Bitcoin miner Bitfarms upsizes convertible notes offering to $500 million
Quick Take Bitfarms has upsized its convertible notes offering to $500M from $300M announced a day earlier. The bitcoin miner plans to use proceeds for general corporate purposes and capped call transactions to offset potential share dilution.
Bitfarms Ltd., a North American bitcoin mining firm, announced Thursday it has priced an expanded offering of convertible senior notes, increasing the size to $500 million from $300 million proposed just one day earlier.
The Nasdaq- and Toronto-listed company said in a statement that it will issue 1.375% convertible senior notes due 2031, with an option for initial purchasers to buy an additional $88 million within 13 days.
The convertible notes will accrue interest semi-annually starting July 15, 2026, and mature on Jan. 15, 2031. The notes carry an initial conversion price of approximately $6.86 per share — a 30% premium to Bitfarms’ last closing price of $5.28.
The offering is expected to close around Oct. 21, 2025, pending approval from the Toronto Stock Exchange.
Bitfarms plans to use the proceeds for general corporate purposes and financing capped call transactions designed to limit dilution, according to the statement. The company operates crypto mining facilities and energy infrastructure for high-performance computing across North America. It maintains a 1.3 GW energy pipeline with over 80% of capacity U.S.-based, according to the statement.
Bitfarm's stock, trading under BIFT, closed down 18.4% at $5.28 on Thursday, and further fell 5.3% in extended hours, according to Yahoo Finance data. While Thursday's decline offsets gains from recent sessions, the stock is still up 26.6% over the past five days and 82.7% over the past month.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CLARITY Act Update for XRP Holders: Senator Cynthia Lummis Makes Fresh Statement
Open USD stablecoin backed by 140 firms launches on Ethereum with Visa, Mastercard, BlackRock
Is Walsh "all talk"? U.S. Treasuries are not convinced
The Federal Reserve has held rates steady for the seventh consecutive month, and the U.S. Treasury market responded accordingly: since Waller is not raising rates, the bond market is tightening on its own. The yield on two-year U.S. Treasury bonds has declined, indicating the market believes there is little chance of a rate hike in the near future; meanwhile, the yield on 30-year bonds surged 14 basis points in a single day to 5.23%, reaching a 19-year high, signaling that the market is demanding a higher inflation risk premium.
Crypto prices
More
