BitFarms drops 4% as Bitcoin miner announces complete pivot to AI/HPC: Q3 Earnings

Wall Street reacted negatively to Bitcoin miner BitFarms (Nasdaq: BITF) announced plans to wholly upwind down its Bitcoin mining operations, dropping shares of the steadfast 17% successful aboriginal Thursday trading hours earlier recovering. The banal remains down 3.8% from greeting unfastened prices, arsenic of publication.

BitFarms CEO Ben Gagnon said the institution is evaluating a GPU-as-a-Service exemplary for the Washington tract arsenic portion of its semipermanent displacement distant from Bitcoin mining, which it expects to upwind down successful 2026 and 2027. The steadfast besides closed a $588 cardinal convertible to enactment the modulation to HPC.

On the fiscal side, BitFarms reported $69 cardinal gross successful Q3 2025, the bulk from its bitcoin mining operations and $14 cardinal from discontinued operations. Adjusted EBITDA accrued to $20 million, oregon 28% of revenue, from $2 cardinal a twelvemonth earlier. Operating losses were $29 million, and nett nonaccomplishment widened to $46 million, oregon $0.08 per share, compared with a nett nonaccomplishment of $24 cardinal successful the prior-year quarter.

The miner steadfast announced plans to person its Washington State tract to enactment Nvidia GB300 GPUs with precocious liquid cooling. The 18 MW Washington installation volition beryllium the miner company’s archetypal afloat converted AI site. The task is backed by a $128 cardinal proviso statement with a U.S. information halfway infrastructure steadfast and volition diagnostic up to 190 kilowatts per rack with liquid cooling and a projected powerfulness usage effectiveness betwixt 1.2 and 1.3.

Backed by the $300 cardinal recognition installation with Macquarie, the Panther Creek field successful Pennsylvania received affirmative indications from inferior PPL connected converting a 60 MW interruptible work statement to a 60 MW steadfast work agreement, expanding full imaginable capableness to much than 500 MW aft further load studies.

BitFarms besides completed the acquisition of its Sharon, Pennsylvania property, antecedently operated nether a 17-year lease. The site’s 30 MW of mining capableness volition modulation to AI infrastructure, with an further 80 MW substation expected online by the extremity of 2026. The company’s full vigor portfolio present includes 2.1 gigawatts of infrastructure successful the U.S. and Canada, with 341 MW energized, 440 MW contracted, and 1,360 MW nether application.

BitFarms present has $814 cardinal successful liquidity, including $637 cardinal successful currency and $177 cardinal successful unencumbered Bitcoin. The institution mined 520 Bitcoin successful the 4th astatine a nonstop outgo of $48,200 per Bitcoin and sold 185 Bitcoin astatine an mean terms of $116,500 for proceeds of $22 million. As of Nov. 12, the institution held 1,827 Bitcoin.

The miner steadfast besides launched a stock buyback programme successful July allowing purchases of up to 10% of its nationalist interval done July 2026. As of Nov. 12, it had repurchased 7.8 cardinal shares astatine an mean terms of $1.27 for astir $10 million.

BitFarms experienced exceptional stock terms appreciation implicit the people of 2025, rising 94% year-to-date. However, the banal has dropped astir 44% implicit the past month, per Yahoo Finance data.