Thames Capital Loads Up on Bitfarms With 7 Million Shares

What happened

According to a recent SEC filing dated October 27, 2025, Thames Capital Management LLC disclosed a new position in Bitfarms (NASDAQ:BITF), acquiring approximately 7,033,331 shares during the quarter. The estimated trade value, calculated using the average quarterly price, was $19.83 million. This marks Bitfarms as a newly reported holding for the manager as of the September 30, 2025, reporting period.

What else to know

The new Bitfarms position accounts for 2.83% of THAMES Capital Management LLC’s reported 13F assets under management.

Top five holdings after the filing:

• GE Vernova (NYSE:GEV): $33.5 million (4.8% of AUM)
• Vertiv Holdings (NYSE:VRT): $27.0 million (3.9% of AUM)
• Hut 8 (NASDAQ:HUT): $25.1 million (3.6% of AUM)
• IREN (NASDAQ:IREN): $24.1 million (3.4% of AUM)
• Rocket Companies (NYSE:RKT): $21.4 million (3.1% of AUM)

As of October 27, 2025, Bitfarms shares were priced at $4.54, up 112% over the last 52 weeks, outperforming the S&P 500 by 110 percentage points.

Company Overview

Company Snapshot

Bitfarms generates revenue primarily through the mining of cryptocurrency, specifically by validating transactions and earning block rewards and transaction fees from the Bitcoin (CRYPTO:BTC) blockchain; it also offers electric service and third-party mining hardware hosting.

The company operates server farms across North America dedicated to cryptocurrency mining.

It provides electric service to residential and commercial customers in Quebec.

Bitfarms is a cryptocurrency mining company headquartered in Toronto, Canada, with a focus on large-scale Bitcoin mining operations. It directly owns and operates its mining infrastructure.

Foolish take

Thames Capital seeks wealth-building returns rather than attempting to beat the S&P 500 and other market indexes. The firm "embraces risk," combining bullish stock buys with bearish short sales.

On that note, Thames has made several big bets on cryptocurrency stocks recently. Two of its five largest holdings -- Hut 8 and IREN -- combine Bitcoin mining with data center hosting, and the new Bitfarms position adds a third company with a similar strategy just outside the top 5.

Like many of its crypto-mining peers, Bitfarm is currently extending its operations to include data center services for artificial intelligence (AI) processing and other high-performance computing tasks. This shift makes sense because AI number-crunchers have many of the same requirements for data center space, high-performance hardware, and affordable electric power as Bitcoin miners do.

Bitfarms stock has soared in 2025, gaining 306% over the last 6 months as of Oct. 30. At the same time, it runs a risky business with negative profit margins and a debt-burdened balance sheet. Thames Capital is taking a risk on this momentum investment. The big bet will pay off if Bitcoin prices keep rising, but Bitfarms could also post big losses and get much more interested in AI computing if the Bitcoin chart turns sour instead.

Glossary

13F assets under management (AUM): The total value of securities reported by an institutional investment manager in quarterly SEC Form 13F filings.
Block rewards: New cryptocurrency coins awarded to miners for successfully validating and adding a new block to a blockchain.
Transaction fees (cryptocurrency): Payments made to miners for processing and validating transactions on a blockchain network.
Server farms: Large groups of networked computers used to provide computational power for tasks like cryptocurrency mining.
Mining hardware hosting: A service where a company operates and maintains cryptocurrency mining equipment on behalf of third parties.
Quarterly report: A financial statement released by a company every three months, detailing recent performance and results.
Outperforming the S&P 500: Achieving a higher investment return than the S&P 500 index over a given period.
Stake: The ownership interest or number of shares held in a company by an investor or fund.
Position (investment): The amount of a particular security or asset held by an investor or fund.
TTM: The 12-month period ending with the most recent quarterly report.
Blockchains: Decentralized digital ledgers that record transactions securely and transparently across a network.
Electrician services (in context): Professional electrical work offered by Bitfarms to residential and commercial customers, separate from its mining operations.

Anders Bylund has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Rocket Companies. The Motley Fool recommends Ge Vernova. The Motley Fool has a disclosure policy.