Among cryptocurrency miners, Bitfarms Ltd. (OTC: BFARF) was one of the most booming stocks in the last session, as it soared 24.00% or $0.90 from a previous closing price of $3.75 to $4.65. Volume traded was 3.67M shares, compared to the average daily trading volume for the past 30 days of 1.17M. Its stock value ranged from $1.78 to $4.80 over the past 52 weeks.
How the company operates?
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Listed on TSX-V under the ticker symbol “BITF” and traded on OTC under symbol BFARF, Bitfarms is one of the highest-profile bitcoin mining companies in the world. Founded in 2017, Bitfarms is responsible for infrastructure activities of around 1% of the entire Bitcoin mining industry and daily Bitcoin mined across its five facilities within Quebec, Canada. A Bitfarm delivers computing power needed to drive the growing global decentralized financial economy by running vertically integrated mining operations with automated repair, data analytics, and engineers on site.
Recently, the company has completed a successful equity placement.
- It was for gross proceeds of approximately CAD$40 million (USD36.9 million), which included 11,560,695 common shares, as well as warrants at a purchase price of CAD$3.46 per share, and each warrant attached.
- Each warrant is available at an exercise price of USD$3.01 per common share and has a three and one-half year exercise period (through August 12, 2024).
- Units in a fully subscribed private placement were offered to U.S. institutional investors.
- A placement agent exclusive to the Offering was H.C. Wainwright & Co.
- Besides an improvement in the Company’s working capital position, among the other uses of the net proceeds of the Offering is the acquisition of additional miners as well as building out of infrastructure.