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.

AccessTimeIconFeb 8, 2021 at 11:47 a.m. UTC
Updated Sep 14, 2021 at 12:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.