Bitfarms (TSX:BITF) Is Up 6.9% After S&P/TSX Inclusion And AI Pivot Announcement - Has The Bull Case Changed?

• Bitfarms Ltd. was added to the S&P/TSX Capped Composite Index on 22 December 2025, reflecting its growing relevance within Canada’s broader equity market.
• At the same time, Bitfarms is shifting from pure bitcoin mining toward AI and high‑performance computing data centers, backed by hundreds of millions of dollars in fresh financing and a planned 18 MW Washington State conversion by December 2026.
• Next, we’ll examine how Bitfarms’ index inclusion and AI-focused infrastructure pivot could influence its evolving investment narrative and risk profile.

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Bitfarms Investment Narrative Recap

To own Bitfarms today, you need to believe it can successfully shift from a volatile, capital intensive bitcoin miner into a competitive AI and high performance computing infrastructure provider, while managing losses and limited cash runway. Inclusion in the S&P/TSX Capped Composite Index may increase visibility and liquidity, but it does not fundamentally change the immediate execution risk around data center buildouts, regulatory approvals in key regions, or the company’s dependence on external financing to fund its pivot.

Against this backdrop, Bitfarms’ plan to convert an 18 MW Washington State facility to high performance computing by December 2026 stands out as a tangible test of its AI focused ambitions. Progress here, supported by its recently raised convertible notes and project financing, sits at the center of the company’s main catalyst: proving it can turn heavy capital investment into contracted, less volatile data center revenue while still shouldering the risk of delays, cost overruns, or slower customer uptake.

Yet behind the index upgrade and AI story, investors should also be aware that Bitfarms still faces...

Read the full narrative on Bitfarms (it's free!)

Bitfarms’ narrative projects $504.8 million revenue and $58.8 million earnings by 2028.

Uncover how Bitfarms' forecasts yield a CA$8.48 fair value, a 128% upside to its current price.

Exploring Other Perspectives

Twelve members of the Simply Wall St Community value Bitfarms anywhere between US$2.56 and US$3,794.88 per share, highlighting just how far apart private investor assumptions can be. Against that backdrop of wildly different expectations, the company’s heavy dependence on ongoing access to debt and project financing could be a key swing factor for its future performance, so it is worth weighing several viewpoints before forming your own.

Explore 12 other fair value estimates on Bitfarms - why the stock might be a potential multi-bagger!

Build Your Own Bitfarms Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Bitfarms research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• Our free Bitfarms research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bitfarms' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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