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Bitfarms Closes Its Second $15M Private Placement in a Week

Bitfarms was able to sell far few shares for the same amount of proceeds thanks to a 45% rise in its stock price in the last week.

Jan 14, 2021 at 2:08 a.m. UTC
Updated Sep 14, 2021 at 10:56 a.m. UTC

Public cryptocurrency mining company Bitfarms (BITF) closed its second private placement of shares Wednesday worth CAD$20 million, or over US$15 million, a week after closing another $15 million placement.

  • The sale consisted of 5,586,593 common shares, per a release, over 3 million fewer shares than its first placement.
  • The proceeds will fund the acquisition of additional mining machines and the expansion of its mining facilities.
  • Shares of the Quebec-based company are trading hands at $4.37 currently, up more than 45% from the price when Bitfarms closed its first placement.
  • Bitfarms has a current market value of $374 million with over 85 million shares outstanding, per data from Ycharts.

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