In a notification letter, the exchange said the Bitcoin mining company has 180 days to improve its stock price, wherein it must trade at US$1 or more for 10 consecutive days. Bitfarm’s stock had closed below US$1 for 30 consecutive days, triggering Nasdaq’s warning. (The Logic)
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In a notification letter, the exchange said the Bitcoin mining company has 180 days to improve its stock price, wherein it must trade at US$1 or more for 10 consecutive days. Bitfarm’s stock had closed below US$1 for 30 consecutive days, triggering Nasdaq’s warning. (The Logic)
Talking point: Bitfarms stock is currently trading about 50 U.S. cents shy of the threshold it needs to remain on the exchange. The company’s stock price has plummeted in the last year, down from a peak of nearly US$6 per share last December. The delisting warning comes as carnage from the cryptocurrency crash extends to companies that mine digital currencies like Bitcoin, as Bitfarms does. Crypto lenders including BlockFi and Celsius Network have likely been bleeding capital amid waning demand for mining machines, as various companies default on loans and post their mining equipment as collateral.
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