Bitfarms assumed with a Buy at H.C. Wainwright

H.C. Wainwright analyst Mike Colonnese assumed coverage of Bitfarms with a Buy rating and $4 price target. Bitfarms is a global, vertically integrated pure-play bitcoin mining company with operations spanning across 12 mining facilities in four countries, including Canada, the U.S., Paraguay, and Argentina, the analyst tells investors in a research note. The firm is are bullish on the price of bitcoin over the medium and long term, as it expects the price to break above the six-figure mark this cycle. It believes Bitfarms shares provide investors with superior exposure to bitcoin “in this next leg of the bull cycle.”