Entering text into the input field will update the search result below

Bitfarms Stands To Gain From An Upcoming Nasdaq Uplisting

Post Hoc Analytics profile picture
Post Hoc Analytics


  • Bitfarms is one of the top Bitcoin mining stocks.
  • The OTC miners trade at a discount to their listed competitors.
  • I believe Bitfarms will be the first to benefit from an uplisting catalyst.

Investment Thesis

While Bitfarms Ltd. (BFARF) shares have seen significant appreciation over the past several months they still trade at a substantial discount to their NASDAQ listed peers. A pending uplisting to the NASDAQ will lead to substantial further gains.

This is my third in a series of articles on the publicly traded Bitcoin (BTC-USD) miners. The most visible names in the industry are Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT), both listed on the NASDAQ. I have articles under development on a number of other crypto mining stocks including Argo Blockchain (OTCPK:ARBKF), Bitfarms, HIVE Blockchain (HVBTF), and Hut 8 Mining (HUTMF). These latter four names trade either on the Toronto Stock Exchange or London Stock Exchange and are most readily available to US investors via the Over The Counter (OTC) market.

Despite individual differences, a central factor in my enthusiasm for the OTC stocks is the catalyst of an uplisting to a major exchange. In Bitfarms' last Corporate Update, they disclosed that they have, in fact, applied to the NASDAQ. Based on this, I believe they are likely to be the first of the OTC miners to experience this catalyst.

Bitfarms is Among the Leading Bitcoin Miners

As I stated in my article on MARA:

Each miner has its pluses and minuses. Some have experienced and transparent management, some have more BTC/cash on hand, some have better access to cheap/renewable power, some have better access to Next Generation hardware (though there are risks involved in “Chasing the CapEx Cycle”). Experience counts. Geography matters.

Bitfarms checks a number of these boxes. First, let's take a look at their current and projected hash rate. In a recent blog post, I compiled a table of hash rates, market caps, and BTC HODL. The hash rate data is excerpted here:

(Source: Author's calculations

This article was written by

Post Hoc Analytics profile picture
Post Hoc Ergo Propter Hoc: Correlation does NOT equate to causation.I have been a lifelong technology enthusiast, who sadly did not turn his early passion for technology into a career.  Instead I pursued a career in financial services, having worked as an analyst with a Private Equity firm that few, if any of you have heard of as well as stints at a number of firms including CIBC Oppenheimer, Lehman Brothers and Bear Stearns.  My most relevant analytical expertise was in equities, and specifically on Financial Statement analysis.Largely due to good fortune I was able to retire from the industry in 2004 (though I will state that being at your desk in excess of 80 hours per week DRAMATICALLY increases your odds of "being in the right place, at the right time")

Analyst’s Disclosure: I am/we are long ARBKF, BFARF, BTC-USD, GBTC, GWAC, MARA, RIOT. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I am long MARA and RIOT via call options. I am long GWAC via both common and warrants. I have a VERY small, "de minimus" short position via May $5 put options in SOS that I was egged into by a comment telling me to "put your money where your mouth is". I may establish a long position in HUTMF or HVBTF within the next 72 hours.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.