Bitfarms Secures $300M Project Financing, Converts Macquarie Debt Facility

Bitfarms, a Canada-based bitcoin mining company, has converted its Macquarie debt facility to a $300 million project financing. The company operates 11 mining farms in four countries, producing computational power for mining pools under a formula-driven rate. Bitfarms aims to leverage its proprietary data analytics system and in-house electrical engineering to optimize operations.

Bitfarms Ltd. (Nasdaq/TSX: BITF), a North American energy and digital infrastructure company, has converted its previously announced private debt facility for up to $300 million from Macquarie Group’s Commodities and Global Markets business to an up to $300 million project-specific financing facility for the development of its data center campus in Panther Creek, Pennsylvania Bitfarms Converts Macquarie Debt Facility to $300M Project Financing and Draws Additional $50M to Accelerate HPC/AI Development at Panther Creek Campus^[1]. The company will draw an additional $50 million from the converted facility, subject to customary closing conditions, for a total of $100 million drawn through closing, to accelerate long-lead time equipment purchases and advance HPC/AI development at its data center campus in Panther Creek.

The conversion of the debt facility to a project-specific financing facility allows Bitfarms to draw down on the full facility, accelerating construction timelines and providing increased flexibility. The company aims to use the additional $50 million to fund civil works and substation construction at Panther Creek, which are on track to begin in Q4 2025. Bitfarms expects to break ground on the Panther Creek data center in Q4 2025, with energization expected by the end of 2026.

Bitfarms CEO Ben Gagnon stated, "I am excited to announce the conversion of our debt facility to the project level, the acceleration of equipment orders, and development of our Panther Creek HPC/AI campus. We intend to use this drawdown of an additional $50 million to fund civil works and substation construction at Panther Creek, which are on track to begin in Q4 2025. Converting the facility to the project level enables us to draw down on the full facility, accelerating our construction timelines, providing increased flexibility, and positioning us to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania."

Joshua Stevens, Managing Director of Macquarie Group’s Commodities and Global Markets business, stated, "We are proud to expand our partnership with Bitfarms to support the development of its marquee 350 MW HPC/AI campus in eastern Pennsylvania. With robust energy, fiber infrastructure and continued demand for data centers, Pennsylvania is quickly emerging as a new AI infrastructure hub. Bitfarms is well-positioned to deliver state-of-the-art digital infrastructure for prospective clients in what is emerging as the premier HPC/AI data center hub in the US."

Northland Capital Markets acted as sole placement agent to the Company, while Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Bitfarms, and Latham & Watkins LLP acted as legal counsel to Macquarie.