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Canada-based Bitcoin mining firm Bitfarms has regained compliance with Nasdaq listing requirements, the company disclosed on Monday. It will help recover the share prices of the Toronto Stock Exchange and Nasdaq-listed bitcoin mining firm Bitfarms.
Bitfarms faced potential delisting from Nasdaq after the stock exchange company told the Bitcoin mining firm that the stock price is not in compliance with listing requirements as it continued to trade under $1 for several months. Nonetheless, the recent rally in Bitcoin and rising mining activity pushed Bitfarms shares higher.
Bitfarms Regains Compliance With Nasdaq Listing
According to a press release on May 1, Bitfarms received confirmation on its continued listing from the Nasdaq stock exchange. The Bitcoin mining firm has now regained compliance with the minimum bid price requirement of $1 per share under the Nasdaq Listing Rule 5550(a)(2).
In December, Nasdaq sent a notice to Bitfarms that its stock price has failed to comply with the minimum bid price requirement of $1 per share over 30 consecutive trading days. If the stock price doesn’t recover and trade over $1 for at least 10 days in the next six months, Bitfarms risks delisting.
Several factors including Bitcoin price recovery, Bitcoin ordinals inscriptions NFTs, and macro helped Bitcoin mining firms such as Bitfarms recover from the financial crunch during the bear market.
Bitfarms (BITF) share price fell 4.92% to $1.16 on Friday due to volatility in the crypto market ahead of the pending U.S. Federal Reserve rate hike decision on May 3. However, the recent announcement on regaining compliance will boost stock prices and sentiment among traders.
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Bitcoin Mined In April
Bitfarms’ BTC production in April dropped 6% year-over-year. As per the Bitcoin mining firm, the recent 52% increase in hashrate was offset by a 61% increase in network difficulty and a 9-day shutdown in Rio Cuarto, Argentina is the reason behind declined production.
“For April 2023, we were cash flow positive from operations after scheduled interest and principal payments. Reflecting improved mining economics, as in March, we sold less BTC than we produced,” said Geoff Morphy, CEO of Bitfarms.
Baitfarms added 30 BTC to its treasury due to increased cash flow from operations, increasing BTC in custody to 465 worth $13.6 million at the current BTC price.
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