Bitfarms to buy back 10% of shares, calls stock undervalued
The bitcoin miner plans to repurchase up to 49.9 million shares over the next year as it pivots to high-performance computing and AI infrastructure.
Bitcoin mining company Bitfarms has announced a share buyback program, authorizing the repurchase of up to 49.9 million common shares, or 10% of its public float, over the next 12 months.
The Toronto Stock Exchange (TSX) approved the buyback program, and covers repurchases on both the TSX and Nasdaq, according to an announcement on Tuesday. The company’s shares on Nasdaq closed up 16.8%.
The daily purchase limit on TSX is capped at 494,918 shares, or 25% of the average daily trading volume for the past six months. On the Nasdaq, total repurchases cannot exceed 5% of outstanding shares over the program period.
