Northland said Bitfarms is well-positioned to meet rising hyperscaler demand with a 1.3 GW project pipeline.
Shares of Bitfarms (BITF) surged on Monday after Northland more than doubled its price target to $7 from $3.25 and maintained an ‘Outperform’ rating.
BITF’s stock rose as much as 23% in afternoon trade and was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the company moved higher with ‘extremely bullish’ territory accompanied by ‘high’ levels of chatter.
The price target hike, which represents a potential upside of around 32%, follows Bitfarms’ conversion of its $300 million Macquarie debt facility to project-level financing and an additional $50 million draw to accelerate Phase 1 of its 350 MW Panther Creek high-performance computing and AI campus. In a note to investors cited by TheFly, Northland said Bitfarms is well-positioned to meet rising hyperscaler demand with a 1.3 GW project pipeline, offering investors a “currently underappreciated way to gain exposure to the next wave of U.S. AI and HPC infrastructure.”
Bitfarms said the additional $50 million will fund civil works and substation construction at Panther Creek, which is on track to begin in the fourth quarter (Q4) of 2025. CEO Ben Gagon emphasized that the project-level facility gives Bitfarms greater flexibility to accelerate timelines and access the full $300 million, supporting the expansion of its North American crypto mining operations.
Bitfarms initially announced the private debt facility of up to $300 million with Macquarie Group in April, alongside its plans for the Panther Creek data center. Its move marked a strategic shift from traditional cryptocurrency mining toward high-performance computing (HPC) and AI infrastructure, like other crypto miners in the sector.
Bitfarms’ stock has gained 152% this year and around 128% over the past 12 months.
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