# Bitfarms Announces Stock Buyback Program, Shares Jump by 18%

Bitfarms, a prominent Bitcoin (BTC) mining company, has unveiled a stock buyback program, spurring an 18% surge in its share price, as reported by Cryptopolitan on October 22, 2023.

The repurchase initiative authorizes the company to buy back up to 49.94 million common shares, equal to 10% of its outstanding shares, over the next year. Bitfarms currently has a total of 499.4 million common shares issued and outstanding. This program will operate from July 28, 2025, to July 27, 2026, providing ample time for execution.

To execute the repurchase, Bitfarms plans to utilize the Nasdaq, the Toronto Stock Exchange (TSX), or other methods allowed by applicable regulations, ensuring flexibility in its approach.

# “Our Stock is Undervalued,” Declares CEO Ben Gagnon

Ben Gagnon, CEO of Bitfarms, expressed unwavering confidence in the company’s strategic direction, particularly its focus on high-performance computing (HPC) operations. In an official press release, Gagnon highlighted that the market continues to undervalue the company’s stock, overlooking the potential of its cutting-edge HPC growth.

"This buyback initiative underscores our belief in Bitfarms’ business model, leadership, and the long-term strategic value of expanding HPC capabilities," Gagnon emphasized.

Over the past year, Bitfarms’ stock suffered a 55% decline due to well-documented headwinds in the Bitcoin mining industry. These challenges included diminished profitability and a shift toward HPC and artificial intelligence-based services. Despite these setbacks, the buyback announcement sparked renewed investor confidence, driving the stock price up by 15.48% to $1.30 per share—a significant rebound. This rally pushed the company’s market capitalization to approximately $729 million.

The announcement also follows Bitfarms’ resolution of a contentious period surrounding acquisition efforts by Riot Platforms. After protracted negotiations, the matter was amicably settled in September, clearing the way for renewed focus on strategic growth initiatives.

# Strengthening Shareholder Value Through Strategic Growth

Bitfarms outlined that the scale and timing of stock repurchases will hinge on multiple factors, including operational expenditures, prevailing market conditions, stock valuation, and adherence to regulatory requirements.

CEO Gagnon added optimism about Bitfarms’ future, specifically citing the company’s unique energy portfolio in Pennsylvania as a cornerstone for sustainable expansion. "Our energy resources and the buyback program reflect our commitment to enhancing long-term growth, leveraging financial strength, and maximizing shareholder value," he said.

This buyback initiative reasserts Bitfarms’ dedication to not only navigating industry challenges but also positioning itself as a resilient leader within the evolving high-performance computing and cryptocurrency mining landscape.

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