Bitfarms initiated with a Speculative Buy at Stifel

Stifel analyst Bill Papanastasiou initiated coverage of Bitfarms with a Speculative Buy rating and $2 price target. Bitfarms, which has "a long-standing track record as a proof-of-work mining company" and operates under a self-mining business model, has strategically established a footprint of ten facilities across regions that provide access to sustainably low-cost, surplus electricity, the analyst tells investors. The company generates "industry-leading" yield-per-exahash and margin performance and Stifel sees the potential for near-term hashrate capacity expansion to about 6.0 EH/s by year-end.