JonesResearch has initiated coverage of Bitcoin miner-turned-energy and compute firm Bitfarms (BITF) with a buy rating and a $2.00 price target, based on a 15x EV/EBITDA multiple on a blended average of its 2025 and 2026 annual EBITDA estimates.
Jones bases this multiple on comparisons with hybrid AI-mining peers, the company’s strategic progress in AI/HPC, and robust industry tailwinds highlighted at last week’s Pennsylvania Energy and Innovation Summit.
At the summit, Bitfarms noted its pivot from mining to US-based energy and compute infrastructure. As of Q1 2025, four of Bitfarm’s U.S. sites account for 153 MW—33% of total energized capacity—with management projecting U.S. operations to exceed 70% of capacity by 2028 following major Pennsylvania expansions validated by leading AI/HPC consultant feasibility studies. Jones believes the market is undervaluing these prospects.
Bitfarms labeled Panther Creek a flagship site, intending to leverage power, scalable infrastructure, and proximity to major metro hubs to establish an HPC/AI data center. A master site plan due during the latter half of this year should unlock a $250 million second tranche of Bitfarm’s Macquarie Credit Facility, which could create opportunities for customer acquisition.
Jones models a “powershell” lease with a single hyperscaler in Q2 2026, yielding $74–$83 million of incremental EBITDA. At 15x EBITDA, the project commands a $1.11–$1.25 billion enterprise value, translating to $583–$653 million in equity ($1.05–$1.18 per share) above Bitfarms’ current market cap.
Jones noted that their $2.00 per share price target is subject to equity dilution risks, given that Bitfarms is expected to continue with at-the-market issuance.
At time of publication, BITF is up 12%.
Disclaimer: The author is a contractor for Bitfarms.
