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Why Is Bitfarms Trading Higher Today?

May 7, 2021 3:11 pm
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Why Is Bitfarms Trading Higher Today?

Bitfarms Ltd (OTC:BFARF), the Bitcoin (CRYPTO:BTC) mining and blockchain technology company that provides computing power to cryptocurrency networks, is trading higher on Friday after the company announced it will be uplisting to the Nasdaq.

What Happened: Bitfarms announced its application to uplist to the Nasdaq was approved. The company is set to transition to the Nasdaq where it will trade under the ticker symbol "BITF."

See Also: Bitcoin Play Cipher Mining To Go Public With SPAC Merger

"The approval for listing on the Nasdaq is an incredible achievement for Bitfarms and is the fruition of multiple years of work and dedication. Over the last four years we have managed to build and operate one of the largest Bitcoin mining operations worldwide," said Emiliano Grodzki, CEO of Bitfarms. 

The company also announced the purchase of 6,600 new generation miners from Bitmain on Thursday.

Price Action: Bitfarms traded as high as $6.54 and as low as 21 cents over a 52-week period. At last check Friday, the stock was up 28.60% at $6.43.

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