10 Best Debt-Free Penny Stocks to Buy Now

5. Bitfarms Ltd. (NASDAQ:BITF)

Market Cap as of September 13: $920.36 Million

Enterprise Value: $740.86 Million

Hedge Funds Holding Stakes as of Q2 2024: 16

Bitfarms Ltd. (NASDAQ:BITF) is a crypto company that engages in the mining of cryptocurrency coins and tokens. It owns and operates server farms that validate transactions on the Bitcoin Blockchain and earn cryptocurrency from block rewards and transaction fees.

The Canada-based crypto mining company is reaping the rewards of a resurgence in interest in Bitcoin. As the price surges above $50,000 per coin, Bitfarms will be able to generate more revenues for its mined output. It has since revealed plans to grow into the American market by setting up a new facility in Sharon, Pennsylvania. The company intends to build a power capacity of up to 120 megawatts (M.W.) at this new site.

Additionally, Bitfarms Ltd. (NASDAQ:BITF) is focused on enhancing its operational efficiency. It anticipates its hash rate, which measures the number of transactions processed per second, could increase to as high as 21. This metric, also called the company’s hash rate, is crucial for evaluating the performance of crypto mining operations.

The company has also recently emerged as an acquisition target, with Riot Farms plotting a $950 million takeover. Any takeover offers an opportunity to generate some return on a premium price target. Nevertheless, Bitfarms has downplayed the takeover bid, opting to implement an off-market poison pill.

Bitfarms Ltd. (NASDAQ:BITF) is one of the best debt-free, debt-free penny stocks for investors looking to diversify their investment portfolio into crypto. It boasts of a low debt portfolio of about $15.9 million. It also boasts significant Bitcoin holdings owing to its robust mining operations; therefore, it is well-positioned to benefit from Bitcoin stabilizing above the $50,000 coin level.

Additionally, Arbutus Biopharma has announced a reduction in its workforce by 40% to prolong its financial stability until the fourth quarter of 2026. These recent updates underscore the company’s strategic emphasis on progressing its top hepatitis B drug candidate while navigating legal challenges.

As of Q2 2024, 16 hedge funds held Bitfarms Ltd. (NASDAQ:BITF), with Millennium Management emerging as the most dominant shareholder.