The digital asset mining company now holds over 4,300 bitcoin as of January 10, 2022, which is a 30% increase on its previous holdings.
Bitfarms Founder Emiliano Grodzki commented on the purchase, explaining that “Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders. To that end, we continually optimize our capital allocation. With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC. We continue to be committed to executing our operational growth strategy and delivering our goal of 8 Exahash/second by the end of 2022.”
This isn’t the first time Bitfarms has made a purchase of this size. In fact, Bitfarms made similar sized purchases in the third and fourth quarters of 2021.
In 2021, Bitfarms mined a little over 3,000 BTC in total, of which 339 were produced in November and 363 in December.
Bitfarms Ltd. also added a $100 million bitcoin-backed credit facility at the end of 2021 with the help of a six-month term loan with an interest rate of 10.75%.
This purchase was made in collaboration with Galaxy Digital LLC.
Bitfarms is a global mining company with the bulk of its facilities in Canada, with a slow expansion into the U.S. as well.
The company has 5 facilities in Québec and one in Washington State, U.S. Bitfarms was listed on the Toronto Stock Exchange in 2019. Shortly after, the company was also available for trade on the NASDAQ.