Wall Street Remains Bullish on Strategy Despite Stock Price Drop
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 10 2025
0mins
Should l Buy BITF?
Wall Street maintains a bullish outlook on Strategy despite recent volatility, while bitcoin miners increasingly diversify into artificial intelligence to offset sector headwinds. New data reveals a structural maturation in the asset class, that bitcoin settlement volumes have surpassed major credit card networks, and institutional funds now control nearly 7% of the total supply. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio, Also, subscribe to ourfor the Crypto Fly By weekly recap.ANALYSTS RETAIN CONVICTION IN STRATEGY DESPITE PULLBACK:Despite a punishing 60% drop in share price that wiped out $73B in value, Wall Street analysts are refusing to quit on Strategy., 15 of the 19 analysts covering the bitcointreasury firm maintain buy ratings, with a median price target of $485, implying a potential 150% upside. The bullish thesis relies on a rebound in bitcoin prices boosting the company's massive holdings. Analysts note the upside potential stands out even compared to high-growth firms like Viking Therapeuticsand Aurora Innovation. However, S&P Globalrecently assigned the firm a junk credit rating, and some analysts see competition from new digital asset treasuries diluting Strategy's premium.MINERS FACE "CRYPTO WINTER" SQUEEZE AS AI PIVOT GAINS URGENCY:A severe downturn has pushed bitcoin miners to the brink of unprofitability, prompting an urgent acceleration toward artificial intelligence infrastructure to ensure survival., a record low "hash price" has left total expenses exceeding revenue for most public operators, with the break-even cost for many firms climbing well above bitcoin's recent trading level of approximately $92,000. The divergence has forced a fundamental shift in the sector; while companies face a "grim" Q4 in mining, firms like IREN (IREN) have seen shares surge fourfold this year by securing high-performance computing contracts. As H.C. Wainwright notes, investor interest has effectively decoupled from bitcoin production, rewarding only those miners like Bitfarmsand Core Scientificthat are successfully converting power capacity into data centers for hyperscalers like Microsoftand Google.BITCOIN FLIPS VISA VOLUME, STRIVE AND KINDLYMD TAP MARKETS FOR CAPITAL:Bitcoin is cementing its role as a global settlement layer. Over the last 90 days, the network processed $6.9T in settlement volume, surpassing both Visa's$4.25T and Mastercard's$2.63T. This utility is driving traditional finance integration.Corporations are leveraging capital markets to fund aggressive digital asset accumulation. Strive, which is acquiring Semler Scientific,to fund further bitcoin purchases. Separately, CoinDesk notes that KindlyMDIn related news, American Bitcoinincreased their bitcoin holdings to 4,783 bitcoin.TENX LISTS ON TSXV AND SUPERSTATE LAUNCHES ISSUANCE:New infrastructure players are entering the public markets. TenX Protocols has begun trading on the TSX Venture Exchange after raising nearly $24M.the company, backed by HIVE Digital, plans to stake tokens across networks like Solana, Sui, and Sei.PRICE ACTION:As of time of writing, bitcoin was trading at $92,399.17, while ether was trading at $3,372.32,.
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Analyst Views on BITF
Wall Street analysts forecast BITF stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BITF is 5.67 USD with a low forecast of 4.00 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 1.705
Low
4.00
Averages
5.67
High
7.00
Current: 1.705
Low
4.00
Averages
5.67
High
7.00
About BITF
Bitfarms Ltd. is a Canada-based global Bitcoin and vertically integrated data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. It develops, owns, and operates vertically integrated mining facilities with in-house management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Its proprietary data analytics system delivers operational performance and uptime. The Company operates through the cryptocurrency mining segment. The activities of the Company mainly consist of selling its computational power used for hashing calculations for the purpose of cryptocurrency mining in multiple jurisdictions. Volta, a wholly owned subsidiary of the Company, assists the Company in building and maintaining its data centers. The Company operates Bitcoin data centers in four countries: the United States, Canada, Paraguay, and Argentina.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bitfarms to Redomicile in U.S. and Rebrand as Keel Infrastructure
- Redomiciliation Plan: Bitfarms (BITF) is planning to redomicile from Canada to the U.S. and rebrand as Keel Infrastructure, marking a strategic shift from bitcoin mining to AI infrastructure, which is expected to enhance its market competitiveness.
- Stock Exchange Transition: Each outstanding common share of Bitfarms will be exchanged for one share of Keel Infrastructure, with trading expected to commence on Nasdaq and the Toronto Stock Exchange under the ticker KEEL, thereby increasing investor interest.
- Shareholder Meeting Scheduled: The company's board has approved the plan, with a shareholder meeting set for March 20 to seek approval, and the transition is anticipated to be completed around April 1, 2026, demonstrating a clear roadmap for future growth.
- External Advisory Support: To ensure a smooth transition, Bitfarms has engaged several external advisors to assist with the transaction, indicating the company's commitment to professional support during its strategic pivot to mitigate potential risks.
