Bitfarms Ltd. (KEEL) - Net Assets
Based on the latest financial reports, Bitfarms Ltd. (KEEL) has net assets worth $560.38 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.30 Billion) and total liabilities ($735.97 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $560.38 Million |
| % of Total Assets | 43.23% |
| Annual Growth Rate | 29.94% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 49.23 |
Bitfarms Ltd. - Net Assets Trend (2022–2025)
This chart illustrates how Bitfarms Ltd.'s net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Bitfarms Ltd. (2022–2025)
The table below shows the annual net assets of Bitfarms Ltd. from 2022 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $560.38 Million | -7.83% |
| 2024-12-31 | $608.00 Million | +106.27% |
| 2023-12-31 | $294.76 Million | +15.41% |
| 2022-12-31 | $255.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Bitfarms Ltd.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 41529200000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $1.06 Billion | 189.97% |
| Other Components | $108.28 Million | 19.32% |
| Total Equity | $560.38 Million | 100.00% |
Bitfarms Ltd. Competitors by Market Cap
The table below lists competitors of Bitfarms Ltd. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Triumph Financial, Inc.
NASDAQ:TFIN
|
$1.27 Billion |
|
Jiangsu Shuangxing Color Plastic New Materials Co Ltd
SHE:002585
|
$1.27 Billion |
|
Wuxi Boton Technology Co Ltd
SHE:300031
|
$1.27 Billion |
|
MONGOLIAN MINING CRP.REGS
F:29X2
|
$1.27 Billion |
|
ITMAX System Berhad
KLSE:5309
|
$1.27 Billion |
|
Wacker Neuson SE
F:WAC
|
$1.27 Billion |
|
Cairn Homes PLC
IR:C5H
|
$1.27 Billion |
|
Shandong Denghai Seeds Co Ltd
SHE:002041
|
$1.27 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Bitfarms Ltd.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 607,995,000 to 560,375,000, a change of -47,620,000 (-7.8%).
- Net loss of 284,544,000 reduced equity.
- Share repurchases of 9,954,000 reduced equity.
- New share issuances of 72,747,000 increased equity.
- Other comprehensive income decreased equity by 22,695,000.
- Other factors increased equity by 196,826,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-284.54 Million | -50.78% |
| Share Repurchases | $9.95 Million | -1.78% |
| Share Issuances | $72.75 Million | +12.98% |
| Other Comprehensive Income | $-22.70 Million | -4.05% |
| Other Changes | $196.83 Million | +35.12% |
| Total Change | $- | -7.83% |
Book Value vs Market Value Analysis
This analysis compares Bitfarms Ltd.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.24x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 2.68x to 3.24x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2022-12-31 | $1.23 | $3.29 | x |
| 2023-12-31 | $1.12 | $3.29 | x |
| 2024-12-31 | $1.47 | $3.29 | x |
| 2025-12-31 | $1.02 | $3.29 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Bitfarms Ltd. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -50.78%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -124.11%
- • Asset Turnover: 0.18x
- • Equity Multiplier: 2.31x
- Recent ROE (-50.78%) is below the historical average (-41.35%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2022 | -68.77% | -123.32% | 0.42x | 1.34x | $-201.18 Million |
| 2023 | -36.95% | -74.42% | 0.39x | 1.28x | $-138.40 Million |
| 2024 | -8.89% | -28.03% | 0.29x | 1.10x | $-114.86 Million |
| 2025 | -50.78% | -124.11% | 0.18x | 2.31x | $-340.58 Million |
Industry Comparison
This section compares Bitfarms Ltd.'s net assets metrics with peer companies in the Capital Markets industry.
Industry Context
- Industry: Capital Markets
- Average net assets among peers: $101,652,570
- Average return on equity (ROE) among peers: -62.04%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Bitfarms Ltd. (KEEL) | $560.38 Million | -68.77% | 1.31x | $1.27 Billion |
| American Bitcoin Corp (ABTC) | $-4.83 Million | 0.00% | 0.00x | $405.35 Million |
| Abits Group Inc. (ABTS) | $6.74 Million | -73.26% | 1.15x | $3.56 Million |
| Sphere 3D Corp (ANY) | $1.24 Million | -345.24% | 5.78x | $4.44 Million |
| Argo Blockchain PLC ADR (ARBK) | $27.19 Million | -4.19% | 0.19x | $957.54K |
| AtlasClear Holdings, Inc. (ATCH) | $-777.81K | 0.00% | 0.00x | $34.90 Million |
| Prestige Wealth Inc. (AURE) | $3.04 Million | -226.15% | 1.08x | $48.40 Million |
| Solowin Holdings (AXG) | $3.34 Million | 5.15% | 2.06x | $612.99 Million |
| BGC Group Inc. (BGC) | $334.08 Million | 5.99% | 3.38x | $4.05 Billion |
| Bitfarms Ltd (BITF) | $608.00 Million | -8.89% | 0.10x | $1.21 Billion |
| Bluemount Holdings Limited Class B Ordinary Shares (BMHL) | $38.50 Million | 26.20% | 1.92x | $50.17 Million |
About Bitfarms Ltd.
Keel Infrastructure Corp. operates as a digital infrastructure and energy company that develops and owns data centers and energy infrastructure for computing workloads, including AI in North America. The company was founded in 2017 and is headquartered in New York, New York.