Bitfarms’ (BITF) shares rose about 6.6% on Tuesday even as the miner reported a widened net loss for 2025, underscoring the market’s focus on its strategic pivot from Bitcoin mining to high-performance computing and artificial intelligence infrastructure.

The company’s full-year results show revenue climbing 72% year over year to $229 million, but cost of revenue running at $248 million produced a gross loss. General and administrative expenses also increased, contributing to a challenging bottom line. The change in fair value of digital assets swung to a $50.5 million loss in 2025 from a $26 million gain in 2024, though a $28.2 million realized gain on the sale of digital assets helped soften the impact.

The earnings backdrop highlights the pressure facing Bitcoin miners as the cycle shifts. Bitcoin mining profitability margins have narrowed as the price of Bitcoin has fallen about 46% from its October peak, and mining difficulty has risen roughly 58.5% since the last halving in May 2024, according to market trackers.

During the earnings call, Bitfarms CEO Ben Gagnon outlined the company’s bold strategic pivot. The firm “made the decision to walk away” from its Bitcoin mining operations in November and has since built a new business focused on HPC and AI data centers. He said, “No half-measures, no compromises, and in time, no Bitcoin. We built a new company.” The plan includes rebranding to Keel Infrastructure and relocating the company’s legal base from Canada to the United States, with shareholder approval already secured.

As part of the pivot, Bitfarms indicates it still holds approximately $161 million in unencumbered Bitcoin, a asset base it intends to leverage as it scales its new infrastructure strategy. Gagnon stressed that the HPC/AI thesis requires “top-tier infrastructure” to support hyperscalers and neoclouds for the next wave of AI applications, and the company is pursuing a large-scale build-out across North America. The filing describes a 2.2 gigawatt digital infrastructure development pipeline designed to deliver this capability.

Bitfarms is part of a broader wave among Bitcoin miners expanding into AI and HPC to pursue higher-margin opportunities. Peers such as Iris Energy, Cipher Mining, Riot Platforms, and MARA Holdings have all signaled or pursued AI-enabled hosting and data-center strategies to diversify beyond pure BTC mining. The competitive backdrop underscores a larger industry transition as miners seek to align their capital-intensive operations with the growing demand for AI-ready compute capacity.

“We are not here to compete with hyperscalers or Neoclouds. We are here to enable them. Our focus is providing the critical and largely invisible foundation that will allow the world’s most advanced AI platforms to deploy on time and scale without interruption.”

Bitfarms is actively advancing the infrastructure push, with a 2.2 GW pipeline across North America intended to support the transition to HPC/AI workloads. The company’s leadership argues that the shift is essential to capture the growth in AI-enabled compute demand, even as the current Bitcoin cycle weighs on near-term profitability.

Market context remains important for readers assessing the viability of Bitfarms’ pivot. The mixed signals from the sector—persistent BTC price volatility, rising mining difficulty, and the capital intensity of large-scale HPC deployments—mean investors will be watching not only the execution of the Keel Infrastructure plan but also how the business manages cash flow during the transition. The company’s 2025 results and the pace at which it converts its unencumbered Bitcoin into strategic capital will shape how the market price of BITF responds in the coming quarters.

BITF shares closed Tuesday trading hours up 6.64% to C$2.73, with investors parsing the company’s long-run opportunity as a strategic reorientation rather than a conventional mining update. For context, the full-year results and the pivot plan were outlined in the company’s results statement available here: full-year results statement. Market data on the stock can be followed at Google Finance.

Bitcoin price data referenced in market coverage shows a substantial decline from October’s highs, while mining difficulty metrics corroborate the tougher operating environment for traditional miners. These dynamics help explain why Bitfarms’ management is pursuing a long-horizon transformation into a scalable AI-ready infrastructure provider, rather than relying solely on cyclical BTC mining margins.

As the transition unfolds, investors should monitor how Keel Infrastructure positions itself with hyperscalers, the pace of North American site development, and any changes to the company’s capital structure or debt strategy. The next earnings cycle and potential partnerships will be telling indicators of whether the new infrastructure-focused strategy can translate into sustainable profitability amid a still-choppy crypto market.

