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BTC Mining Company Meets NASDAQ Listing Specifications

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Following the stock price of Bitfarms, which continued to sell for more than $1, the firm has regained its compliance with NASDAQ.

On Monday, a Canadian Bitcoin mining company, Bitfarms, disclosed that it has gotten back compliance with the NASDAQ listing conditions.

As a result, it can now assist in recovering the share prices of the Toronto Stock Exchange and Bitfarms, a Nasdaq-listed BTC mining company.

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Previously, Bitfarms was at the risk of facing possible delisting by NASDAQ.

This is after the stock exchange firm told the Bitcoin mining company that its stock price doesn’t comply with the listing conditions as it traded under $1 for many months.

Fortunately, due to the current Bitcoin rally and the increasing mining transactions, Bitfarms shares pushed higher.

Bitfarms Reclaims Compliance with NASDAQ Listing

In a press release on Monday, May 1, the Canada-based Bitcoin mining company got a confirmation from the NASDAQ stock exchange.

Bitfarms has, at present, reclaimed its agreement of $1 per share minimum bid price under the NASDAQ Listing Rule 5550(a) (2).

Back in December last year, NASDAQ published a notice to Bitfarms.

The notice stated that its stock price neglected to adhere to the minimum bid price requirement of $1 for each share over 30 consecutive trading days.

Therefore, if the stock price doesn’t make a comeback and trades more than $1 for at least 10 days for the next 6 months, Bitfarms will be delisted.

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Factors that Aided Bitfarms Recovery

Different factors helped Bitfarms to redeem itself from the financial crunch. They include; Bitcoin ordinals inscriptions, NFTs, Bitcoin price recovery, and macro.

On Friday, March 28, BITF (Bitfarms) share price fell from 4.92% to $1.16 because of the volatility in the cryptocurrency market.

This happened ahead of the expected United States Federal Reserve rate increase decision on May 3.

Nevertheless, the latest announcement of reclaiming compliance will likely improve stock prices and sentiments among traders.

Moreover, Bitfarms added 30 Bitcoin to its treasury because of the increased transaction

cash flow.

Thus, the Bitcoin in custody increased to 465, worth $13.6 million at the current BTC price.

 

 

 

 

 

 

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