Overview
- Bitfarms proposed $300 million in convertible senior notes due January 15, 2031, with an option for initial purchasers to buy an additional $60 million within 13 days of issuance.
- The notes are senior unsecured, pay semi-annual interest starting July 15, 2026, and are convertible into cash, common shares, or a combination at the company’s election.
- Conversion is restricted before October 15, 2030, subject to specified conditions, with capped calls intended to offset dilution up to 125% of the share price at pricing.
- Shares fell after the announcement, with Benzinga reporting a decline of about 13.8% to $5.58 on Thursday even after a strong recent run.
- The financing follows Bitfarms’ pivot toward AI and high-performance computing and comes alongside a separate ~$300 million Macquarie-backed facility for the Panther Creek data center in Pennsylvania.