Wall Street reacted negatively to Bitcoin miner Bitfarms (Nasdaq: BITF) announced plans to completely wind down its Bitcoin mining operations, dropping shares of the firm 17% in early Thursday trading hours before recovering. The stock remains down 3.8% from morning open prices, as of publication.
Bitfarms CEO Ben Gagnon said the company is evaluating a GPU-as-a-Service model for the Washington site as part of its long-term shift away from Bitcoin mining, which it expects to wind down in 2026 and 2027. The firm also closed a $588 million convertible to support the transition to HPC.
On the financial side, Bitfarms reported $69 million revenue in Q3 2025, the majority from its bitcoin mining operations and $14 million from discontinued operations. Adjusted EBITDA increased to $20 million, or 28% of revenue, from $2 million a year earlier. Operating losses were $29 million, and net loss widened to $46 million, or $0.08 per share, compared with a net loss of $24 million in the prior-year quarter.
The miner firm announced plans to convert its Washington State site to support Nvidia GB300 GPUs with advanced liquid cooling. The 18 MW Washington facility will be the miner company’s first fully converted AI site. The project is backed by a $128 million supply agreement with a U.S. data center infrastructure firm and will feature up to 190 kilowatts per rack with liquid cooling and a projected power usage effectiveness between 1.2 and 1.3.
Backed by the $300 million credit facility with Macquarie, the Panther Creek campus in Pennsylvania received positive indications from utility PPL on converting a 60 MW interruptible service agreement to a 60 MW firm service agreement, expanding total potential capacity to more than 500 MW after further load studies.
Bitfarms also completed the acquisition of its Sharon, Pennsylvania property, previously operated under a 17-year lease. The site’s 30 MW of mining capacity will transition to AI infrastructure, with an additional 80 MW substation expected online by the end of 2026. The company’s total energy portfolio now includes 2.1 gigawatts of infrastructure in the U.S. and Canada, with 341 MW energized, 440 MW contracted, and 1,360 MW under application.
Bitfarms now has $814 million in liquidity, including $637 million in cash and $177 million in unencumbered Bitcoin. The company mined 520 Bitcoin in the quarter at a direct cost of $48,200 per Bitcoin and sold 185 Bitcoin at an average price of $116,500 for proceeds of $22 million. As of Nov. 12, the company held 1,827 Bitcoin.
The miner firm also launched a share buyback program in July allowing purchases of up to 10% of its public float through July 2026. As of Nov. 12, it had repurchased 7.8 million shares at an average price of $1.27 for about $10 million.
Bitfarms experienced exceptional share price appreciation over the course of 2025, rising 94% year-to-date. However, the stock has dropped nearly 44% over the last month, per Yahoo Finance data.
