Bitfarms Co-Founder Nets $4 Million in Shares Liquidation

Bitfarms (NASDAQ: BITF) co-founder and former board chairman Nicolas Bonta has continued to sell his shares in the company, receiving $4 million in proceeds over the past two weeks.

According to recent filings, Bonta sold 600,000 shares of the bitcoin mining firm on Oct. 7 and another 1 million shares on Oct. 4. These sales follow the liquidation of 400,000 shares on Sep. 24.

Both recent sales were conducted through Malon Investments, a firm where Bonta serves as a director. Malon Investments acquired 2 million shares of Bitfarms from Bonta in 2019, all of which have been liquidated over the past two weeks.

Meanwhile, Bitfarms reconfirmed its at-the-market (ATM) offering on October 4. The company has raised $248 million through this program since March, with $127 million remaining available.

Bitfarms’ stock price closed at $1.88 on Monday. Canadian securities regulators’ insider records indicate that as of March 2024, Bonta held approximately 8.6 million shares of Bitfarms.

In September, Bitfarms mined 217 bitcoin with a hashrate of 10.28 EH/s, while increasing its bitcoin holdings to 1,147 BTC.