Bitfarms mining business ‘significantly undervalued,’ says H.C. Wainwright

H.C. Wainwright reiterates a Buy rating on Bitfarms (BITF) with a $4 price target after the company reported Q1 results. Bitfarms is “rapidly transforming” from an international pure-play bitcoin mining company to a U.S.- focused energy and compute business focused on artificial intelligence data center development while maintaining one of the largest and most efficient mining fleets in the industry, the analyst tells investors in a research note. The firm remains bullish on Bitfarms’ bitcoin mining business in 2025, which it says “remains significantly undervalued.”