This post was originally published on Coinspeaker
Bitfarms (BITF) shares climbed 6.6% on Tuesday despite reporting a $284.5 million net loss for full-year 2025 – a result driven by falling Bitcoin prices, elevated cost of revenue, and digital asset impairments that collectively erased the company’s gross margin. The market’s reaction was not irrational. It was a deliberate forward-price of something the income statement cannot capture: an infrastructure business that no longer exists in the same form it did twelve months ago.
Call it the Pivot Premium. When institutional investors look past a nine-figure GAAP loss to bid a mining stock higher, they are pricing the option value of a rebuilt business model – not the quarter just reported. That dynamic is now central to how public miners are being valued, and Bitfarms’ Tuesday session crystallized it.
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Bitfarms Full-Year 2025 Earnings: Breaking Down the $284.5M Loss
The headline loss figure obscures a more complicated picture. Revenue grew 72% year-on-year to $229 million – a number that would signal momentum in almost any other context. The problem is cost of revenue came in at $248 million, producing a gross loss before a single dollar of overhead was allocated.
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