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Bitfarms lands on the Nasdaq

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Bitfarms Nasdaq

Bitfarms (BITF) will be listed on the Nasdaq as of Monday 21 June 2021. 

It will be the largest publicly traded BTC mining company in North America, using among other things more than 99% renewable energy from hydroelectric power plants.

Currently, the shares of Bitfarms are already traded, via OTC, under the ticker BFARF, but with the landing on the Nasdaq public exchange, the ticker will be changed to BITF. 

The initial trading price dates back to August 2019, when it was just under $1. 

During the collapse of the financial markets in March last year, the price fell well below $0.3, and until December of the same year, it never managed to get back around $1. 

It is inevitable that the share price of a company that mines BTC will follow a similar trend to that of the price of BTC, and in fact since December 2020 the price of BFARF stock has also taken off. 

Already in January, it was close to $4, while in February it peaked at $6.4, almost six and a half times the initial value of about two years ago. 

But then at the end of April, it fell significantly, almost halving its price from the February highs, before recovering to $6.2 at the beginning of May. 

Bitfarms on the Nasdaq, the price of the stock

The curious thing is that, while the price of BTC suffered its biggest drop this year around mid-May, Bitfarms’ share price fell much less in May than it did in April, hitting a monthly low of $4.1. 

Now the price has risen to $4.38, almost four and a half times the price at the end of 2020, with a market capitalization of $638 million, curiously not far from BTC’s approximately $700 million. 

The Nasdaq listing will effectively take the company public, as anyone can buy its shares, making it the largest BTC mining company listed on the US stock exchange. 

The fact that it uses almost exclusively hydroelectric power to mine BTC certainly helps the crypto sector to become greener, although the real problem in this respect is probably related to mining farms located in countries where cheap fossil fuels are still used, such as coal in China. 

The post Bitfarms lands on the Nasdaq appeared first on The Cryptonomist.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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