Bitfarms (BITF) Initiates Conversion to U.S. GAAP and Announces Second Principal Executive Office in NYC

Bitfarms Ltd. (NASDAQ:BITF) is one of the best strong buy penny stocks to buy now. On July 28, Bitfarms Ltd. (NASDAQ:BITF) announced that its New York City office would be identified as its second Principal Executive Office in filings with the United States Securities and Exchange Commission and with the securities commissions in Canada.

Bitfarms Ltd. (NASDAQ:BITF) acquired this NYC office as part of its acquisition of Stronghold Digital Mining, Inc. Management also reported that the company has plans to prepare its financial statements under US Generally Accepted Accounting Principles (US GAAP) to more suitably align with the other companies in the industry.

The transition from IFRS Accounting Standards to US GAAP is anticipated to commence with the annual consolidated financial statements for the fiscal year ending December 31, 2025.

Bitfarms Ltd. (NASDAQ:BITF) CEO Ben Gagnon stated that these initiatives, along with the successful rebalancing of its energy portfolio to ~70% North American MWs in Q1, further advance the company’s US pivot, aligning with its HPC/AI growth strategy.

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.

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