See More
Hut 8 Mining Stock Rises on Bitcoin Rebound
- Bitcoin Rebound: Bitcoin's price rebounded by 7% to the $68,000 level after a sharp decline, directly driving Hut 8 Mining's stock rise, indicating a restoration of market confidence in cryptocurrencies.
- Stock Performance: Hut 8 Mining's shares surged 8.86% to $48.42 on Friday, reflecting investor optimism regarding the crypto market recovery and demonstrating the company's strong performance among its peers.
- Market Dynamics: Despite a severe downturn earlier this week that led to double-digit losses for many crypto-related stocks, Hut 8 successfully capitalized on the positive sentiment surrounding Friday's market rebound, showcasing its resilience in a volatile environment.
- Industry Comparison: Hut 8 Mining's stock has increased by 131.99% over the past year, significantly outperforming the average peer performance of just 6.65%, highlighting its dominant position and the substantial gap established with competitors.
See More
U.S. Stocks Rise as Dow Jones Gains Over 700 Points
- Dow Jones Performance: The Dow Jones index rose over 700 points on Friday, indicating a strong market rebound that reflects investor optimism about economic recovery, which could further drive consumer spending and investment.
- Strategic Shares Surge: Strategy shares jumped 14.1% to $122.56 on Friday, signaling a positive market outlook for the company and potentially attracting more investor interest in its future growth prospects.
- Overall Market Trend: The overall rise in U.S. stocks suggests a restoration of investor confidence, which may lead to increased capital inflows into the stock market, thereby promoting economic growth and corporate earnings.
- Market Data Source: This market update is provided by Benzinga APIs, highlighting improved market information transparency that aids investors in making more informed decisions.
See More
Bitfarms Rebrands to Keel Infrastructure and Moves to U.S.
- Rebranding Initiative: Bitfarms has announced its rebranding to Keel Infrastructure and plans to redomicile from Canada to the U.S., aiming to better capitalize on significant opportunities in HPC/AI infrastructure development.
- Strategic Review Context: This restructuring plan follows a comprehensive strategic review conducted over the past 12 months, demonstrating the company's deep insights and forward-looking approach to future market potential.
- Shareholder Approval Requirement: The plan requires approval from shareholders, the stock exchange, and the court, reflecting the company's emphasis on compliance during the restructuring process to ensure legal and regulatory adherence.
- Positive Market Reaction: Following the announcement of the restructuring plan, Bitfarms shares rose nearly 6% in Friday's pre-market trading, despite retail sentiment remaining in the 'bearish' territory, indicating cautious optimism in the market regarding the company's future prospects.
See More
Bitfarms Announces US Redomiciliation Plan to Enhance Shareholder Value
- Strategic Restructuring: Bitfarms' Board has approved the redomiciliation from Canada to the U.S., aimed at enhancing long-term shareholder value through improved capital access and simplified narratives for investors, with completion anticipated by April 1, 2026.
- New Company Name: Post-redomiciliation, Bitfarms will be renamed Keel Infrastructure, symbolizing its foundational role in high-performance computing and AI infrastructure, reflecting the company's future development direction.
- Debt Repayment: Bitfarms has notified Macquarie Group of its intention to fully repay its $300 million debt facility, a strategic move that will strengthen the company's financial flexibility and support future project financing, ensuring efficient resource allocation.
- Liquidity Position: As of February 5, 2026, Bitfarms holds $698 million in net liquidity, primarily consisting of unrestricted cash and some bitcoin, which enables the company to smoothly complete the debt repayment while continuing to advance various development projects.
See More
Keefe Downgrades Bitfarms to Market Perform with $3 Price Target
- Rating Downgrade: Keefe Bruyette downgraded Bitfarms from ‘Outperform’ to ‘Market Perform’ while raising the price target to $3, reflecting concerns over the company's liquidity risks.
- Liquidity Risks: Analysts noted that Bitfarms is unlikely to secure a leasing agreement until the second half of 2026, coupled with rising leverage and elevated capex pressures, leading to a more than 1% decline in after-hours trading on Monday.
- Capital Raises: In October, Bitfarms closed a $588 million offering of 1.375% convertible senior notes due 2031, with interest payable semi-annually starting July 15, 2026, indicating proactive financing efforts by the company.
- LatAm Exit Deal: Bitfarms entered into a $30 million share purchase agreement to sell its 70 MW site in Paraguay to Sympatheia Power Fund, expecting to receive $9 million in cash upon closing in Q1 2026, with potential additional payments based on milestones.
See More
Bitfarms to Redomicile in U.S. and Rebrand as Keel Infrastructure
- Redomiciliation Plan: Bitfarms (BITF) is planning to redomicile from Canada to the U.S. and rebrand as Keel Infrastructure, marking a strategic shift from bitcoin mining to AI infrastructure, which is expected to enhance its market competitiveness.
- Stock Exchange Transition: Each outstanding common share of Bitfarms will be exchanged for one share of Keel Infrastructure, with trading expected to commence on Nasdaq and the Toronto Stock Exchange under the ticker KEEL, thereby increasing investor interest.
