Why Shares Of Bitfarms Are Trading Higher Today

Bitfarms Ltd. BITF shares are trading higher after the company announced that over the past week it has sold 3,000 Bitcoins for around a total of $62 million.

The company also closed on its previously announced US$37 million in new equipment financing with NYDIG ABL LLC (NYDIG) improving corporate liquidity by approximately US$100 million. This brings total BTC holdings to 3,349, inclusive of month-to-date production, which is currently averaging about 14 BTC per day.

Jeff Lucas, CFO of Bitfarms, said "In consideration of extreme volatility in the markets, we have continued to take action to enhance liquidity and to de-leverage and strengthen our balance sheet. Specifically, we sold 1,500 more Bitcoin and are no longer HODLing all our daily BTC production."

Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and company-owned electrical engineering and installation services to deliver high operational performance and uptime.

BITF Price Action: Bitfarms has traded between $9.36 and $1.28 over a 52-week period.

The stock was trading about 8% higher at $1.44 per share on Tuesday at the time of publication.