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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.