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.
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