Bitfarms to Raise $300M via Convertible Notes for AI Expansion

Bitcoin miner Bitfarms plans to raise $300 million through convertible notes due 2031 to fund AI and high-performance computing infrastructure as industry debt financing returns.

Bitfarms joins the new wave of miner financing

Bitfarms Ltd. (NASDAQ/TSX: BITF) announced plans to raise $300 million through a private placement of convertible senior notes due January 15, 2031.
The notes will be senior unsecured obligations, with an additional $60 million option available to initial purchasers within 13 days of the offering’s launch.

Proceeds will fund AI data center development, general corporate purposes, and capped call transactions to minimize dilution risk upon conversion.
Final terms — including interest rate and conversion price — will be determined at pricing, subject to market conditions and TSX approval.

Debt financing returns to the mining sector

Bitfarms’ move aligns with a broader trend among Bitcoin miners returning to debt markets.
Earlier this month, IREN Limited completed a $1 billion convertible notes offering to fund its AI cloud, while TeraWulf launched a $3.2 billion senior secured notes sale for its Lake Mariner data center expansion.

These financings mark a significant shift from post-2022 deleveraging toward renewed, credit-driven growth as companies scale power and computing infrastructure to meet AI demand.

Bitfarms evolves into a digital infrastructure operator

Recently, Bitfarms converted its $300 million Macquarie facility into project-level financing to support its 350 MW Panther Creek AI campus in Pennsylvania.
This facility underpins the company’s transition from a pure Bitcoin miner to a full-scale digital infrastructure provider.

Analysts note that Bitfarms’ strategic pivot mirrors a wider industry trend: integrating AI workloads and HPC services with Bitcoin mining to diversify revenue and enhance long-term stability.