Bitfarms Approves U.S. Redomiciling, Price Target Raised to $3
Bitfarms’ board on February 6 approved redomiciling from Canada to the U.S., pending shareholder, exchange and court approvals, concluding a 12-month strategic review. On January 26, Keefe Bruyette downgraded the company to Market Perform, lifted its price target to $3 and cited a leasing-deal delay until H2 2026 alongside rising leverage.
1. Redomiciliation Plan Approved
On February 6, Bitfarms’ board approved a plan to redomicile the company from Canada to the United States, subject to shareholder, stock-exchange and court approvals. Management expects the move to enhance access to U.S. capital markets and broaden its investor base.
2. Strategic Review Culmination
The redomiciliation follows a 12-month strategic review that analyzed capital-market trends and investor sentiment. The board undertook this process to identify growth opportunities and strengthen long-term shareholder value through potential market expansion.
3. Analyst Rating Update
On January 26, Keefe Bruyette downgraded Bitfarms to Market Perform while raising its price target from $2.50 to $3. The firm cited a leasing agreement delay until H2 2026 and flagged concerns over rising leverage and increased capital expenditures.