Bitfarms Converts $300M Loan to Fund New AI Campus

Bitfarms has converted its $300 million Macquarie Group debt facility to finance the development of its 350 MW Panther Creek AI and HPC campus in Pennsylvania.

$300M financing to accelerate Bitfarms’ AI expansion

Bitfarms (Nasdaq/TSX: BITF) announced it has converted its $300 million credit facility from Macquarie Group into a project-level financing structure for the construction of its 350-megawatt HPC and AI data center campus in Panther Creek, Pennsylvania.

The company will immediately draw an additional $50 million, supplementing a previous $50 million tranche, to fund long-lead equipment and begin site preparation. The remaining $200 million will be deployed as construction advances throughout 2025.

CEO Ben Gagnon said the financing milestone “accelerates construction timelines and provides flexibility to meet growing AI infrastructure demand.”

Macquarie debt converted into project-level funding

The original $300 million facility, issued by Macquarie’s Commodities and Global Markets division in May, has now been converted into project-specific financing.
This structure improves drawdown efficiency and better aligns capital deployment with the procurement and construction needs of the Panther Creek campus.

The transition reflects a broader shift among Bitcoin miners diversifying into AI and high-performance computing, seeking stability beyond traditional crypto operations.

Bitfarms stock surges amid AI pivot

Following the announcement, Bitfarms’ stock rose to $4.20, marking a sixfold increase from its 52-week low of $0.67.
The rally underscores renewed investor confidence in Bitfarms’ strategic pivot toward data center and AI infrastructure services.

With construction scheduled to begin later this year, Panther Creek is expected to become one of the largest hybrid Bitcoin mining and AI facilities in North America, positioning Bitfarms at the forefront of the industry’s next growth phase.