This Bitcoin Mining Stock Is Still 70% Below Its Peak but Now Makes Up 34% of a Portfolio

2 hours ago 3

Jonathan Ponciano, The Motley Fool

Sat, December 20, 2025 astatine 1:52 PM CST 5 min read

New York City-based Aurelius Capital Management added 6.7 cardinal shares of Bitfarms successful the 3rd quarter.
The commercialized accounts for 34.4% of Aurelius Capital Management's 13F reportable assets nether management.
The caller presumption was valued astatine $19 cardinal astatine quarter-end, making it the fund's largest holding.
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On November 13, New York City-based Aurelius Capital Management initiated a caller presumption successful Bitfarms (NASDAQ:BITF), adding 6.7 cardinal shares valued astatine $19 million, according to a caller SEC filing.

Aurelius Capital Management, LP disclosed a caller equity presumption successful Bitfarms (NASDAQ:BITF), acquiring implicit 6.7 cardinal shares worthy $19 cardinal arsenic of September 30. The transaction, elaborate successful a Securities and Exchange Commission (SEC) filing dated November 13, makes Bitfarms the fund’s largest reported U.S. equity holding for the quarter.

The caller represents 34.4% of the fund’s 13F assets nether management.

Top holdings aft the filing:

NASDAQ:BITF: $19 cardinal (34.4% of AUM)
NASDAQ:CORZ: $8.4 cardinal (15.3% of AUM)
NASDAQ:CIFR: $6.3 cardinal (11.4% of AUM)
NASDAQ:WULF: $5.1 cardinal (9.3% of AUM)
NASDAQ:RIOT: $4.5 cardinal (8.2% of AUM)

As of Friday, Bitfarms shares were priced astatine $2.53, up 39% implicit the past twelvemonth and good outperforming the S&P 500, which is up 16.5% successful the aforesaid period.

Metric

Value

Market Capitalization	$1.5 billion
Revenue (TTM)	$276.4 million
Net Income (TTM)	($128.2 million)
Price (as of Friday)	$2.53

Bitfarms operates cryptocurrency mining farms, chiefly generating gross from validating transactions connected the Bitcoin Blockchain and earning artifact rewards and transaction fees.
The company’s concern exemplary is based connected large-scale, energy-efficient Bitcoin mining operations, supplemented by hosting third-party mining hardware and providing electrical services successful Quebec.
Primary customers see organization and commercialized clients seeking mining hosting solutions, arsenic good arsenic residential and commercialized customers for electrical contracting services.

Bitfarms is simply a vertically integrated Bitcoin mining institution headquartered successful Toronto, Canada, with operations focused connected North America. Its diversified gross streams and operational expertise presumption Bitfarms arsenic a notable subordinate successful the integer plus mining sector.

What matters for semipermanent investors present is not precisely the near-term terms show but wherever condemnation is being concentrated crossed the portfolio. This presumption dwarfs the fund’s different crypto-linked holdings, signaling that this is viewed little arsenic a tactical commercialized and much arsenic the halfway look of a broader infrastructure thesis. With the immense bulk of reported assets dispersed crossed bitcoin miners and integer infrastructure names, the strategy is intelligibly betting that scale, powerfulness access, and equilibrium expanse flexibility volition substance much than short-term volatility.

In the 3rd quarter, Bitfarms generated $69 cardinal successful gross from continuing operations, up 156% twelvemonth implicit year, and delivered adjusted EBITDA of $20 million, oregon 28% of revenue. While nett losses persist, the equilibrium expanse has been materially strengthened. Bitfarms closed a $588 cardinal convertible enactment offering and reported full liquidity of astir $814 cardinal arsenic of mid-November, including some currency and bitcoin holdings. Management is redeploying that superior toward higher-value infrastructure, including converting its Washington tract for high-performance computing and AI workloads and advancing aggregate North American projects designed to enactment next-generation GPUs. If Bitfarms successfully pivots from axenic mining toward integer infrastructure, the upside from today’s discounted levels could beryllium meaningful.