Bitfarms lands on Nasdaq

Bitfarms (BITF) will be listed on Nasdaq starting Monday, June 21, 2021

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

Currently, Bitfarms shares are already traded, via OTC, with the BFARF ticker , 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 was unable to return to around $ 1.

On the other hand, it is inevitable that the share price of a company that deals with bitcoin mining follows a trend similar to that of the price of BTC, and in fact starting from December 2020 the price of the BFARF share has also taken off.

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

But then at the end of April it had a significant drop, which almost halved the price compared to the February highs, but then climbed back to $ 6.2 at the beginning of May.

Bitfarms on Nasdaq, the share price

The curious thing is that, while the price of BTC this year suffered its biggest drop around mid-May, instead that of Bitfarms shares in May fell much less than in April, limiting itself to touching a minimum monthly peak at fee 4.1 $.

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

The landing on Nasdaq will effectively make the company public, since anyone will be able to buy its shares, so much so that it will be the main bitcoin mining company listed on the US stock exchange.

The fact that it almost exclusively uses hydroelectric energy to mine bitcoin certainly helps the crypto sector to become ” greener “, although the real problem from this point of view is probably linked to the mining farms located in countries where sources are still used. of low-cost fossil energy, such as coal in China.

News Source