Bitfarms Stock Surges 8% After Bold Bitcoin Miner Buyback Move
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Wall Street shrugs—another crypto firm tries to inflate its own stock price. Meanwhile, hodlers cheer.
Bitfarms just pulled a classic 'look-at-me' Wall Street maneuver—announcing a share buyback program that sent its stock soaring 8% in a single session. The Bitcoin mining outfit's sudden generosity comes as the crypto markets show renewed bullish momentum.
The buyback bait worked: traders snapped up shares despite Bitfarms operating in one of crypto's most cutthroat sectors. Mining margins remain razor-thin, but apparently stock market optics still matter more than hash rates.
One analyst quipped: 'When your core business burns cash, why not distract investors with financial engineering?' The market clearly agreed—for today at least.
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