Bitfarms Launches Share Buyback Program as Riot Trims Stake Below 10%

Bitfarms has authorized the repurchase of up to 49.9 million of its common shares after rival Bitcoin miner and major shareholder Riot Platforms trimmed 40% of its stake at a loss.

The company announced Tuesday that its board of directors approved the buyback under a normal course issuer bid (NCIB), which has been accepted by the Toronto Stock Exchange. The program permits Bitfarms to repurchase up to 10% of its public float — 49,943,031 shares — over a 12-month period beginning July 28, 2025, and ending July 27, 2026.

The move comes after months of steady selling by Riot Platforms, which began reducing its position in Bitfarms in late May following a failed takeover bid last year. As of July 16, Riot’s holdings had dropped from 90.1 million shares to 54.7 million — a roughly 40% reduction.

Bitfarms CEO Ben Gagnon said the buyback reflects management’s view that the company is undervalued, particularly as the market overlooks its potential in high-performance computing (HPC) alongside its core Bitcoin mining operations.

“We believe that Bitfarms’ shares are currently undervalued because our Bitcoin business is underappreciated by the market, with little to no value being associated with our HPC potential,” Gagnon said in a statement.

He added that Bitfarms’ U.S. energy assets — especially in Pennsylvania — position the company for “financeable and sustainable” growth across both Bitcoin mining and AI-related compute infrastructure.

Bitfarms shares surged 16.81% on Tuesday following the announcement. The company said repurchases may be made on either the Nasdaq or TSX, subject to market conditions and regulatory limits. All repurchased shares will be cancelled.