Looking ahead, the key questions are how quickly Bitfarms can scale its HPC/AI deployments, how the company manages the cost of capital during the transition, and whether the pivotal rebrand and US relocation can unlock the longer-term value of its unencumbered Bitcoin and new compute assets.

Key Highlights

• ACHR advanced approximately 5% during Tuesday’s session to reach $5.185, up from the previous day’s close of $4.94, with trading volume hitting ~33.5 million shares.
• The company fell short of Q4 projections for both earnings per share (($0.26) actual vs. ($0.17) forecast) and quarterly revenue ($0.30M actual vs. $1.4M forecast).
• Institutional investors now control more than 50% of shares, including Vanguard Index Funds’ 5.86% position and ARK’s holdings of roughly 35 million shares.
• Wall Street consensus remains at “Moderate Buy” with a mean price objective of $12.00; TipRanks shows an average projection of $13.20.
• Archer concluded 2025 holding approximately $2 billion in liquid assets and received FAA approval for its eVTOL compliance methodology, maintaining its late 2026 passenger service launch schedule.

Archer Aviation ($ACHR) shares have declined approximately 30% since the beginning of 2026, but Tuesday brought a modest recovery as the stock advanced roughly 5% intraday to $5.185, briefly hitting $5.23 during the session. Monday’s closing price stood at $4.94.

Archer Aviation Inc., ACHR

Trading activity reached approximately 33.5 million shares, representing about 7% less than the typical daily volume of roughly 35.9 million. The security’s 50-day simple moving average stands at $6.83, while the 200-day average rests at $8.41, indicating that both short-term and long-term technical indicators remain significantly above present trading levels.

The company’s latest quarterly financial results, published on March 2, presented challenges for shareholders. Archer reported a per-share loss of ($0.26), falling short of the analyst consensus forecast of ($0.17) by nine cents. Quarterly revenue totaled just $0.30 million, substantially below the anticipated $1.40 million. However, revenue demonstrated a remarkable 29,900% year-over-year increase from an essentially negligible base.

Despite the earnings shortfall, the company maintains a robust financial position. Archer finished 2025 holding approximately $2 billion in cash reserves, carrying a minimal debt-to-equity ratio of just 0.05, and showing a current ratio of 19.89. This financial runway provides management with flexibility to pursue commercial objectives without immediate capital constraints.

Regarding regulatory progress, the FAA has approved Archer’s eVTOL compliance methodology, preserving the company’s schedule for initial commercial passenger operations. Management continues to target a service debut by late 2026. This upcoming milestone represents a cornerstone of the investment thesis for bullish investors.

Wall Street Perspectives Vary, With Bullish Bias

Analyst opinion remains divided but leans optimistic. Five analysts assign a Buy rating, two recommend Hold, and one maintains a Sell rating. The mean price objective among analysts reaches $12.00, indicating significant appreciation potential from present levels. TipRanks, incorporating more current analyst updates, displays a Strong Buy consensus with a $13.20 mean target — suggesting possible upside of approximately 148% from the $5.185 level.

Needham reduced its price objective from $10.00 to $9.00 in early March while maintaining a Buy recommendation. Goldman Sachs launched coverage with a Neutral stance and an $11.00 target in December. Weiss Ratings continues to hold a Sell rating.

Insider transactions have skewed toward stock sales recently. During the past 90 days, company insiders disposed of approximately 380,750 shares worth roughly $2.6 million. CTO Thomas Muniz sold 9,580 shares on March 13 at $6.27 per share, while insider Tosha Perkins sold 10,949 shares at the identical price on the same date.

Large Investors Accumulate Shares

Notwithstanding the stock’s recent decline, major investors have expanded their holdings. Institutional and hedge fund ownership currently represents approximately 59% of outstanding shares. ARK Investment Management controls approximately 35.2 million shares following an addition of roughly 3.9 million shares during Q4. BNP Paribas expanded its stake by 423% in Q4, elevating its total position to approximately 5.1 million shares.

Vanguard Index Funds maintains a 5.86% ownership stake, positioning them as the top institutional shareholder. CEO Adam Goldstein holds approximately 4.89% of outstanding shares.

