Bitfarms Expands Convertible Notes Offering to $500 Million Amid Market Volatility

• Bitfarms expands its convertible notes offering, signaling stronger investor confidence.
• The crypto miner boosts fundraising plans amid heightened market volatility concerns.
• Shares tumble despite expansion plans as investors react to financing announcement.

Bitfarms Ltd., a North American bitcoin mining firm, has raised the size of its planned convertible senior notes offering to $500 million, according to a company statement. The decision comes just a day after the firm initially proposed a $300 million issuance, reflecting strong investor interest despite market fluctuations.

The Nasdaq- and Toronto-listed miner will issue 1.375% convertible senior notes due in 2031. Purchasers have an option to buy an additional $88 million within 13 days. Interest will accrue semi-annually starting July 15, 2026, while maturity is set for January 15, 2031. The notes have an initial conversion price of about $6.86 per share, representing a 30% premium over Bitfarms’ last closing price of $5.28.

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Bitfarms Strengthens Financial Flexibility

The company said it intends to use the proceeds for general corporate purposes and to finance capped call transactions aimed at reducing share dilution. Bitfarms operates cryptocurrency mining and high-performance computing infrastructure across North America, maintaining a 1.3-gigawatt energy pipeline. Notably, over 80% of that capacity is based in the United States.

Market reaction was swift. Bitfarms’ stock, trading under the symbol BIFT, dropped 18.4% to $5.28 on Thursday and fell another 5.3% in after-hours trading, according to Yahoo Finance. Despite the day’s decline, the stock remains up 26.6% over the past week and has gained 82.7% in the last month.

The company expects the offering to close around October 21, 2025, pending approval from the Toronto Stock Exchange. Investors appear divided, balancing optimism over Bitfarms’ expansion strategy with caution surrounding crypto market volatility.

Outlook

The expanded offering signals Bitfarms’ intent to bolster liquidity as competition intensifies in bitcoin mining. By increasing its funding base, the firm aims to reinforce infrastructure development and energy efficiency across its growing network.

Consequently, this move positions Bitfarms to maintain its pace in the evolving crypto mining landscape while managing shareholder dilution risks. The outcome will depend on how effectively the firm executes its expansion and navigates future market challenges.

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