Bitfarms Ltd (BFARF) Stock Rallies On Uplisting News: How Far Will it Go?

Being uplisted to a much bigger exchange almost always comes as a massive boost for any stock and hence, it came as no surprise when the Bitfarms Ltd (OTCMKTS:BFARF) stock rallied by as much as 11% in the previous trading session.

Yesterday, the company announced that it has been awarded the coveted approval for its shares to be listed on NASDAQ Stock Market. The stock is going to begin trading on NASDAQ from June 21, 2021 under the ticker sign ‘BIFR’.

However, it is also necessary to add that the company has decided to retain its listing on the TSX Venture Exchange, where it is going to traded under the ticker sign ‘BITF’. Emiliano Grodzki, who is the Chief Executive Officer of the company, stated that the listing on NASDAQ marks a major milestone for the company. Following this listing, Bitfarms is going to be the biggest publicly traded Bitcoin mining company in North America.

Market Reaction:

In the previous trading session, BFARF stock moved up by 10.61% to $4.38 with more than 1.17 million shares, compared to  its average volume of 1.27 million shares. The stock has moved within a range of $3.9236 – 4.7200 after opening the trade at $4.08. Over the past 52-week, the stock has been trading within a range of $ 0.2140 – 10.0000.

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