Track Bitfarms in your portfolio
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Acquisition History
Treasury Metrics
What is Bitfarms?
Bitfarms (BITF) is a Canadian Bitcoin miner with operations in Canada, the United States, Argentina and Paraguay, and holds around 1,150 BTC on its balance sheet. In 2024 it was at the center of one of the sector's most talked-about corporate sagas, rejecting a hostile takeover attempt by rival Riot Platforms, which built up a significant stake in the company.
History and model
Bitfarms is a Canadian Bitcoin miner, listed on the Nasdaq and the Toronto Stock Exchange under the ticker BITF, operating a vertically integrated model: it runs its own mining sites across several jurisdictions —Canada, the United States, Argentina and Paraguay— in search of competitive energy. Ben Gagnon took over as CEO during a period of reorganization, modernizing the equipment fleet and, like much of the sector, exploring diversification into high-performance computing.
The Riot Platforms saga
In 2024, Bitfarms became the center of one of the most closely watched corporate fights in Bitcoin mining. US rival Riot Platforms made a takeover proposal valued at around $950 million (about $2.30 per share) that the Bitfarms board rejected as undervaluing the company. Riot responded by building a significant stake —reaching close to 19%— and Bitfarms activated a 'poison pill' and reinforced its board to defend itself. Through 2025, Riot trimmed its position (down to around 11%, with its voting rights capped), closing an episode that illustrates the consolidation phase of the mining sector.
Strategy and treasury
Bitfarms holds around 1,150 BTC on its balance sheet from its mining, combining the sale of part of its production to fund operations with the retention of a strategic reserve. Its geographic expansion seeks access to cheap energy —a decisive factor for a miner's profitability— and, in parallel, it has begun exploring the conversion of part of its capacity into AI data centers, the path the whole sector is following.
Position in SatsIntel
In the SatsIntel directory, Bitfarms is the listed miner whose case best illustrates sector consolidation: the merger attempts and control fights among listed miners. It holds a mid-sized Bitcoin treasury of its own, and its valuation is tied both to the Bitcoin price and to the economics of mining and its ability to defend its independence against larger rivals.
Frequently asked questions
How many bitcoins does Bitfarms hold?
Bitfarms holds around 1,150 BTC on its balance sheet, from its own mining. The exact figure updates with its monthly production and appears in the live KPIs on its SatsIntel profile.
What happened between Bitfarms and Riot Platforms?
In 2024, Riot Platforms tried to acquire Bitfarms with an offer of around $950 million that the board rejected. Riot built a stake of nearly 19%; Bitfarms defended itself with a 'poison pill' and board changes, and through 2025 Riot reduced its position. It is one of the key episodes of mining-sector consolidation.
Where does Bitfarms operate?
Bitfarms operates Bitcoin mining sites in Canada, the United States, Argentina and Paraguay. The geographic diversification seeks access to competitive energy across jurisdictions, a key variable for a miner's profitability.
Who runs Bitfarms?
Ben Gagnon took over as CEO of Bitfarms during a period of reorganization, after the defense against Riot Platforms' takeover. Bitfarms trades on the Nasdaq and the Toronto Stock Exchange under the ticker BITF.
Is Bitfarms a miner or a treasury?
It is primarily a Bitcoin miner that keeps part of its production on its balance sheet as a reserve. Its business is mining with competitive energy across several countries and, increasingly, exploring diversification into AI data centers.
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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.