8 results
40-F
2023 FY
BITF
Bitfarms Ltd.
7 Mar 24
Annual report (Canada)
8:03am
The following table sets forth the promoters (“Promoters”) of the Company:
Name | Class of Securities Owned | Quantity of Securities Owned | % of Class(1) | Options | Option average exercise price in CAD | RSUs(2) | ||||||||||||||||
Emiliano Joel Grodzki | Common Shares | 6,698,443 | 2 | % | 2,314,900 | $ | 2.12 | 150,000 | ||||||||||||||
Nicolas Bonta | Common Shares | 8,625,452 | 3 | % | 2,304,900 | $ | 2.13 | 66,666 | ||||||||||||||
Total | 15,323,895 | 4,619,800 | 216,666 |
40-F
2023 FY
BITF
Bitfarms Ltd.
7 Mar 24
Annual report (Canada)
8:03am
TABLE OF CONTENTS
GLOSSARY OF DEFINED TERMS | 4 | |||
1 | GENERAL INFORMATION | 9 | ||
1.1 | INFORMATION REGARDING BITFARMS | 9 | ||
1.2 | EXEMPTION | 9 | ||
1.3 | CURRENCY | 9 | ||
1.4 | CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 9 | ||
2 | CORPORATE STRUCTURE | 11 | ||
2.1 | INCORPORATION OF THE COMPANY | 11 | ||
2.2 | SUBSIDIARIES | 11 | ||
3 | GENERAL DEVELOPMENT OF THE BUSINESS | 12 | ||
FISCAL 2021 | 12 | |||
FISCAL 2022 | 18 | |||
FISCAL 2023 | 21 | |||
FISCAL 2024 | 25 | |||
4 | DESCRIPTION OF BUSINESS | 26 | ||
4.1 | GENERAL | 26 | ||
4.2 | MINING POOL PARTICIPATION | 27 | ||
4.3 | PRODUCTS AND SERVICES | 28 | ||
4.4 | CRYPTOCURRENCY BACKGROUND | 29 | ||
4.5 | MINING | 29 | ||
4.6 | BUSINESS AND STRATEGY | 30 | ||
4.7 | MINING PROFITABILITY | 30 | ||
4.8 | DIGITAL ASSET MANAGEMENT PROGRAM | 31 | ||
4.9 | CUSTODY OF CRYPTO ASSETS | 32 | ||
4.10 | HEDGING PROGRAM OF DIGITAL ASSETS | 32 | ||
4.11 | SYNTHETIC HODL PROGRAM OF DIGITAL ASSETS | 33 | ||
4.12 | CURRENT MINING OPERATIONS | 33 | ||
4.13 | COMPETITIVE CONDITIONS | 34 | ||
4.14 | HARDWARE AND SOFTWARE | 34 | ||
4.15 | REVENUE | 34 | ||
4.16 | EMPLOYEES | 35 | ||
4.17 | INTANGIBLE PROPERTIES | 35 | ||
4.18 | BANKRUPTCY PROCEEDINGS | 35 | ||
4.19 | RISK FACTORS | 35 | ||
4.20 | SUPPLY OF ELECTRICAL POWER, ELECTRICITY RATES, TERMS OF SERVICE AND THE RÉGIE DE L’ÉNERGIE | 62 | ||
4.21 | SPECIALIZED SKILL KNOWLEDGE | 67 |
40-F
2023 FY
BITF
Bitfarms Ltd.
7 Mar 24
Annual report (Canada)
8:03am
As of December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Value of Bitcoin held | $ | 34.0 million | $ | 6.7 million | $ | 152.9 million | ||||||
Market price of Bitcoin | $ | 42,300 | $ | 16,500 | $ | 46,300 |
40-F
2023 FY
BITF
Bitfarms Ltd.
7 Mar 24
Annual report (Canada)
8:03am
Year ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Rent expenses | $ | — | $ | 0.3 million | $ | 0.5 million |
40-F
2023 FY
BITF
Bitfarms Ltd.
7 Mar 24
Annual report (Canada)
8:03am
The Bitfarms Shares are traded on the TSX and Nasdaq under the symbol “BITF”. The following table sets out the price range and aggregate volumes traded or quoted monthly on the TSX and the Nasdaq Exchange for the year ended December 31, 2023.
TSX | Nasdaq | |||||||||||||||||||||||
Month | High (CAD) | Low (CAD) | Volume | High (US$) | Low (US$) | Volume | ||||||||||||||||||
January 2023 | 1.68 | 0.57 | 35,388,200 | 1.26 | 0.42 | 121,378,900 | ||||||||||||||||||
February 2023 | 1.64 | 1.15 | 30,441,600 | 1.23 | 0.86 | 92,200,800 | ||||||||||||||||||
March 2023 | 1.47 | 0.94 | 34,534,600 | 1.08 | 0.68 | 77,453,200 | ||||||||||||||||||
April 2023 | 1.80 | 1.15 | 29,015,800 | 1.35 | 0.82 | 105,090,700 | ||||||||||||||||||
May 2023 | 1.67 | 1.30 | 25,410,300 | 1.23 | 0.96 | 87,520,300 | ||||||||||||||||||
June 2023 | 2.07 | 1.41 | 37,822,600 | 1.57 | 1.01 | 159,595,300 | ||||||||||||||||||
July 2023 | 2.84 | 2.06 | 51,038,700 | 2.16 | 1.48 | 297,347,800 | ||||||||||||||||||
August 2023 | 2.47 | 2.28 | 33,094,600 | 1.85 | 1.19 | 183,225,800 | ||||||||||||||||||
September 2023 | 1.87 | 1.37 | 21,720,300 | 1.39 | 1.00 | 117,176,200 | ||||||||||||||||||
October 2023 | 1.74 | 1.26 | 28,614,700 | 1.27 | 0.92 | 151,281,100 | ||||||||||||||||||
November 2023 | 2.09 | 1.37 | 50,363,700 | 1.55 | 1.01 | 302,926,800 | ||||||||||||||||||
December 2023 | 4.68 | 1.96 | 147,494,900 | 3.56 | 1.45 | 878,618,400 |
40-F
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7 Mar 24
Annual report (Canada)
8:03am
40-F
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7 Mar 24
Annual report (Canada)
8:03am
40-F
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7 Mar 24
Annual report (Canada)
8:03am
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