Bitcoin Miner Bitfarms to Raise $31M in Sale of Shares to Institutional Investors

The additional funding will go towards the acquisition of more miners, expanding infrastructure and boosting working capital.

Feb 8, 2021 at 11:47 a.m. UTC
Updated Sep 14, 2021 at 12:08 p.m. UTC

Canadian bitcoin mining firm Bitfarms (BITF) has entered into a multi-million dollar agreement for a private placement of shares with institutional investors, marking the firm's third financing sale in a month.

  • According to a press release on Monday, the firm expects gross proceeds of about CAD$40 million (US$31.3 million) via the sale in the U.S. of 11,560,695 common shares, alongside the option to buy another tranche of the same number of common shares, all for CAD$3.46 (US$ 2.71) per share.
  • The net proceeds of the private placement will be used to purchase additional miners, expand infrastructure and boost working capital, according to the company.
  • "This additional financing will allow us to further grow," said Bitfarms CEO Emiliano Grodzki. "We are ... pleased to continue to expand our institutional presence in the U.S."
  • The private placement is expected to close on Wednesday pending approval by Calgary-based TSX Venture Exchange.

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