Bitfarms Shares Dip Pre-Market on $300M Convertible Note Plan Despite Strong Yearly Gains
Bitfarms (BITF) stock slipped 4% in pre-market trading on Thursday after the crypto miner announced plans to raise $300 million through convertible senior notes maturing on January 15, 2031. The deal includes an option for initial buyers to purchase an additional $60 million in notes within 13 days of issuance.
The unsecured notes will accrue interest semi-annually starting July 15, 2026, and can be converted into cash, common shares, or a mix of both at Bitfarms’ discretion. Conversion will generally be restricted until October 15, 2030, except under specific circumstances.
Bitfarms said proceeds from the sale will go toward general corporate purposes and capped call transactions to mitigate share dilution up to 125% of its stock price at issuance.
The announcement comes after a massive rally in Bitfarms shares—up more than 315% so far this year and over 400% since September—fueled by the company’s strategic pivot into AI and high-performance computing (HPC) infrastructure.
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