Bitfarms (BITF) announced it intends to offer $300 million in convertible senior notes due 2031, with an option for initial purchasers to buy up to an additional $60 million of the notes during a 13-day launch period. From July 16 to October 15, BITF shares are up 522%.
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Bitfarms’ proposed notes will be senior unsecured obligations accruing interest semi-annually on January 15 and July 15, beginning July 15, 2026, and will mature on January 15, 2031. Prior to October 15, 2030, conversions will be subject to specified conditions and timeframes. Thereafter, holders may convert at any time until two trading days before maturity.
Bitfarms plans to use net proceeds for general corporate purposes and to fund cash-settled capped call transactions intended to offset economic dilution up to a 125% premium to the last reported sale price of its common shares on Nasdaq at pricing. The capped calls will cover the number of shares underlying the notes and may be supplemented using proceeds from any exercised option for additional notes.
Read More: Bitfarms CFO Jeff Lucas to retire as Jonathan Mir named successor
At time of publication, BITF is down 5.5% from yesterday’s close.