- Shareholder Meeting Scheduled: The company's board has approved the plan, with a shareholder meeting set for March 20 to seek approval, and the transition is anticipated to be completed around April 1, 2026, demonstrating a clear roadmap for future growth.
- External Advisory Support: To ensure a smooth transition, Bitfarms has engaged several external advisors to assist with the transaction, indicating the company's commitment to professional support during its strategic pivot to mitigate potential risks.
See More
Hut 8 Mining Stock Rises on Bitcoin Rebound
- Bitcoin Rebound: Bitcoin's price rebounded by 7% to the $68,000 level after a sharp decline, directly driving Hut 8 Mining's stock rise, indicating a restoration of market confidence in cryptocurrencies.
- Stock Performance: Hut 8 Mining's shares surged 8.86% to $48.42 on Friday, reflecting investor optimism regarding the crypto market recovery and demonstrating the company's strong performance among its peers.
- Market Dynamics: Despite a severe downturn earlier this week that led to double-digit losses for many crypto-related stocks, Hut 8 successfully capitalized on the positive sentiment surrounding Friday's market rebound, showcasing its resilience in a volatile environment.
- Industry Comparison: Hut 8 Mining's stock has increased by 131.99% over the past year, significantly outperforming the average peer performance of just 6.65%, highlighting its dominant position and the substantial gap established with competitors.
See More
U.S. Stocks Rise as Dow Jones Gains Over 700 Points
- Dow Jones Performance: The Dow Jones index rose over 700 points on Friday, indicating a strong market rebound that reflects investor optimism about economic recovery, which could further drive consumer spending and investment.
- Strategic Shares Surge: Strategy shares jumped 14.1% to $122.56 on Friday, signaling a positive market outlook for the company and potentially attracting more investor interest in its future growth prospects.
- Overall Market Trend: The overall rise in U.S. stocks suggests a restoration of investor confidence, which may lead to increased capital inflows into the stock market, thereby promoting economic growth and corporate earnings.
- Market Data Source: This market update is provided by Benzinga APIs, highlighting improved market information transparency that aids investors in making more informed decisions.
See More
Bitfarms Rebrands to Keel Infrastructure and Moves to U.S.
- Rebranding Initiative: Bitfarms has announced its rebranding to Keel Infrastructure and plans to redomicile from Canada to the U.S., aiming to better capitalize on significant opportunities in HPC/AI infrastructure development.
- Strategic Review Context: This restructuring plan follows a comprehensive strategic review conducted over the past 12 months, demonstrating the company's deep insights and forward-looking approach to future market potential.
- Shareholder Approval Requirement: The plan requires approval from shareholders, the stock exchange, and the court, reflecting the company's emphasis on compliance during the restructuring process to ensure legal and regulatory adherence.
- Positive Market Reaction: Following the announcement of the restructuring plan, Bitfarms shares rose nearly 6% in Friday's pre-market trading, despite retail sentiment remaining in the 'bearish' territory, indicating cautious optimism in the market regarding the company's future prospects.
See More
Bitfarms Announces US Redomiciliation Plan to Enhance Shareholder Value
- Strategic Restructuring: Bitfarms' Board has approved the redomiciliation from Canada to the U.S., aimed at enhancing long-term shareholder value through improved capital access and simplified narratives for investors, with completion anticipated by April 1, 2026.
- New Company Name: Post-redomiciliation, Bitfarms will be renamed Keel Infrastructure, symbolizing its foundational role in high-performance computing and AI infrastructure, reflecting the company's future development direction.
- Debt Repayment: Bitfarms has notified Macquarie Group of its intention to fully repay its $300 million debt facility, a strategic move that will strengthen the company's financial flexibility and support future project financing, ensuring efficient resource allocation.
- Liquidity Position: As of February 5, 2026, Bitfarms holds $698 million in net liquidity, primarily consisting of unrestricted cash and some bitcoin, which enables the company to smoothly complete the debt repayment while continuing to advance various development projects.
See More
Keefe Downgrades Bitfarms to Market Perform with $3 Price Target
- Rating Downgrade: Keefe Bruyette downgraded Bitfarms from ‘Outperform’ to ‘Market Perform’ while raising the price target to $3, reflecting concerns over the company's liquidity risks.
- Liquidity Risks: Analysts noted that Bitfarms is unlikely to secure a leasing agreement until the second half of 2026, coupled with rising leverage and elevated capex pressures, leading to a more than 1% decline in after-hours trading on Monday.
- Capital Raises: In October, Bitfarms closed a $588 million offering of 1.375% convertible senior notes due 2031, with interest payable semi-annually starting July 15, 2026, indicating proactive financing efforts by the company.
- LatAm Exit Deal: Bitfarms entered into a $30 million share purchase agreement to sell its 70 MW site in Paraguay to Sympatheia Power Fund, expecting to receive $9 million in cash upon closing in Q1 2026, with potential additional payments based on milestones.
See More
