Bitfarms (OTCMKTS:BFARF) stock is getting a boost on Friday as the Bitcoin (CCC:BTC-USD) farming company prepares to uplist its stock.
Bitfarms is planning to uplist shares of its stock from the OTC Markets to the Nasdaq Global Market. The company notes in a news release today that it got approval from the Nasdaq for this change.
Now Bitfarms only has one more step to complete before its shares are reading to join the Nasdaq. The company has to make sure its shares are approved for electronic clearing and settlement through the Depository Trust Company. Bitfarms says it doesn’t know when this approval will come in so it can’t say when shares will move to the Nasdaq. However, it plans to inform investors as soon as it knows.
It’s also worth noting that Bitfarms stock will change tickers when it uplists to the Nasdaq Exchange. Instead of trading under the current BFARF ticker, the company will change over to the new BITF ticker for its stock. The company intends to maintain its TSX Venture Exchange listing under the BITF stock ticker after uplisting.
Emiliano Grodzki, CEO of Bitfarms, had the following to say about the BFARF stock uplist news.
“Over the last four years we have managed to build and operate one of the largest Bitcoin mining operations worldwide. It is fitting that we will be listing on one of the most prestigious exchanges in the world and significantly expand the market reach of our Company.”
BFARF is seeing heavy trading on today’s news. As of this writing, investors have moved roughly 1.8 million shares of the BFARF stock. That’s more than the company’s daily average trading volume of 1.5 million shares.
BFARF stock was up 18.6% as of Friday morning and is up 220% since the start of the year.
Investors that are looking for more crypto coverage should keeping ready.
InvestorPlace has been giving cryptocurrencies quite a bit of attention lately. That includes stories covering a possible crash, Dogecoin (CCC:DOGE-USD) and others on the rise, as well as bitcoin ETFs to invest in, such as Amplify Transformational Data Sharing ETF (NYSEARCA:BLOK). All of that is available below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
