The stock of the Bitcoin mining company, Bitfarms Ltd. (Nasdaq: BITF), fell more than 15% to close at $2.59 on Sep. 23.
It is an extraordinary decline for a stock that had been soaring for more than two past weeks.
Bitfarms teases further expansion into U.S.
Founded in 2017, Bitfarms is a Canada-based Bitcoin mining company that operates 14 data centers across the Americas.
Related: What is Bitcoin mining? Explained
In simple words, Bitcoin mining is the process in which miners use high computing power to solve complex cryptographic functions to verify and add Bitcoin transactions to the blockchain network. For each successful block addition, the miner is rewarded with Bitcoin.
On Sep. 9, Bitfarms CEO Ben Gagnon presented at H.C. Wainwright's 27th Annual Global Investment Conference in which he outlined the Bitcoin mining firm's strategic expansion into the U.S. He also put forward a multi-year pipeline to bring more than 80% of the firm's MW to the U.S.
Gagnon hailed Bitfarms as the "North American energy and compute infrastructure company" of the future. While mining remains its focus, the firm aims to dedicate its energy fleet to the emerging high-performance computing (HPC) and artificial intelligence (AI) market, he hinted.
Gagnon's remarks led to a stock rally that saw BITF rising from $1.3 on Sep. 8 to as high as $3.6 on Sep. 18. However, the rally didn't last long as the stock began to fall from Sep. 19 onward.
More News:
Alleged insider sales at Bitfarms
As per Insider Trades , Marieve Rodrigue, an insider at Bitfarms, sold 45,000 shares on Sep. 18.
In fact, the company's stock fell 15.64% and closed at $2.59 on Sep. 23. At $2.66, it was up 2.7% in pre-market hours on Sep. 24.
Related: Explained: Types of Bitcoin mining
TheStreet Roundtable reached out to Bitfarms for confirmation of the sale of shares but did not receive a response at the time of publication. We will update the story if and when there is a response.
This story was originally reported by TheStreet on Sep 24, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