Among exchange-traded funds, the SPDR S&P Aerospace & Defense ETF ($XAR) maintains a 2.94% position, with the ARK Innovation ETF ($ARKK) holding 2.58%.

The company’s market capitalization stands at $3.86 billion with a beta of 3.10, demonstrating the stock’s tendency toward heightened volatility compared to broader market movements.

Bitcoin faced renewed selling pressure as risk assets sagged in response to headlines around a potential escalation in the Iran situation following a key address by U.S. President Donald Trump. Trading data showed BTC dipping toward the $66,000 area, roughly 2% lower on the day, as equities and gold declined and the U.S. dollar steadied its footing. The move underscored how macro jitters continue to spill over into the crypto space, even as traders weigh the asset’s longer-term narrative beyond daily headlines.

The broader macro backdrop added to Bitcoin’s near-term challenges. The U.S. Dollar Index (DXY) rebounded toward the 100 level, reflecting renewed demand for cash amid geopolitical uncertainty and higher oil prices. In tandem, crude markets traded above the $100 per barrel mark, with WTI reaching around $104, buffeting risk appetite further. Analysts characterized the day’s move as a continuation of a risk-off regime that has pressured risk assets across equities, gold and cryptocurrencies in recent sessions.

Key takeaways

• Bitcoin slid about 2% on the day, with intraday lows near $66,200 as markets reacted to Trump’s address and the Iran situation.

• The U.S. dollar strengthened, with the DXY approaching 104 in what traders described as a renewed breakout risk for major risk assets.

• Oil surged back above $104 per barrel, contributing to higher hedging costs and tighter financial conditions that tend to weigh on speculative assets including BTC.

• Bitcoin’s chart pattern remained under watch as a bear-flag setup persisted, raising the prospect of further downside if support fails.

• Analysts pressed for clarity on de-escalation prospects, with commentary highlighting the risk of a renewed risk-off cycle if the geopolitical backdrop worsens.

Markets in a wary mood as geopolitics loom

Market participants were left interpreting whether Trump’s national address would signal de-escalation or a continuation of tensions. Observers noted that the lack of a clear de-escalation message left traders updating risk models to account for an extended period of volatility. In a rapid-fire sequence of commentary on social media, analysts noted that the tone of the speech did not provide the reassurance markets had hoped for, leaving open the possibility of a further escalation path.

Beyond geopolitics, the macro mix of a firmer dollar and elevated oil prices reinforced a cautious stance for investors. The dollar’s climb tended to weigh on non-yielding assets such as gold and growth-oriented assets, including equities and BTC, which often trade inversely to the USD in times of stress. Oil’s move above the $100 threshold added to the sense that financial conditions could tighten, complicating the recovery narrative for risk assets.

Analysts highlighted how these dynamics feed into Bitcoin’s complex narrative. While BTC had shown resilience during earlier risk-off periods, the current pricing environment has kept a lid on fresh strength, with traders watching for signs that the macro environment might pivot back toward risk-on as geopolitical concerns ease. As one trader noted, scenario planning now hinges on whether a de-escalation or further escalation unfolds in the near term.

Bitcoin’s bear-flag in focus as technicals meet macro headwinds

On the technical side, Bitcoin’s price action continued to echo a bear-flag formation that began to form earlier in the year. Market participants have warned that the pattern carries the risk of a breakdown if the price cannot hold above key support levels. In a recent assessment, Keith Alan, cofounder of trading resource Material Indicators, observed that BTC/USD still lacks clear directional momentum and that the current structure bears a strong resemblance to the prior bear-flag setup. “Structurally, BTC price action is still nearly identical to the prior bear flag structure,” he wrote, noting that the pattern may persist unless price deviates from the established path.

Analysts also weighed in on how external catalysts might interact with BTC’s technical canvas. The persistence of a risk-off regime—driven by macro data, currency moves and energy prices—could push the bear-flag toward a breakdown, potentially setting new psychological and technical levels for traders to monitor. Conversely, a renewed risk appetite amid easing geopolitical tensions or favorable macro signals could provide relief rallies that test the upper boundaries of the flag pattern.

