Why Bitfarms shares are trading higher today

Bitfarms Ltd. BITF shares are trading higher after the company announced that in the past week it had sold 3,000 bitcoins for a total of around $62 million.

The company also closed its previously announced US$37 million financing for new equipment with NYDIG ABL LLC (NYDIG) improving the company’s liquidity by approximately US$100 million. This brings total BTC holdings to 3,349, including month-to-date production, which currently averages around 14 BTC per day.

Jeff LucasCFO of Bitfarms, said: “Given the extreme volatility in the markets, we continued to take steps to improve liquidity and to deleverage and strengthen our balance sheet. Specifically, we sold 1,500 more Bitcoins and no HODLons plus all of our daily BTC production.”

Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with on-site technical repair, proprietary data analytics, and company-owned electrical engineering and installation services to offer high operational performance and availability.

BITF Price Action: Bitfarms traded between $9.36 and $1.28 over a 52-week period.

The stock was trading around 8% higher at $1.44 per share on Tuesday at press time.