Catenaa, Thursday, October 23, 2025-Bitcoin mining firm Bitfarms Ltd. has filed to raise $300 million through an unsecured convertible note offering due in 2031, seeking to strengthen liquidity and support its growing operations across North America.
The notes, which may convert into cash, shares, or a mix of both at Bitfarms’ discretion, will pay semi-annual interest starting July 2026.
The company said proceeds will go toward general corporate purposes, including capped call transactions aimed at offsetting share dilution from note conversions. The capped calls are expected to limit dilution at around a 125% premium to Bitfarms’ current share price.
Shares of Bitfarms (BITF) rose nearly 10% to $6.46 during Wednesday’s session before slipping 4.5% in after-hours trading following the announcement.
Convertible note offerings have gained traction among bitcoin miners as a flexible financing tool to fund data center expansions, AI-focused infrastructure, and post-halving investments. The approach allows access to low-cost capital while delaying share dilution.
Cipher Mining recently raised $1.1 billion through a similar instrument, while TeraWulf is reportedly pursuing a $3 billion debt sale backed by Google.
Bitfarms recently appointed veteran banker Jonathan Mir as chief financial officer as it prepares to redomicile in the United States, citing higher revenues and President Donald Trump’s public support for domestic bitcoin mining. Earlier this year, the firm repurchased 10% of its public float under a buyback plan.
