Bitfarm’s (BITF) share price has fallen 4% pre-market as it announced a proposed offering of $300 million in convertible senior notes due January 15, 2031, with an option for the first buyers to purchase an additional $60 million within 13 days of the issuance.
The notes, senior unsecured obligations, will pay interest semi-annually from July 15, 2026 and are convertible into cash, common stock or a mix of both, depending on the company’s choice.
Conversion will be restricted before October 15, 2030 under certain conditions. The proceeds will be used for general corporate purposes and to fund call transactions with a cap designed to offset dilution up to 125% of Bitfarm’s share price for pricing purposes.
Bitfarm’s shares are up 315% year-to-date and are up 400% since the start of September due to pivoting its business model to AI infrastructure.
