On December 30, 2025, Defiance ETFs introduced the Defiance Daily Target 2X Long BITF ETF (BTFL), marking the first daily 2X leveraged ETF tied to Bitfarms Ltd. The fund seeks to deliver twice the daily percentage change of BITF’s share price, offering traders magnified, short-term bullish exposure through an exchange-traded vehicle. As a single-stock leveraged ETF, BTFL is tailored for knowledgeable investors comfortable with daily compounding effects and willing to monitor positions frequently. The launch expands Defiance’s suite to 12 single-stock leveraged ETFs and positions Bitfarms alongside high-volatility, high-growth names in its product lineup.

Bitfarms has announced a multi-year transition from pure-play bitcoin mining toward high-performance computing (HPC) and AI infrastructure, targeting completion by 2027. Leveraging its existing data center footprint in Canada and South America, the company plans to repurpose underutilized server racks and upgrade power distribution systems to support GPU clusters. Management projects that, upon full conversion, HPC and AI services could account for up to 40% of revenue by year-end 2027, compared with single-digit contribution in 2025. The pivot is designed to diversify revenue streams and mitigate dependency on volatile cryptocurrency prices.

Despite optimistic forward valuations—reflected in a projected 2026 P/E ratio of 84—Bitfarms has underperformed analysts’ expectations. The company’s share price has declined by 62% since early October 2025, and it reported three consecutive quarterly EPS misses, including a negative $0.08 per share in Q3 2025, which widened from negative $0.05 in Q2. Cash costs per mined bitcoin rose 15% year-over-year, driven by higher energy and maintenance expenses. With leverage magnifying both gains and losses, investors face execution risks in the AI/HPC transition, potential regulatory headwinds in key jurisdictions, and ongoing bitcoin price volatility that could pressure margins further.