Bitfarms released its third-quarter 2025 earnings this morning, along with a significant strategic update on its pivot into high-performance computing and artificial intelligence infrastructure. The company also highlighted the successful close of a large capital raise. As of this writing, shares of BITF are trading sharply higher on heavy volume following the news.
The Key Developments Driving Today’s Move
Bitcoin mining remains a challenging business, with high energy costs and intense competition putting pressure on margins. Bitfarms is responding by diversifying its revenue base. The company announced plans to convert an 18 MW site in Washington state into a facility capable of supporting Nvidia’s GB300 chips with advanced liquid-cooling technology. The target for initial energization is as early as December 2026.
Supporting this expansion, Bitfarms recently closed an upsized $588 million convertible senior notes offering. As of November 12, total liquidity stood at approximately $814 million, including substantial cash reserves and the value of roughly 1,827 BTC held in treasury.
Q3 2025 Financial Highlights
Revenue from continuing operations reached $69 million — representing growth of more than 150% year-over-year. Adjusted EBITDA was $20 million with a 28% margin.
Results reflect the decision to wind down operations in Paraguay (now classified as discontinued) and concentrate development in North America, particularly the U.S.
Bitfarms also introduced its “Bitcoin 2.1 program” during the quarter — a strategy of selling out-of-the-money call options on a portion of its Bitcoin treasury and future production to generate additional non-dilutive liquidity while retaining the underlying coins.
Why Crypto Treasury Companies Are in Focus
With Bitcoin at elevated levels and explosive demand for AI training capacity, publicly traded companies that control large blocks of power and data-center infrastructure are attracting fresh attention. Many Bitcoin miners already operate the type of high-uptime, power-dense facilities that hyperscalers and AI developers need. Bitfarms is one of several names actively repositioning for this opportunity.
Potential Upside from the Strategic Shift
Success in high-performance computing and AI could bring more predictable, higher-margin revenue streams that are less dependent on Bitcoin price fluctuations. The company has secured a development pipeline exceeding one gigawatt, primarily in low-cost U.S. power markets like Pennsylvania. Meanwhile, its Bitcoin treasury continues to provide leveraged exposure to cryptocurrency appreciation.
Key Risks to Consider
Bitcoin price volatility remains the most direct risk — a sharp decline would pressure both mining economics and the value of treasury holdings. The pivot to HPC/AI is capital-intensive and carries execution risk; delays, cost overruns, or failure to secure anchor tenants could hurt results. The recent convertible notes introduce potential future dilution if the stock performs strongly. Regulatory changes around energy use and cryptocurrency also represent ongoing uncertainties.
Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or an endorsement of any strategy. Readers should conduct their own research and consult qualified professionals before making investment decisions.
Bitfarms is executing an ambitious transition at a pivotal moment for both Bitcoin mining and AI infrastructure demand. The coming quarters will be critical in determining how successfully the company captures these dual opportunities.
