The Globe and Mail reports in its Tuesday, April 2, edition that ATB Capital Markets analyst Martin Toner commenced coverage of Bitfarms with an "outperform" rating. The Globe's David Leeder writes that Mr. Toner set a $6.50 share target for Bitfarms. Analysts on average target the shares at $5.58. Mr. Toner says in a note: "Even at current prices, miners have significant leverage to Bitcoin (BTC) moving higher. Post-halving, we estimate Bitfarms would have a gross margin of 54 per cent at current prices. If BTC prices double, miner gross profits would nearly triple, assuming a modest increase in hash rate. We believe Bitfarms gets penalized for its international assets, given how unfamiliar investors are with those geographies and the perceived instability of Argentina. There is likely more opportunity to develop low-cost mining assets outside of North America, and we like Bitfarms' first mover advantage in both Paraguay and Argentina. Given the below average valuation, we believe strong execution in these regions will release significant value creation for shareholders. We appreciate that political risk requires more expected return but at 1.8 times 2025 EV/EBITDA, we believe Bitfarms is significantly undervalued."