Specifically, Bitcoin’s momentum has been a topic of ongoing debate among traders. Some observers contend that the asset’s recent behavior is consistent with a broader macro-driven compression, where liquidity constraints and cross-asset correlations keep BTC tethered to a lower range until catalysts shift. Others emphasize the importance of a sustained close above critical trendlines to reassert upside potential. This tug-of-war between macro headwinds and technical resistance will shape Bitcoin’s near-term trajectory as markets await clearer directional cues.

“The market, which was finally beginning to show some signs of calming, is now highly agitated, with US oil prices back to $104 per barrel, stocks down sharply, and the bond market melting down again,” one trader observed, highlighting how the macro backdrop feeds into crypto’s volatility.

“The address did not present a clear de-escalation,” another analyst commented, underscoring why risk assets remain under pressure and BTC remains in a cautious posture.

What to watch next for traders

Looking ahead, market watchers will be focused on several key inflection points. The trajectory of the dollar will be central: a decisive breakout toward the high-100s, or a rollback, could significantly shift risk sentiment for crypto and equities alike. Oil’s price action will also matter, as sustained energy-market pressures can prolong macro tightening and complicate recovery bets for risk assets.

From a crypto-specific lens, BTC’s ability to hold the current support envelope and to navigate the bear-flag without accelerating toward new lows will determine whether the market can stage a relief rally or slip into deeper correction territory. Traders will be watching for a potential breakout in either direction, as well as any news flow on sanctions, geopolitical developments, or policy shifts that could recalibrate risk appetite in the near term.

In the near term, investors and traders should prepare for continued volatility. The confluence of a fragile macro backdrop, a stronger dollar, elevated oil prices, and a persistent bear-flag pattern means Bitcoin could remain range-bound for a while, with outsized moves possible on unexpected headlines or new macro data leaving a clearer path for traders to follow.

For readers seeking color on the latest macro and crypto context, ongoing commentary from market analysts and relevant data points remain critical. As this narrative evolves, the next moves in BTC, the dollar, and risk assets will likely be tightly interwoven with geopolitical headlines and central-bank communications.

As the scene unfolds, the question remains: will a de-escalation signal eventually arrive to rekindle risk appetite, or will geopolitical tensions keep crypto markets tethered to a cautious, downside-biased regime? The coming days should reveal which trajectory dominates and where Bitcoin stands within that broader spectrum.

Crypto exchange Bithumb is reportedly delaying plans for its IPO until after 2028, according to local media.

Per a report from Maeil Business News Korea citing a Bithumb official, the South Korean crypto exchange is set to “focus on preparing for the listing until 2027.”

Bithumb’s CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that the company was strengthening its accounting policies and internal controls following an IPO advisory agreement with Samjong KPMG.

Bithumb recently reappointed CEO Lee Jae-won for a two-year term at the Tuesday meeting, where the IPO delay was also addressed. Initially, the listing was expected around 2025.

The delay also comes as Bithumb remains under sustained regulatory and operational scrutiny, with a series of incidents raising questions around internal controls and compliance standards. 

In February, the exchange mistakenly credited users with 2,000 Bitcoin instead of 2,000 Korean won during a promotional event that created internal balances exceeding $40 billion. 

While most of the funds existed only on the platform’s internal ledger and were later reversed, the incident drew regulatory attention over how such large discrepancies could be processed within minutes.

Separately, South Korea’s Financial Supervisory Service has been examining the incident to assess potential weaknesses in Bithumb’s electronic ledger systems and oversight mechanisms.

Earlier this month, the exchange was also fined 36.8 billion won, about $24.5 million, for violations of anti-money laundering rules.

The exchange allegedly processed 45,772 crypto transfers involving 18 unregistered overseas virtual asset service providers, in breach of regulatory requirements.

Despite the delays, a major exchange going public could carry broader implications for crypto adoption and capital markets in the country.

Meanwhile, Dunamu, which operates Upbit, has also announced plans for an IPO following the completion of a share swap with Naver Financial, expected later this year.

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