Wall Street reacted negatively to BitFarms’ plans to wind down Bitcoin mining operations, causing a 17% drop in shares before a partial recovery. CEO Ben Gagnon announced a shift to GPU-as-a-Service model and a $588 million convertible to support the transition to HPC.

BitFarms reported $69 million revenue in Q3 2025, with adjusted EBITDA of $20 million. The firm plans to convert its Washington site to support Nvidia GB300 GPUs with advanced liquid cooling. Backed by a $300 million credit facility, the Panther Creek campus in Pennsylvania aims to expand capacity to over 500 MW.

BitFarms completed the acquisition of its Sharon, Pennsylvania property, transitioning 30 MW mining capacity to AI infrastructure. The company now has $814 million in liquidity, mined 520 Bitcoin in the quarter, and launched a share buyback program. Share price appreciation has been strong in 2025 but recently dropped by nearly 44%.

The miner firm’s strategic shifts and financial performance have drawn mixed reactions from investors, leading to fluctuations in stock prices. Despite challenges, BitFarms remains focused on innovation and growth in the evolving cryptocurrency and AI landscape.

Read more at Yahoo Finance: BitFarms drops 4% as Bitcoin miner announces complete pivot to AI/HPC: Q3 Earnings