Bitfarms (BITF) Finalizes Share Purchase Agreement Regarding Paraguay Mining Site

Bitfarms Ltd. (NASDAQ:BITF) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On June 10, Bitfarms Ltd. (NASDAQ:BITF) announced the filing of a share purchase agreement with Canadian Securities Regulatory Authorities regarding the sale of all issued shares of a corporation owning a bitcoin mining site in Yguazu, Paraguay, to Hive Holdings Paraguay 1 Ltd., Hive Holdings Paraguay 2 Ltd., and Hive Digital Technologies, Ltd.

Management expects this strategic move to affect Bitfarms Ltd.’s (NASDAQ:BITF) operations by diverting its interest in the project in Paraguay, which may potentially affect stakeholder interests and its market positioning.

In other news, Michael Grondahl from Northland Securities maintained a Buy rating on Bitfarms Ltd. (NASDAQ:BITF) on July 16, setting a price target of $3.25.

Bitfarms Ltd. (NASDAQ:BITF) is a vertically integrated Bitcoin mining company based in Canada. It currently has 15 Bitcoin data centers operating in the US, Canada, Argentina, and Paraguay. The company operates server farms that comprise computers (Miners) specifically designed to validate transactions on the Bitcoin Blockchain.

While we acknowledge the potential of BITF as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.