Bitfarms Ltd. (BITF) announced on October 21 that it has closed its upsized offering of $588 million aggregate principal amount of 1.375% convertible senior notes due 2031, including full exercise of the $88 million option granted to initial purchasers.
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The notes carry an initial conversion rate of 145.6876 common shares per $1,000 principal amount, equivalent to a conversion price of approximately $6.86 per share, roughly a 30% premium to BITF’s $5.28 closing price on October 16.
Net proceeds of approximately $568 million, after discounts and commissions but before the cost of capped-call transactions, will be used for general corporate purposes. Bitfarms deployed cash on hand to purchase capped calls. initially capped at $11.88 per share, a 125% premium, to limit economic dilution upon conversion.
CEO Ben Gagnon said the deal introduces high-quality institutional partners, and strengthens the balance sheet to over $1 billion of cash.
Recently, Bitfarms converted a $300 million credit facility with Macquarie to a project-specific loan tied to Panther Creek.
Read More: Bitfarms CFO Jeff Lucas to retire as Jonathan Mir named successor\
At time of publication, BITF is down 7.5% during pre-market hours.
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Bitfarms closes $588 million convertible notes, bolsters AI firepower
Published 2 weeks ago
Oct 22, 2025 at 11:31 AM
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