital Market®, the lower tier upon which other Bitcoin mining companies usually trade.

On April 24th we were talking about how massively undervalued this stock was compared to its American peers. And the market is finally realizing it. We were early. Bitfarms stock is up 25% or $1.40 today, ending the trading session at $7.60 CAD on the TSX exchange.

What is Bitfarms?

Bitfarms is a Canadian blockchain infrastructure company, located mainly in Quebec, providing an essential service: validation and verification of global cryptocurrency transactions. Bitfarms has been building and operating industrial Bitcoin mining facilities since 2017.

In 2020 Bitfarms led the industry as the largest publicly traded Bitcoin miner in terms of production and efficiency, mining 3,014 Bitcoin in 2020 with one of the lowest average costs of production. Bitfarms owns and operates one of the largest mining operations in North America with 69 MW of built-out capacity. Bitfarms increased its hash rate capacity by 185 PH/s or 24% in 2020.

Being located in Quebec, they have an edge on electricity costs, but also on sustainable energy use, their power-hungry enterprise is powered by Quebec’s almost 100% hydroelectric grid. Which is 100% renewable.

Accounting for the fact that Bitfarms is not listed on Nasdaq (eliminating outliners MARA, RIOT, BTBT, NCTY). The average market cap is 620 M for the remaining 7 companies, with an average PH/MC at 1.32. This would give Bitfarms a market cap at 1 B, which would put the share price at $11.6 (14.7 CAD). So even compared to non-Nasdaq listed crypto miners, Bitfarms is undervalued.

Share with post with your friends :