Hi HODLers, Hiveans and Lions,
To change a little bit, I thought to talk about a company I have added recently to my retirement account.
Bitfarm is the company I am referring to. The company is listed in Canada (and has a sublisting in the US). It is a Bitcoin mining business which has the particularity to be located in Canada, Argentina and Paraguay.
It is mostly using green energy as its Bitcoin mining facilities are next to hydroelectric power. During the last earnings call, the management did mention that they felt that the then presidential candidate Javier Millei seemed like he was mostly in sync with Bitcoiners' views.
I have done some due diligence and the management team seems legit, accounts are audited by big auditing companies and look fair to me (I have some doubts about some competitors). But most of all, they are sticking with their Bitcoin Mining strategy of being efficient, close to low energy sources and try to HODL the most they can.
I have seen other listed Bitcoin mining companies switching to AI recently... Definitely does not give me a lot of confidence in their management/future
Q3-2023 - November, 7th Presentation link
Bitfarm raises $60mn
Bad news for shareholders as they do dilute us but the extra warrants are at a price of $1.35 for the next 3 years, which shows that investors are quite positive on the future of this company.
The net proceeds will be used mainly to acquire additional miners, expand infrastructure and improve its working capital position.
I guess that if there is a time to ramp up investments it is now! Crypto is doing better, Bitcoin halving is coming up!
Link here
Price Chart
I am looking to exit this trade at $2+. If there is a demand for more financial posts (with valuation, etc...); I would be happy to respond to it by writing a detailed investment case.
Stay safe and keep grinding,