1. Bitfarms Ltd. (NASDAQ:BITF)
Average Daily Trading Volume: 35.63 million shares
Stock Price: $2.21
Stock Upside: 130.95%
Number of Hedge Fund Holding: 28
Bitfarms Ltd. (NASDAQ:BITF) is one of the popular penny stocks on Robinhood to buy. On March 20, Bitfarms Ltd. (NASDAQ:BITF) announced that shareholders had voted overwhelmingly to approve a statutory plan of arrangement authorizing the company to move operations back to the US from Canada. The company also received the green light to rebrand as Keel Infrastructure Corp.
The vote was held at a virtual Special Meeting of Shareholders, where the single agenda item was the Arrangement Resolution. This is a special resolution requiring approval by at least two-thirds of votes cast to pass. The resolution cleared that threshold after a positive vote from 99.3% of the votes cast.
The transfer of operations from Canada to the US, called redomiciliation in technical terms, is structured as a statutory plan of arrangement under Canadian law. It enables each existing Bitfarms common share to be exchanged on a one-for-one basis for a share of common stock in Keel Infrastructure Corp. Keel Infrastructure is a newly incorporated Delaware company, and whose ticker will be KEEL on both NASDAQ and the Toronto Stock Exchange, or TSX. Bitfarms anticipates the process will be completed on or about April 1, 2026, after satisfying the courts and other closing conditions.
CEO Ben Gagnon described the vote as the company’s entry into its next phase. He said: “Having conducted a thorough review of potential opportunities to enhance long-term shareholder value over the last year, the Board is confident this transition is the right path forward for our company as we complete our strategic pivot.”
Bitfarms Ltd. (NASDAQ:BITF) is a blockchain infrastructure company that operates data centers for cryptocurrency mining. Its facilities produce bitcoin using hydroelectric power in regions such as Québec, Paraguay, and Washington.
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