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GIFT-COFB is a lightweight AEAD scheme and a submission to the ongoing NIST lightweight cryptography standardization process where it currently competes as a finalist. The construction processes 128-bit blocks with a key and nonce of the same size and has a small register footprint, only requiring a single additional 64-bit register. Besides the block cipher, the mode of operation uses a bit permutation and finite field multiplication with different constants. It is a well-known fact that implementing a hardware block cipher in a bit-serial manner, which advances only one bit in the computation pipeline in each clock cycle, results in the smallest circuits. Nevertheless, an efficient bit-serial circuit for a mode of operation that utilizes finite field arithmetic with multiple constants has yet to be demonstrated in the literature. In this paper, we fill this gap regarding efficient field arithmetic in bit-serial circuits, and propose a lightweight circuit for GIFT-COFB that occupies less than 1500 GE, making it the to-date most area-efficient implementation of this construction. In a second step, we demonstrate how the additional operations in the mode can be executed concurrently with GIFT itself so that the total latency is significantly reduced whilst incurring only a modest area increase. Finally, we propose a first-order threshold implementation of GIFT-COFB, which we experimentally verify resists first-order side-channel analysis. (For the sake of reproducibility, the source code for all proposed designs is publicly available [14]).