Bitfarms (BITF) shares surged 13% in the U.S. morning session on news that it had converted its previously announced Macquarie private debt facility into a project-specific loan of up to $300 million to fund Phase 1 of its Panther Creek campus. The company immediately drew an additional $50 million to speed equipment orders and kick off civil works and substation construction.
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The original facility, arranged through Macquarie’s Commodities and Global Markets arm, now sits exclusively behind the Panther Creek campus, enabling Bitfarms to access the full $300 million commitment. With $100 million drawn at close, $50 million more than earlier draws, the company plans to energize Phase 1 by year-end 2026, with groundbreaking slated for Q4 2025.
CEO Ben Gagnon said converting to a project-level structure “accelerates our construction timelines, provides increased flexibility, and positions us to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania.”
At time of publication, BITF is up 13.4% from yesterday’s close.
