Overview
- Bitfarms increased its convertible senior notes offering to $500 million at a 1.375% coupon, due Jan. 15, 2031, with an initial conversion price of about $6.86 per share (a 30% premium).
- The financing includes capped call transactions with an initial cap of $11.88 per share (about a 125% premium) to offset potential dilution, funded from proceeds or cash on hand.
- Initial purchasers received a 13‑day option to buy an additional $88 million of notes.
- The company expects the private placement to close on or around Oct. 21, subject to customary conditions including Toronto Stock Exchange approval.
- Shares fell roughly 18% on the announcement as investors weighed dilution risk, even as the raise supports Bitfarms’ shift from bitcoin mining toward AI and high‑performance computing.