Bitfarms Ltd. (BITF): A Bull Case Theory 

We came across a bullish thesis on Bitfarms Ltd. on wallstreetbets subreddit by hornysniperzebra. In this article, we will summarize the bulls’ thesis on BITF. Bitfarms Ltd.’s share was trading at $3.2800 as of December 1st. BITF’s trailing and forward P/E were 28.31 and 84.03 respectively according to Yahoo Finance.

Bitfarms appears to be in the early stages of a transformative pivot from Bitcoin mining to government-grade AI cloud infrastructure. The appointment of Wayne Duso, former AWS and Dell executive, to its Board on August 18, 2025, signals this shift. Duso’s experience scaling AWS GovCloud and navigating stringent compliance frameworks such as FedRAMP, FISMA, and DoD IL5/IL6 suggests Bitfarms may be preparing its Panther Creek (PA) site for federal certifications—an essential step to serve U.S. government and defense AI workloads. This would position Bitfarms for hyperscale, high-margin contracts similar to AWS’s GovCloud model.

The economics are compelling. With nuclear and hydro power costs as low as $0.02–0.03/kWh via the PJM grid, Panther Creek could achieve 80% NOI margins if certified and partnered with a hyperscaler like Amazon. At $5–7 million per megawatt (MW), a 500 MW deployment could generate $2.5–3.5 billion in annual net revenue—an order of magnitude above traditional mining returns. The Quebec pilot, leveraging AMD’s MI300X GPUs, reinforces this pivot’s viability: the racks deliver 20–30% lower total cost and higher utilization, translating into 2–3x mining margins and potential $6–8 million per MW economics when scaled.

Bitfarms has also strengthened its operational and strategic bench. James Bond, appointed SVP of HPC, is leading AI deployments, while T5 Data Centers brings hyperscaler-grade certification and lifecycle expertise. With strategic sites in Pennsylvania and Washington offering low-cost, renewable energy and optimal fiber routes, Bitfarms is quietly evolving into a nuclear-backed, AI-focused GovCloud contender—where Bitcoin mining becomes secondary to a far larger, higher-margin AI infrastructure opportunity.

Previously, we covered a bullish thesis on IREN Limited (IREN) by Industrial Tech Stock Analyst and Money Machine Newsletter in February 2025, which highlighted its shift from Bitcoin mining to renewable energy–backed AI infrastructure. The company’s stock has appreciated about 250% since our coverage as the AI-crypto thesis played out. hornysniperzebra shares a similar view but focuses on Bitfarms’ pivot toward government-grade AI cloud infrastructure.

Bitfarms Ltd. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held BITF at the end of the second quarter which was 11 in the previous quarter. While we acknowledge the risk and potential of BITF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BITF and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.