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1h ago

Bitfarms Converts Macquarie Debt Into $300 Million Project Financing for Pennsylvania AI Campus

The shift gives Bitfarms project-level access to capital to accelerate Panther Creek’s build toward an initial energization target by late 2026.

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Overview

  • Bitfarms drew an additional $50 million at closing, bringing total draws to $100 million to fund long‑lead equipment, civil works and substation construction targeted to start in Q4 2025.
  • Moving the facility to the project level positions the company to utilize the full $300 million commitment and speed construction timelines for Panther Creek.
  • Groundbreaking remains targeted for the fourth quarter of 2025 with Phase 1 energization expected by year‑end 2026, subject to customary development risks.
  • The Panther Creek campus is planned at 350 MW for HPC and AI workloads in eastern Pennsylvania, a location Macquarie highlights for strong energy and fiber infrastructure.
  • Shares of Bitfarms rose about 13% following the announcement, and the company named Northland as placement agent with Skadden advising Bitfarms and Latham & Watkins advising Macquarie.