Bitcoin
Ben Gagnon is the ‘perfect fit’ to lead BitFarms
Analysts at HC Wainwright expressed confidence that Ben Gagnon’s appointment alleviated a major concern about the stock.
On July 8th, Bitfarms announced The appointment of Ben Gagnon as CEO, effective immediately. The decision follows a rigorous three-month executive search to replace former CEO Geoff Morphy. Gagnon, who has been with Bitfarms for five years, brings extensive experience in Bitcoin mining and a deep understanding of the company’s strategic vision.
Gagnon was previously the Director of Mining at Bitfarms and played a key role in the formation and implementation of the company. Bitcoin Mining Strategy and Operations. His leadership has been instrumental in crafting Bitfarms’ transformative growth strategy for 2024, with the goal of achieving a hash rate of 21 EH/s by the end of the year.
In the press release, Bitfarms Chairman of the Board Nicolas Bonta said that Gagnon will work to expand and diversify the business into new areas such as “power generation, heat recycling, energy trading and HPC (high performance computing) for AI (artificial intelligence).”
Gagnon’s appointment is expected to enhance Bitfarms’ capital deployment and expansion into new synergistic growth opportunities.
“Ben Gagnon is the perfect fit for the role, in our view,” said analysts at HC Wainwright in reiterating their ‘Buy’ rating on BITF shares.
The market responded optimistically to the announcement, with Bitfarms (BITF) shares trading modestly higher, outperforming Bitcoin, which was down 1.8% on the same day.
Today, the BITF is negotiation at $2.55 a share, down 4.3%.
BitFarms Trust
Analysts at HC Wainwright appear confident that Gagnon’s appointment removes a significant overhang on the stock, aligning with Bitfarms’ future growth prospects.
Gagnon’s career at Bitfarms began in 2019 as Director of Business Development. He advanced to Director of Mining Operations in 2020 and Director of Mining in 2021. His comprehensive experience spans mining strategy, growth initiatives, and miner portfolio management.
Prior to joining Bitfarms, Gagnon founded and operated two Bitcoin mining companies, holding roles including CEO, Director of Mining, and CTO.
He holds a Master’s degree in Internet Computing from the University of Hong Kong and a Bachelor’s degree in Economic Consulting and International Business from the Kelley School of Business at Indiana University.
HC Wainwright reiterated its Buy rating with a $4 price target, based on a 6.0x EV/Revenue multiple against a 2024 revenue estimate of $221.5 million. The company’s valuation reflects its competitive positioning in the BTC mining industry.