Bitfarms Loses $285M on Bitcoin, Gets Saved by AI Pivot and a 6.6% Stock Rally

Bitfarms (BITF) pulled off the impossible on Tuesday—rallying 6.6% while posting a widened $284.5 million net loss for 2025. That's not a typo. The market apparently decided that losing nearly $300 million on Bitcoin is just fine, actually, as long as you sprinkle some AI dust on the earnings report and whisper the right buzzwords. Welcome to 2025, where fundamentals are optional and hopium is quantifiable.

The company's full-year results showed a 72% year-on-year increase in revenue to $229 million. Impressive, right? Except when you factor in $248 million in cost of revenue, you're left with a gross loss that would make even the most degenerate gambler wince. G&A expenses also climbed year over year, because apparently running a mining operation while pivoting to AI requires extra paperwork. Meanwhile, the fair value of digital assets delivered a brutal $50.5 million loss in 2025 compared to a $26 million gain in 2024—though a $28.2 million realized gain on asset sales offered a small consolation prize. Basically, they got rekt on paper but locked in some gains before the bloodbath.

Bitcoin mining profitability has slimmed as Bitcoin fell 46% from its October high, while Bitcoin difficulty has increased 58.5% since the last halving event in May 2024. For those keeping score at home: revenue down, costs up, hash rate competition brutal, and BTC bleeding. It's almost like running a mining operation during a crypto winter isn't the get-rich-quick scheme Twitter influencers promised. Who could've seen this coming? Literally everyone.

In the earnings call, Bitfarms CEO Ben Gagnon said the company made the "bold decision to walk away" from its Bitcoin mining business in November and has built a new business powering HPC and AI data centers. "No half-me