TD Asset Management invests in Bitfarms Ltd.

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TD Asset Management Inc. has invested $176,000 in Bitfarms Ltd ($TSX:BITF)., a company that owns and operates cryptocurrency mining farms. Bitfarms operates cryptocurrency mining farms in Canada, the U.S., and Israel. The company has plans to expand its operations into other countries. Bitfarms uses a variety of different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The TD investment is part of a larger $3 million funding round for Bitfarms. Other investors in this round include Fonds Blockchain Quebec and investissement Quebec.

Bitfarms plans to use the funds to expand its cryptocurrency mining operations. The company is also working on a new product that will allow it to hedge against changes in the price of cryptocurrencies. This investment is a bet on the future of cryptocurrency mining. With more and more people using cryptocurrencies, the demand for mining power is expected to increase. Bitfarms is well-positioned to benefit from this trend.

Stock Price

The news was widely seen as positive, and Bitfarms’ stock price rose in response. However, on the same day, the stock price dropped by 7.6% from its prior closing price of CA$1.2.

VI Analysis

BITFARMS LTD is a company that is strong in growth, medium in asset, profitability and weak in dividend. Its fundamentals reflect its long term potential and it is classified as a ‘cheetah’ company. This type of company is one that has achieved high revenue or earnings growth but is considered less stable due to lower profitability.

BITFARMS LTD’s high health score of 7/10 with regard to its cashflows and debt indicates that it is capable of sustaining future operations in times of crisis. Investors interested in such a company would be those who are looking for high growth potential, but who are also willing to accept a higher level of risk.

VI Peers

Bitfarms Ltd is a company that mines Bitcoin and other cryptocurrencies. The company is based in Canada and was founded in 2013. Bitfarms has a market capitalization of $176 million as of July 2018. The company operates five cryptocurrency mining facilities in Quebec, Canada. Bitfarms is the largest Bitcoin mining company in Quebec and one of the largest in Canada.

The company’s main competitors are Tavistock Investments PLC, HUB24 Ltd, SSIF BRK Financial Group SA.

– Tavistock Investments PLC ($LSE:TAVI)

Tavistock Investments PLC is a United Kingdom-based company, which is engaged in providing wealth management services. The company offers services to individuals, families, charities and trustees. It also manages investments for pension funds, charities and private clients. The company’s segments include Discretionary Portfolio Management, Financial Planning and Advisory, and Other.

– HUB24 Ltd ($ASX:HUB)

HUB24 is an investment platform that enables clients to manage their investments online. The company has a market capitalisation of $2.01 billion as of March 2021 and a return on equity of 4.21%. HUB24 provides a range of services including online portfolio management, share trading, superannuation and pension products, and margin lending. The company was founded in 2008 and is headquartered in Sydney, Australia.

– SSIF BRK Financial Group SA ($LTS:0HIK)

BRK Financial Group SA is a diversified holding company with interests in banking, insurance, and other financial services. It is headquartered in Luxembourg and has a market cap of 48.66M as of 2022. The company’s return on equity was 2.15% as of the same year. BRK Financial Group SA’s main businesses include banking, insurance, asset management, and private equity. The company’s banking operations are conducted through its subsidiary, Banque de Luxembourg. Its insurance business is conducted through its subsidiaries, Compagnie des Assurances du Luxembourg and Compagnie Luxembourgeoise de Garantie. BRK Financial Group SA’s asset management business is conducted through its subsidiary, BRK Investment Management SA. The company’s private equity business is conducted through its subsidiary, BRK Capital Partners SA.

Summary

Investing in Bitfarms Ltd. can be a risky proposition. The company is a bitcoin mining operation and has been beset by a number of problems. These include a lawsuit from a former employee, problems with its electric supplier, and a fire at one of its facilities. Despite these challenges, the company’s stock price has moved up in recent months, as investors bet on the continued growth of the bitcoin mining industry.