Here's Why Bitfarms Stock Was Down Big Today

Shares of Bitfarms (NASDAQ:BITF) slumped in today’s trading session following mixed second-quarter results that arrived with the announcement of a new share offering. The cryptocurrency mining specialist’s stock ended the day down 15%, according to data from S&P Global Market Intelligence.

Bitfarms reported second-quarter earnings after the market closed on Aug. 16, delivering sales that topped the market’s expectations but a wider than expected loss due to a reevaluation of the company’s Bitcoin holdings. The company posted sales of $36.7 million in the period, which came in well ahead of the average analyst estimate’s target for sales of $22.7 million. However, the company’s net loss of roughly $3.68 million was roughly in line with the loss that it posted in the prior-year quarter, and management announced that it would be pursuing a major new stock offering. 

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