Bitfarms Ltd. Announces Closing of US$500 Million Convertible Senior Notes

Bitfarms Ltd. has successfully closed its offering of US$588 million aggregate principal amount of 1.375% convertible senior notes due 2031, including the full exercise of an $88 million option by initial purchasers. The net proceeds to Bitfarms are approximately US$568 million, after deducting discounts, commissions, and estimated offering expenses. The funds will be used for general corporate purposes, and the company has also used cash on hand to purchase capped calls to offset potential economic dilution. The initial conversion price is set at US$6.86 per common share, representing a 30% premium to the last reported sale price. The notes will mature on January 15, 2031, unless repurchased, redeemed, or converted earlier. This capital raise strengthens Bitfarms' balance sheet, providing financial flexibility for its high-performance computing and AI infrastructure developments in North America.