Bitcoin mining company Bitfarms saw its stock surge after announcing significant updates to its 2025 operational targets and strategic plans. Bitfarms raised its 2025 guidance to over 35 exahashes per second (EH/s), reflecting its robust growth strategy.

Bitfarms reiterated that the takeover proposal from Riot Platforms was not in the best interest of its shareholders. The company also announced it had entered into an agreement to develop its first large-scale mining site in the United States, enhancing its overall power capacity. "Situated strategically within the Pennsylvania-New Jersey-Maryland Interconnection, the largest wholesale electricity market in the U.S., and located in a deregulated state, this site offers access to competitive electricity supply and provides the opportunity to optimize and hedge energy costs effectively," the company stated on Thursday.

This development increases Bitfarms' 2025 power capacity to 648 megawatts, a 170% growth from its current capacity and a 47% increase from its targeted year-end 2024 capacity. "With the site’s ability to support 8 EH/s, alongside our recent acquisition of an additional 100 MW in Paraguay, we project 2025 guidance of over 35 EH/s," the company said.

The announcement of this expansion appeared to positively impact Bitfarms' shares, with the stock trading at $2.78, marking a 14.7% gain, according to Yahoo Finance.

Takeover Drama with Riot Platforms

Meanwhile, the corporate drama between Bitfarms and Riot Platforms continues. Bitfarms announced that its Board had formed a Special Committee comprised solely of independent directors to consider Riot's unsolicited proposal received on April 22, 2024. "After carefully reviewing and evaluating Riot’s proposal, the Special Committee determined that the proposal significantly undervalues Bitfarms and is not in the best interest of shareholders," Bitfarms said in a statement late Wednesday.

The takeover saga has seen a series of public statements and strategic moves from both companies. Riot Platforms' CEO criticized Bitfarms’ alleged plans to block the takeover. On the same day, Riot Platforms announced it had purchased nearly 6 million shares of Bitfarms over the past week, increasing its stake to 13.1%.

Riot Platforms initially attempted to acquire Bitfarms' shares for approximately $950 million last month, but Bitfarms rejected the offer, setting the stage for the ongoing corporate struggle.